Renewal

Definition: 

An insurance renewal is the continuation of your existing insurance policy. 

How Do I Renew My Insurance Policy?

The insurer must contact you to inform you that your policy is up for renewal. If you have opted to have your policy automatically renewed, the insurer will automatically renew your policy at the expiration of your current policy. If your policy is not set to renew automatically, you’ll need to pay before your current policy expires to ensure coverage remains in place. 

At JewelCover, we also complete a revaluation of your insured jewellery at no extra charge to you. Our expert in-house jewellers will analyse your jewellery and identify if there have been any changes in the market value of your jewellery. Once complete, you will receive an invitation to renew your policy within 28 days of your policy expiring.

When Will My Insurance Policy Be Renewed?

Typically, your insurance policy will renew one year after your policy start date. For example, if you bought insurance on February 20th, 2020, your policy will automatically renew on February 20th, 2021. 

Your insurer will contact you to let you know your policy renewal date is coming up and give you the option to renew or cancel. Your insurer should notify you by email, mail (if you opted in), and text. 

Will the Price Change When My Insurance Renews?

As the price of your insurance policy is based on the value of your insured items, prices can vary based on changes in the value of your jewellery or shifts in the market. Be sure to check on your policy year-to-year to see if there are any changes.

If the Value of My Jewellery Changes, What Happens?

At JewelCover, we offer a complimentary revaluation service. The service ensures that the value of your jewellery remains in line with fluctuating market prices of gemstones, precious metals and other materials and ensures that your item is adequately insured.

But this doesn’t happen with all jewellery insurance companies. Make sure to keep an eye on the value of your jewellery over time. 

What Happens If I Don’t Renew?

You will no longer be covered if you don’t renew your insurance, effective from the policy expiration date. 

What Happens if I Want to Cancel My Insurance at the Renewal Date?

Cancellation of your policy is possible at any time throughout your policy. Your cancellation will take effect at the future date you specify. 

At JewelCover, we provide a pro-rata refund for the balance of unused premiums.