Jewellery insurance

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

Although you can take out specialist jewellery insurance, it’s usually covered by your home insurance policy.

We don't compare specialist jewellery insurance, but this guide can explain more about it.

Does my home insurance cover jewellery?

Yes. Your jewellery should be covered against loss, theft and damage by your home contents policy. However, if any item's value exceeds the single item limit you need to ask your insurer for additional cover. This might increase your over home insurance costs but it gives you the peace of mind that it's covered.

Check with your insurance provider to make sure you’ve got adequate cover in place for your high-value listed items.

However, if you have a large collection of jewellery or its value exceeds what your home insurer can cover, then it might make sense to consider specialist jewellery insurance.

Depending on the policy, specialist jewellery insurance may offer additional benefits like worldwide cover and you may not need to list each individual item.

What does specialist jewellery insurance cover?

A specialist jewellery insurance policy should cover a range of items including:

• Rings
• Necklaces and pendants
• Bracelets
• Earrings
• Brooches
• Watches

Your valuables should be protected if they’re lost, stolen or accidentally damaged. It’s important to check the terms of your policy though. You might have to pay extra for cover if you take your jewellery away from home and accidental damage cover.

If you’re not wearing your jewellery, your insurance company might insist you keep it in a secure safe.

Your insurance for jewellery may not include:

• Wear and tear
• Cosmetic damage like scratches or dents
• Loosing your jewellery at home is likely to be viewed as 'misplaced' by the insurer
• For burglary claims your insurer might want to see a crime reference number from the police as well as evidence of forced entry. You might not be able to claim if somebody you invited into your home stole it from you.

Does insurance for jewellery cover a set or collection?

Whether your home insurance can cover a jewellery set or collection depends on its value. However, if your home insurer can’t cover it you should be able to arrange standalone insurance with a specialist jewellery insurance company.

What happens if my jewellery loses value after it is repaired?

Some policies allow you to claim for any loss in value that occurs after your jewellery has been repaired.

Am I covered if I take my jewellery abroad?

Not all policies cover your jewellery while you’re overseas so it’s important to check before you fly. In many cases it makes sense to leave valuable items at home.

What happens if I under-insure my jewellery?

If your jewellery is under-insured and you need to make a claim, the payout might not be enough to cover the replacement cost. This is why it’s important to make sure you have up to date valuations for any expensive jewellery you have.

What do I need for a specialist jewellery insurance quote?

Before you get a specialist jewellery insurance quote, you need to gather information about the jewellery you’d like to insure. This is likely to include:

• Details of the item i.e. wedding ring or vintage brooch
• The value of the items
• The date you bought it
• Where you bought it
• The level of cover you need
• Any extras like accidental damage

This is in addition to basic information about you and where you live.

At the point of getting the policy it’s also worth taking photos of your jewellery and making copies of any receipts. This could be helpful if you need to make a home insurance claim.

How much does jewellery insurance cost?

The cost of your jewellery insurance depends on the level of cover you request and the value of the items you want to insure.

Your contents cover will provide some jewellery insurance. But factors such as where you live and the total value of your possessions influence the cost too.

However, your cover may cost more if you need high value items of jewellery insured separately.

Specialist insurance could be more expensive but could provide a better level of cover should something happen.