Jewellery insurance - the ultimate guide
Do you have any valuable jewellery that you would like to secure with extra protection and insurance?
Whether it's a family heirloom or an engagement ring, this guide talks through all your options for insuring your jewellery in the UK.
What is jewellery insurance?
Jewellery insurance covers you in the event any of your valuable necklaces, rings, bracelets, or watches are lost, damaged, or stolen.
It will pay the cost of replacing any of the insured items if something were to happen to them. Although it can’t of course replace the sentimental value of a lost family heirloom.
Are there different types of jewellery cover available?
Jewellery insurance isn’t a one size fits all product. You can tailor your insurance policy to suit your own personal needs. Generally, when signing up for a policy you can decide what you do and don’t want to insure.
Many people want engagement ring insurance. This is often a very valuable item and has great sentimental value, so it makes sense to protect it.
You can get separate engagement ring insurance if you choose. Equally, it may be cheaper to add it to your jewellery and valuables insurance if you want to protect multiple items.
Check if your jewellery is covered under your other insurance policies
You might not need a specific jewellery insurance policy to protect your valuables. They could already be covered under your home insurance or contents insurance. Make sure you check this before you buy an unnecessary policy!
You can find out if you’ve already got jewellery cover by checking the policy document you received when you took out or renewed your insurance.
Jewellery can be covered under a few different policies, so you might need to check more than one to be sure. Your home and contents insurance is most likely to cover jewellery, so that’s probably the best place to start.
If you’re in any doubt, contact your provider. They should be able to confirm what you are and aren’t covered for.
What does jewellery insurance include?
Different insurance policies will offer varying levels of cover. But there are some things that will usually be included.
What is included
A standard jewellery and valuables insurance policy will likely cover you for:
- Accidental loss
- Theft
- Accidental damage
- Loss of diamonds and stones in certain circumstances
- Cover away from home, but not necessarily abroad
What’s not included
Not all insurers offer cover if you take your jewellery abroad. Some might refuse these claims outright, while others may only offer protection if you’ve been away for under a certain length of time.
It’s best to check with your insurer before you take your jewellery away with you.
Other claims that might not be covered include:
- Wear and tear: For example, losing a gemstone from a ring or necklace due to age or general wear and tear
- Misplacement: If you lose an item of jewellery at home some insurers may not class this as ‘lost’. They might say it’s been misplaced, which means you won’t be covered for loss
- Unforced theft: Your insurer might not pay out if your jewellery was stolen and there was no sign of forced entry, or if the thief was invited into your home
- Cosmetic damage: Damage like scratches and dents are generally classed as cosmetic by insurers, so they probably won’t pay out
What do you need to get a quote?
Getting a jewellery insurance quote should be a fairly easy process, but you’ll need to make sure you have the following information readily available first.
- Personal details – Your name, address, age and contact information
- Details about your valuables – Do you want to insure an engagement ring or diamond earrings? Either way you’ll need to give details about the items you want covered
- The value of your items – You’ll need to give an amount that would cover the costs of repairing or replacing the item
- Purchase details – Give details about where and when the items were purchased
- Level of cover – You’ll need to decide how much excess you’d be willing to pay and whether you want accidental loss cover included
Can I get a better deal?
The most important thing is to make sure you get the best jewellery insurance for you. But, this doesn’t necessarily mean forking out for the most expensive policy.
It may well be possible for you to get the right jewellery insurance policy for you at a cheaper rate.
Here are some suggestions of how you might be able to lower your quote:
Shop around
A quick and easy way to make sure you’re getting the best deal is to compare your options through Quidco Compare. You could also earn £28 cashback on top just by using this tool.
Pay annually, not monthly
Paying for your cover in one go each year will usually work out cheaper than paying in monthly instalments. If you can’t afford to pay in one go, you could consider taking out a zero-interest purchase credit card and spreading the cost interest-free over several months, so long as you are comfortable doing so.
Combine policies
Depending on the value of the items you’re insuring and the cover you require, you might be able to insure your jewellery as part of your home or contents insurance.
Make sure to read the small print carefully, though. If you cover your jewellery on your home insurance, it might only be covered when it’s in your house. This wouldn’t be very helpful for an engagement ring, for example, that you want to wear all the time.
How to protect your jewellery
Protecting your jewellery can reduce your premiums. Consider keeping your valuables in a locked cabinet or safe. Jewellery that is locked away is harder to steal, making you less of a risk to the insurer. If you have an alarm system in your home, make sure you use it.
Some insurers won’t pay out if your alarm wasn’t set when the jewellery was stolen. When you get new jewellery – either as a gift or bought by yourself – update your declarations to make sure you have all the cover you need.
Make sure you keep your proof of purchase too. You may need to produce this when making a claim on your jewellery insurance. If the item was a gift, a valuation certificate should suffice.
It’s also a good idea to take pictures of all the jewellery you are insuring and make careful notes of where they’re kept. This will help you if you do need to make a claim.
How to make a claim
Providers all have different systems for making claims and you will find the details of how to claim in your policy document. It should be a straightforward process.
If you are unsure, the best place to start is the company’s website. Most have a clearly labelled ‘make a claim’ section, which will guide you through the process.
The insurance company may well ask for proof of purchase or a valuation certificate. Make sure to keep any receipts or key documents that can help prove ownership.
You may have questions about your claim or be worried about completing it properly. Phoning your insurance company will allow you to speak to an adviser who can talk you through your claim and make sure it’s done correctly.
If your jewellery has been stolen you will also need to report it to the police. Your claim may be invalid if you don’t do this.
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Bio
Katie Royals is a journalist and personal finance writer. She also runs the blog The Twenty Percent the-twenty-per-cent.com, which aims to help young people take control of their finances.