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Last updated: 23 October 2020
Jewellery can be the most valuable thing you own, both from a financial and emotional standpoint. It is important to make sure that it is protected, and jewellery and valuables insurance can do just that. You may not be covered under your home insurance policy, especially if the jewellery is extremely high value, so you may need to purchase jewellery insurance to give you peace of mind. Read our useful guide to find out more about jewellery and valuables insurance and discover whether you might need it.
Is my jewellery already covered?
Home contents insurance may cover your jewellery as standard, or will cover it if you have already extended your home insurance policy to include it. However, this only covers your jewellery for loss or damage whilst in the home. It does not cover you if you lose or damage your jewellery, or have it stolen, outside of your home. You may need to add accidental cover and personal possessions cover to your policy. If you are unsure about whether you are fully covered, get in touch with your insurance provider to check whether your policy covers all of your jewellery.
Many insurers have a single item value limit which is the maximum they will pay out for any one item. If the single item limit is £1,000 and your item of jewellery is worth £1,500, then you would would have to pay the £500 difference if you made a claim. Make sure you have spoken to your insurance provider about your single item limit and about any items that are especially valuable. It may be that they advise you take out a specialist jewellery policy in order to be properly protected.
What insurance do I need for my jewellery if I’m not covered?
It is possible to get specialist jewellery and valuable insurance. A standard policy would cover the following items from accidental loss and damage, theft, loss of diamonds and stones, and away from home cover:
- Wedding and engagement rings
- Other rings
This specialist cover can also include protection for collectibles, fine art, antiques, musical instruments and other ornaments. Cosmetic damage and wear and tear are often excluded from insurance policies.
It is possible to get this insurance as part of your home insurance policy, so check with your insurance provider to see how they can help you to ensure your jewellery is covered.
How to Value Your Jewellery for Insurance
If you are thinking about purchasing a jewellery insurance policy or adding jewellery and other valuables to your home contents insurance, then you should get your jewellery valued first so that you know exactly how much cover you need.
Your local jeweller should be able to give you an up-to-date valuation. You can even take your jewellery to multiple jewellers if you want a more accurate valuation. Be careful not to under-insure or over-insure your jewellery. If you under-insure it then your insurer will not pay out the full cost of repair or replacement. Over-insure your valuables and your annual premium will increase.
How to Find Cheaper Premiums for Your Jewellery
Make sure you don’t overpay for your jewellery insurance. Here are some useful tips to help you find a cheaper quote for your insurance policy:
- Shop around – compare home insurance quotes from a number of providers will help you find the best deal at the right price.
- Pay annually – paying your premium in a single annual payment will stop you from incurring interest charges on monthly payments.
- Don’t over-insure – make sure you accurately value your personal goods so that you don’t end up paying more than you need to.
- Build your no-claims discount – the longer you go without a claim, the better your discount will be.
- Pay more excess – your premiums will be lower if you volunteer a higher excess fee. Make sure you are able to pay the excess though.
What documentation do I need to make a claim?
If you need to make a claim for your jewellery to your insurance provider, you may need receipts or valuation certificates to make a claim. Remember to have your jewellery valued regularly as the value of precious metals and stones fluctuates. Having photos of items may also help your claim.
How much does jewellery insurance cost?
The cost of insuring your jewellery will depend on a number of factors, such as the amount of cover you take out and the value of the jewellery you are insuring. Insurers will also take into account a number of other factors including, but not limited to, security, storage, where you live, whether the jewellery is regularly used and your credit rating.
How can I protect my jewellery better?
A few useful tips for keeping your jewellery protected are:
- Photograph your valuables.
- Keep receipts, valuation certificates and anu other paperwork with proof of how much jewellery items cost.
- Never leave your valuables in unsafe places, such as in view of windows or in your car.
- Store you jewellery in a safe or hidden away if possible.