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How to insure jewellery correctly

How to insure jewellery correctly

Owning at least one item of valuable jewellery is relatively common, but so is losing it, damaging it, or having it stolen. From watches and wedding rings to necklaces and bracelets, are you sure you could claim on household insurance if something happened to yours?

Does home cover include jewellery?

Not all home cover automatically includes jewellery. Even if it does, the single item claim limits on most policies, usually between £1,000 and £2,000, might be nowhere near high enough.

Wedding rings, for example, are often worth well over the common claim limit of £1,000. So if yours fell off your finger, or was stolen from your home, you might only be able to claim back a fraction of its actual value.

Specifying items

If you do own valuable items of jewellery, it’s usually worth specifying what these are to your insurer. The insurer will sometimes accept them under the terms of your existing cover if they’re worth more than the policy’s claim limits, but usually only if this isn’t by much. They’ll make a special note of them in the policy’s details.

Jewellery lost, damaged or stolen away from the home

Cover for possessions outside of the home can usually be added as an optional extra, and generally only costs a few pounds more. If you don’t have it included, you run the very real risk of being both upset at losing something you loved, and not being able to afford to replace it.

Specialist cover

If your jewellery is worth more than your existing cover allows for, you might want to seek out specialist insurance.

Stand-alone jewellery policies exist for just this purpose and have a much greater level and scope of cover than standard home insurance allows, and it doesn’t usually cost a great deal.

Sets and collections

It’s worth noting that standard home cover will usually only replace, or pay out for, one of a set and not the whole set or collection. So if you have a matching necklace and bracelet, the policy would only cover the value of the lost bracelet, not the cost of replacing both pieces.

Valuations and documentation

Try and get up-to-date valuations every couple of years from a jeweller which is accredited by the National Association of Goldsmiths accredited jeweller, and let your insurer know if it’s gone up in value. If you don’t, you might be left out of pocket if you need to make a claim, as gold prices have increased significantly over the years. Whilst you’re at the jeweller, it may be worth checking stones, clasps and settings, and having any damage repaired. This will help prevent the annoyance of a whole piece coming loose and being lost.

It is also worth drawing up an inventory every few years, as it is surprising how even lower value items can soon add up over the years.

Keep valuation certificates and other documentation for future reference, such as dated photographs, purchase receipts and identifying numbers. It could even be worth investing in a safety deposit box.


Policy Expert

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Published 29 January 2018