Jewellery insurance – Do you need it?

If you own valuable items of jewellery such as expensive rings and watches, then you may need specialist jewellery insurance to make sure they are fully covered.

Jewellery box with jewellery over table

September 2, 2021

Protecting your high-value jewellery, such as a diamond ring or Rolex watch, for example, is incredibly important. Not only because they are expensive jewellery items, but because they also likely have high sentimental value to you as well.

Getting stand-alone jewellery insurance may give you peace of mind when it comes to making a claim on insurance as you know that you’ll have a policy in place that enables you to receive monetary compensation for your items, even if you can’t replace the sentimental value of them.

In our guide below, we talk about the importance of insuring jewellery, as well as how you can claim on your home contents insurance for lost jewellery.

What is specialist jewellery insurance UK?

Jewellery insurance works just like any other type of insurance policy in that it offers cover and protection for your valuables and expensive jewellery items if they’re lost, stolen or damaged.

Do I need jewellery insurance?

Whether you need jewellery insurance or not depends on how much you value your jewellery items and keepsakes. For example, if you’ve just become engaged, you might want to take out engagement ring insurance so that you can rest assured you can get it replaced if it’s ever lost, damaged or stolen.

Of course, insuring your engagement ring doesn’t automatically replace the sentimental value of the ring if it’s lost or stolen, but it does offer some peace of mind that you’ll be able to replace it, so the monetary value of the item isn’t gone.

What does jewellery insurance cover?

The items that will be covered under jewellery insurance differ between providers, but usually, you can expect most jewellery insurance policies to cover the following:

  • Bracelets
  • Necklaces
  • Wedding rings
  • Engagement rings
  • Other expensive rings or family heirlooms
  • Earrings
  • Luxury watches 

Does jewellery insurance have any exclusions?

Jewellery insurance covers your valuables if they’re lost, stolen or damaged, but there are a few exceptions that your jewellery insurance policy won’t offer cover for:

  • Misplacement -  if you “lost” your item of jewellery at home, for example, insurers might say that you misplaced the item, rather than lost it, so they may not be willing to pay out.
  • General wear and tear - over the years, jewellery items tend to suffer from general wear and tear simply from just being worn a lot, so insurers aren’t likely to pay out if the item loses a gemstone, for example, just from wearing it.
  • Cosmetic damage - what is deemed as cosmetic damage to jewellery items will likely differ between jewellery insurance providers, but certain types of scratches or dents are likely to be considered as cosmetic damage and some insurers won’t pay out for a claim for these types of things.
  • Unforced theft - unfortunately, some jewellery insurers won’t pay out if there is no sign of forced entry into your home, for example, or if the person who supposedly stole your item of jewellery was invited into your home.

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How much is jewellery insurance?

Jewellery insurance is usually an additional policy to your home contents insurance so the price you pay for it depends on the items you want to insure and the level of cover you want to take out.

Of course, you can probably expect more high-value items to cost more to insure as they are simply worth more to replace.

There are also other factors that insurers take into account when offering you jewellery insurance, including the security of your home or where you will be keeping the jewellery most of the time when it’s not in use, and how well you store it.

Ensuring that your home is safe and secure and keeping your jewellery locked in a safe for example, means that your jewellery is less likely to be stolen, so insurers will likely offer you a better and cheaper policy if they can ensure you’re doing everything you can to protect your items yourself.

Can I add jewellery to my home insurance policy?

Your home insurance policy covers the actual structure of the building, including fixtures and fittings, whereas home contents insurance covers your possessions in the event of loss, theft or damage as a result of a flood or fire.

Therefore, you can add jewellery to your home contents insurance policy, but not to your home insurance policy.

Does jewellery insurance cover other valuables?

It is possible to get cover for other high-value items such as antiques, collectables or works of art as part of your jewellery insurance.

However, if you want to ensure that these types of things are insured under your jewellery policy, it’s important to declare them when taking out the policy.

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Will my jewellery be covered under my travel insurance?

It might be possible to get your jewellery covered under your travel insurance, but some insurers won’t cover your jewellery if you take it abroad. Before you take your expensive jewellery on holiday with you, check with your insurance provider to see if it will be covered.

How to get jewellery valued for insurance

There are several reputable organisations you can use to get your jewellery valued for insurance, including:

  • The Institute of Registered Valuers (IRV)
  • Association of Independent Jewellery Valuers
  • Guild of Valuers and Jewellers

What are the other ways of protecting your jewellery?

The simplest and best way to protect your jewellery is to put measures in place to keep it safe and as free from damage as possible right from when you first get it. While having a jewellery insurance policy in place is certainly a good idea, there are several other things you can do to protect your jewellery as well:

  • Store your jewellery in a suitable, padded jewellery box to avoid damage.
  • Keep the jewellery and jewellery box in a secure safe.
  • Take care when cleaning your jewellery and only use products that are jewellery-friendly.
  • Keep expensive items on you at all times when travelling.
  • Store each item separately so they don’t scratch or rub on each other.

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