Adding jewellery to your home insurance

Your jewellery can be the most valuable thing you’ll ever own – from both a financial and emotional standpoint. Here’s how to make sure it’s protected.

Your jewellery can be the most valuable thing you’ll ever own – from both a financial and emotional standpoint. Here’s how to make sure it’s protected.

Chris King
From the Home team
minute read
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Posted 17 FEBRUARY 2020

Does my home contents insurance cover my jewellery?

Your home contents insurance policy should cover you for loss or damage to items within the home. Don’t let the word loss confuse you though. Loss can mean something that’s completely destroyed by a fire, for example, as it’s classified as “lost” to you. If you lose jewellery at home, it can’t really be classed as lost as it’s been misplaced. 

However, you can lose your jewellery outside of your home, say while you’re out and about. Consider extending your home insurance policy so that it covers your jewellery if you lose it while you’re out. This cover is usually referred to as “personal possessions”.

What do I need to look out for?

Many insurance providers have a single-item limit – that is, a maximum they’ll pay out for one item. So, if your single-item limit is £1,500, but your diamond earrings are worth £2,000, then your diamond earrings wouldn’t be covered. You’ll need to add them to the policy, or find an insurance policy with a higher single-item limit. Talk to your insurance provider if you’re not sure what your single-item limit is and if you need to add items individually on to the policy. 

What documentation do I need to make a claim? 

You may need a valuation certificate or receipt to make a claim, so make sure your paperwork is up to date. Taking photos of items could also help when it comes to a claim. And if it’s been a while since you had your jewellery valued, you may need to do it again. Stones and precious metals change in value over time, and you may find that the antique ring you inherited 20 years ago is worth a lot more now than it was then. 

What insurance do I need for my jewellery?

You’ll usually be covered for the standard risks like theft, fire and water leaks, but you also might want to consider accidental damage cover. Otherwise, if a setting on a ring weakens and you lose a diamond, you might find it expensive to replace.

An ABI survey revealed that a third of people would save their mobile phone in a fire, while only 16% would reach for their jewellery – even though the jewellery would likely be harder to replace. 

What else do I need to think about? 

Jewellery is typically considered a high-risk item, which means you’ll need to talk to your insurance provider to make sure the high-risk items limit is enough for your needs.

Your engagement ring could be one of the most valuable piece of jewellery you own, so you’ll want to make sure that’s properly covered too. Remember, if it’s over the single article limit, you’ll need to add it individually to the policy. At Compare the Market we ask for you to add any items worth more than £1,500 to your quote.

What happens if I don’t declare my jewellery? 

There’s a risk that you won’t be covered, or that you won’t receive the full cost of replacing the item. For this reason, you should always declare your high-value items to your insurance provider - remember honesty is always the best policy.

What should I do if someone gives me an expensive piece of jewellery?

Call your insurance provider straight away and tell them how much the gift is worth. They should be able to tell you if you need to increase any limits on your policy or specify the item individually.

It’s possible that your jewellery is completely covered by your home contents insurance, but you’ll need to check. Get a quote and we’ll make sure you have the right home contents insurance for you. 

Other ways to protect your jewellery: 

  • photograph your valuables. If they’re stolen, this will make it easier for the police to trace them
  • keep any receipts, valuation certificates and anything else that might prove how much an item cost  
  • store your jewellery in a safe with a combination lock
  • never leave valuables in sight of a window

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