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10 Jun 2020
Adam Bate

Insuring jewellery and other valuables


A top down view of a collection of pretty jewellery

If you own items of jewellery that are expensive or hold sentimental value, you'll want to make sure they're fully insured for your own peace of mind. 

From wedding rings and engagement rings to watches, gifts and heirlooms – many of us have items of significant value that would be costly to replace.

Whether it’s worth £50 or £50,000, it’s important that you have the correct level of cover in place for jewellery and other expensive items. 

You don't want to be left out of pocket if you need to make a claim.

READ MORE: How to claim on your home insurance policy


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Do I need jewellery insurance?

Although you can take out specialist jewellery insurance, jewellery, watches and other valuables are often covered under your home policy.

Contents insurance should cover you for loss or theft of personal items such as jewellery from your home. 

There's usually a maximum amount that your insurer will pay out for an individual item. For example, if the limit on your policy is £1000, you won’t be able to claim more than that amount for one valuable.

Each policy will vary, so it’s important you check with your insurance provider to make sure you have adequate cover in place.

When you’re looking for a contents insurance policy, you will be asked to give the total value of the items in your home, should they need to be replaced.

It’s important to make sure you value your jewellery accurately to make sure you’re not under-insured. Our contents calculator can help you work this out.

READ MORE: High value listed items

Getting a valuation

You may not necessarily be asked to prove the value of a piece of jewellery when taking out home insurance

But if you make a claim for loss, theft or damage you’ll have to provide a valuation or receipt. For high value or antique jewellery it's best to get a valuation certificate.

You might want to get annual valuations on expensive pieces of jewellery, as the price of gold often changes.

In the same way, it's always a good idea to keep receipts for any new purchases.

Specialist jewellers and pawnbrokers can provide you with a valuation certificate. But you can also get valuations from high-street jewellers.

Bear in mind that the cost of a valuation service will vary, and items may need to be sent away.

You should always update your  whenever you buy expensive items. Or if you've received expensive gifts for a birthday, wedding or special occasion.

READ MORE: What is contents insurance?


How can I make sure my jewellery is properly insured?

If a piece of jewellery exceeds the single item limit on your policy, tell your insurer and arrange to have it listed separately. 

This might incur an extra fee or affect the price you pay for your cover. 

Don’t forget to include any pieces you no longer wear, or anything you've inherited or been given since your last renewal. You can also insure a valuable stone or gem.

Equally, to be covered for things like losing a watch while you’re out and about, you’ll need to check that you’re insured for personal possessions cover away from home.

You might also want to make sure your jewellery is covered for accidental loss or damage, such as a ring sliding off your finger and down the sink.

It’s important that you take the necessary measures to ensure your jewellery is well protected. For very expensive items you might want to invest in a safe for extra protection.

READ MORE: How much home insurance cover do I need?


Things to remember:

  • In the event of a claim insurers may offer cash, a replacement, vouchers, or repair.

  • Overvaluing your valuables is likely to result in a higher premium.

  • You'll have to pay the excess fee if you make a claim. 

  • Insurance companies will only pay out the listed value of an item. So if your engagement ring has increased in value and you haven't updated your insurance policy, you won't be covered for its current value.

  • Check the single item limit on your policy to make sure you've got the right amount of cover in place.

READ MORE: Saving money with a burglar alarm


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