For some of us, some of the most expensive items we own are pieces of jewellery. Whether it’s an engagement ring or an heirloom handed down through the generations, you may want your treasured items covered by Jewellery Insurance.
Your Contents Insurance policy may cover items of jewellery/valuables you own, which could mean there's no need for specific Jewellery Insurance. However, if you own expensive individual items worth more than a specific limit on your policy, you may need to list these separately, for cover both inside and outside the home.
Why is Jewellery Insurance necessary?
According to the Office for National Statistics in 2017, jewellery and watches were some of the most frequent items to be stolen in a burglary after cash. Bearing in mind that official figures show only 2.2% of adults experienced a burglary in the year to June 2018, it’s still worth making sure that your jewellery is covered in case the worst happens.
How can you keep your jewellery safe?
Any extra precautions you can take to protect your jewellery and make life more difficult for thieves are worthwhile.
- Try not to leave valuable jewellery on display or anywhere it can be easily found.
- If you have a safe, keep jewellery in it when you’re not wearing it. If you don’t have a safe, keep your jewellery in some kind of lockable cabinet.
- Photograph your items so they can be more easily identified if stolen.
- Keep jewellery somewhere other than your bedroom or hidden at the back of the sock drawer. Many burglars will know the most frequently used hiding places and will probably look there first.
- Install an alarm system to deter burglars.
Valuing your jewellery
Any expensive jewellery you own is likely to have increased in value, so it’s always worth getting items re-valued before you get cover. While insurance cover is often adjusted in line with inflation, the worth of precious metals and jewels can fluctuate regardless of the inflation rate.
The National Association of Jewellers can help you find a registered valuer in your area who has signed up to their principles of good practice. Remember to keep any valuer’s certificates in a safe place in case your insurance provider needs to see them.
What insurance do we offer for jewellery?
Whilst we don't offer specific Jewellery Insurance, jewellery is covered under our Contents Insurance with our Silver and Gold Home Insurance policies. We offer protection for high risk items like jewellery, with cover for £30,000 in total and £10,000 for each single item, pair or set. If you want to insure a piece of jewellery worth over £10,000 we’ll normally require a valuation or proof of ownership.
You can also choose to add Personal Possessions cover to your Gold and Silver Home Insurance for extra protection for your valuables both in and away from home. With both our Gold and Silver polices, you can choose up to £10,000 worth of cover, with a maximum of up to £5,000 for a single item.