Jewellery is often the most valuable item you own in terms of money and your emotional attachment to it. An engagement or eternity ring will hold special memories. And pieces that are handed down through the generations are an important part of your family history. Jewellery insurance provides money to repair or replace your most treasured pieces of jewellery if they are stolen, lost, or damaged.
Why do I need jewellery insurance?
Because it is small, portable, and easy to dismantle to sell, jewellery is a hot target for thieves. Jewellery insurance pays out so you can replace any jewellery that is stolen from your home or away from home. Your valuable jewellery can also be damaged if you have a fire or it may be accidentally lost. Again, jewellery insurance gives you peace of mind that it can be repaired or replaced.
Is my jewellery covered by my home contents insurance?
Don’t just assume that jewellery is covered by your home insurance. Many policies only cover items that are stolen or damaged when they are in your home. That means you would not be able to claim if an item is stolen, lost or damaged when you’re out and about. Look out for ‘personal possessions’ cover, which protects items away from the home, in your policy. And check what is included and any limits or you may have a shock when you go to make a claim.
What is the single item limit?
Many standard home contents insurance policies set a single item limit. That means you can’t claim above a certain value for any single item. Check what the single item limit is for your home policy as it may be much lower than the value of your jewellery.
For example, you have a diamond engagement ring worth £2,000. You insure your contents for up to £60,000. But if the single item limit is £1,000 you will only be able to claim £1,000 if your ring is stolen or damaged.
Adding jewellery insurance to your home content insurance
If you have any items of jewellery that are worth more than the single item limit on your home insurance, you’ll need to consider adding on extra jewellery insurance.
Specialist jewellery insurance
Some vintage watches and antique jewellery have seen prices rocket over recent years. Replacing these items may be harder than modern set jewellery. And repair work if something is damaged can also be costly as you may need specialist services. Look for watch insurance and antique jewellery insurance that is tailored to your specialist needs.
Getting a valuation
Even with modern pieces of jewellery, the cost of gold, platinum, and precious stones fluctuates. A diamond solitaire ring that you bought 10 years ago could now be worth a lot more than you paid for it. If you under insure your jewellery, you may not be able to replace it with a similar piece.
Getting a regular valuation means that you can be confident that if the worst does happen, you’ll be able to replace your treasured pieces with something the same. In some cases, for expensive pieces, you’ll also need an independent valuation as part of your insurance terms.
Accidental damage for jewellery
Think about if you need accidental damage insurance for your jewellery. This could cover situations like your ring slipping off your finger and getting lost or a precious stone coming loose from the setting.
Good value jewellery insurance
In some cases, it may be cheaper to purchase jewellery insurance separately to your home contents insurance. In others, it may be better value to buy a home contents policy with a higher single item limit. At Park insurance our expert team will search through all the options to find the right jewellery insurance package for you. We’re an independent insurance brokers, so we’re free to get quotes from anywhere. And our knowledge and understanding of the industry means we know exactly where to look and what to ask. That means we can find you the best prices on cover you can count on. Call us on 0117 9556835 or fill in the form below for a free, no obligation quote.