Adding jewellery to your home insurance
Your jewellery may be the most valuable thing you own – from both a financial and emotional point of view. Here’s how to make sure it’s protected by your home contents policy and what to watch out for when you compare quotes.
Your jewellery may be the most valuable thing you own – from both a financial and emotional point of view. Here’s how to make sure it’s protected by your home contents policy and what to watch out for when you compare quotes.
Does my home contents insurance cover my jewellery?
Your home contents insurance should cover you for loss or damage to items inside the home, including your jewellery.
Don’t let the words confuse you, though. You’re likely to be covered if your jewellery is lost – for example, completely destroyed or damaged by a fire, flood or storm, or stolen in a burglary. However, if you lose jewellery at home, it’s typically classed as misplaced and is unlikely to be covered.
Similarly, you won’t be covered if, for instance, you step on a bracelet and break it, unless you have accidental damage cover.
Cover for your jewellery and other home contents can vary substantially among providers so it’s important to read policy details carefully. If you’re unclear on anything, give your insurance provider a call.
Is my jewellery covered when I go out?
To cover your jewellery while you’re out and about, you’ll need to extend your home insurance to include personal possessions cover, if your policy doesn’t already include it.
What do I need to look for to make sure my jewellery is covered by my home insurance?
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 you’ll need to add them separately to the policy or find one with a higher limit.
At Comparethemarket, we ask you to add any items worth more than £1,500 to your quote.
Adding valuable items to your policy will likely bump up your premiums, so it makes sense to shop around and compare prices.
Do I need standalone jewellery insurance?
You may find that your contents insurance won’t cover very valuable jewellery, even if you add it separately. Some policies won’t cover any jewellery valued over £10,000-£25,000.
If your jewellery is particularly valuable, you could choose a standalone jewellery and valuables insurance policy instead. A specialist policy is likely to include cover for accidental loss and cover away from home as standard. However, taking out standalone jewellery insurance is likely to be more expensive than adding it to your home contents.
What documentation do I need to make a claim?
You may need:
A valuation certificate or receipt
If your jewellery is new it may come with a valuation, but if it’s a family heirloom or vintage jewellery, you might need to get it independently appraised.
You could choose a valuer who’s a member of the Institute of Registered Valuers (IRV). They have a code of conduct that their members must follow.
It’s a good idea to get any expensive jewellery revalued every three to five years to make sure you have enough cover. 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.
Call your insurance provider to let them know if your jewellery has increased in value, otherwise you won’t be able to claim for the full cost of replacing it.
A photograph of the jewellery
Some providers require a photograph of the jewellery. So it’s a good idea to take a clear picture of each of your existing pieces and new pieces as you acquire them. Also take pictures of any makers or assay marks, or laser engravings on gemstones.
Having a photograph can help you reclaim recovered stolen items. It could also help if you want a replacement piece made.
What’s typically excluded from jewellery cover on my home contents insurance?
You typically won’t be able to claim:
- For damage caused by wear or tear
- For loss caused by carelessness, for example, if your jewellery is stolen from an unattended vehicle
- For cosmetic damage, including scratches and dents
- If you lend jewellery to someone and it’s lost or stolen
- If your jewellery is stolen by someone invited into your home.
How much does it cost to add jewellery to my home insurance?
The more valuable your jewellery, the more it’s likely to cost to add to your policy. But it also depends on other factors including where you live.
To find a cheaper quote for home contents insurance that includes your jewellery, it’s a good idea to shop around and compare your options.
What happens if I don’t declare my jewellery?
There’s a risk that you won’t be covered or you won’t be able to claim for 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?
Once you’ve thanked them and taken photos, 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. You may need to get the item valued if you’re not sure how much it’s worth.
Tips to keep your jewellery safe
As well as making sure your jewellery is covered by insurance, here are some ways to help keep it safe:
- Store your jewellery in a safe with a combination lock
- Never leave valuables in sight of a window
- Chemicals and ingredients can erode your jewellery, so it’s best to take off any rings before cooking or cleaning
- Jewellery and drains are a bad combination, so be careful when you take items off to wash your hands or do the washing up
- Put your jewellery on last when you’re getting ready, to avoid contact with make-up and hair products
- Clean your jewellery properly – avoid harsh soaps or chemicals – and store pieces separately in cloth to avoid scratches.
Frequently asked question
Am I covered to take my jewellery on holiday?
If you have personal possessions insurance as part of your home contents insurance, it may cover your valuables abroad. However, it’s important to read the policy terms carefully and watch out for any exclusions.
Specialist jewellery insurance might include cover abroad as standard, but it may also include limitations. For example, it might only cover you outside the UK for a certain number of days.
It’s always wise to get travel insurance when you go away on holiday and it’s worth comparing levels of baggage cover to make sure any jewellery you take with you will be covered.
What if my jewellery loses value after repairs?
Specialist jewellery insurance may cover you if your ring is damaged or loses value because of repairs. Check your policy terms carefully to see what’s covered.
Will my home insurance cover a jewellery set or collection?
What happens if you lose one earring? Will your insurance replace the set? If your contents insurance includes what’s known as ‘matching set cover’, then it should, so long as the loss was covered under the terms of the policy.
My jewellery was stolen, how do I make a claim?
First, speak to the police and get a crime reference number. Then, contact your insurance provider as soon as possible and gather any evidence you need to make the claim, including any required proof of purchase or professional valuation report.
Note that you may not be able to claim for jewellery stolen from your home if there’s no proof of forced entry.
For a step-by-step guide, read our article on how to make a home insurance claim.
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Anna McEntee - Insurance expert
Anna’s all about delivering fantastic insurance products at a great price. Value is the most important thing for Anna, as she cuts through the jargon and finds what’s most important and worth your hard-earned money.
Rebecca Goodman - personal finance expert
Rebecca Goodman is a freelance financial journalist who specialises in insurance, personal finance and consumer affairs. Rebecca regularly writes for national newspapers including The Independent and The Mail on Sunday on a wide-range of financial topics. She covers everything from money-saving tips and holiday advice to investigations into how energy efficient appliances can cut the cost of household bills and the impact donating money can have on those in need. Along with features in national papers, Rebecca also writes news stories for websites including Yourmoney.com and The Money Edit.