What is jewellery insurance?
Jewellery insurance is a policy you can take out to cover the cost of replacing your valuables and keepsakes if they’re lost, damaged or stolen.
Do I need jewellery insurance?
Jewellery insurance is useful as items like rings, bracelets and necklaces can carry a lot of value, both sentimental and monetary. Losing your valuables can cause significant stress, but having cover in place protects you if the worst should happen.
Is my jewellery covered under my home insurance policy?
Jewellery can be expensive and, in some cases, rare, so standard home contents insurance won’t cover such items as they usually include single-item value limits. As a result you’ll need to take out specialised protection.
What does jewellery insurance cover?
Jewellery insurance policies will vary between providers, but in most cases you’ll be able to find cover for items including:
- Wedding and engagement rings
- Other rings
- Necklaces
- Bracelets
- Watches
- Earrings
Data collected by MoneySuperMarket from January to June 2019, accurate as of August 2019
Can I get cover for a jewellery set or collection?
Some insurers offer policies for jewellery sets or collections, though these are likely to raise your premiums – you may even have to go to a specialist insurer to get the cover you need.
Does jewellery insurance also cover other valuable items?
You might be able to include cover for other valuables such as art, antiques or collectibles as part of a single policy. Remember to declare any items you want cover for.
What if my jewellery loses value after repair work?
If you have a piece of jewellery repaired, its market value may fall as a result. Some insurers will cover you for this loss in value, but it’s worth finding out beforehand to be sure.
Will I be covered if I take jewellery abroad?
Not all insurers offer cover if you take your jewellery abroad; some might refuse claims outright, while others may only offer protection if you’ve been away for under a certain length of time. If you’re going to take jewellery away with you, checkwith your insurer what level of cover they offer.
Does jewellery insurance have any exclusions?
You should also keep an eye out for exclusions on your policy, as many insurers won’t let you claim for:
- Wear and tear: For example, if you lose a gemstone from a ring or necklace as a result of age or general wear and tear, you won’t be able to claim
- Misplacement: If you lose an item of jewellery at home some insurers may not class this as strictly ‘lost’. They might say it’s been misplaced, in which case you won’t be covered for loss
- Unforced theft: Your insurer might also not pay out if your jewellery was stolen and there was no sign of forced entry, or if the person who stole the item was invited into your home
- Cosmetic damage: Certain types of damage such as scratches or dents are classed as purely cosmetic by insurers, and they probably won’t pay out
How much does jewellery insurance cost?
The price you pay for jewellery cover as part of your home contents insurance policy will depend largely on the amount of cover you take out and the value of the jewellery you want to insure. As you would expect, the more expensive the items the more you’ll need to pay for cover.
However insurers will also take other factors into account, including:
- Security: Having security features installed in your home, such as certified approved locks and bolts on your doors and windows, reduces the likelihood you will claim for theft. Insurers will reward the lower risk factor with cheaper premiums
- Storage: Likewise keeping your valuables locked in a secure safe also makes it less likely your things will be stolen
How do I make a claim on my jewellery insurance policy?
You’ll generally be able to claim on your jewellery insurance policy by filling out a claim form your insurer will have given you, though you may also be able to submit a claim online or over the phone. If you’re claiming for theft you should call the police and submit a report immediately.
If you ever need to make a claim on your jewellery insurance policy, the following tips will make the process easier:
- Declare your valuable items: If you have any items of particular value you should declare them to your insurer or they may refuse to pay out if you have to claim
- Keep your declarations updated: Likewise if you make any big purchases, or even receive jewellery as gifts, you should update your declarations to ensure you always have the cover you need
- Keep a proof of purchase: Insurers will require you to show proof of purchase when making a claim. A receipt is best, though a valuation certificate also backs up your claim
- Take photographs: Photographic evidence of any damage done to your jewellery, as well as photos showing it in brand new condition, can help support your claim
Compare quotes for jewellery insurance
Comparing home insurance quotes on MoneySuperMarket is the easiest way to find an affordable deal for jewellery cover. Just tell us about your property and the possessions you want to insure, including the value of any expensive items, and we’ll show you a list of quotes tailored to your requirements.
You’ll be able to browse through the list and compare deals by the overall annual and monthly cost, the level of cover you get and the excess you’ll need to pay to make a claim. Once you’ve found the deal you want, just click through to the provider’s website to finalise your purchase.
As with all insurance deals, remember the cheapest option isn’t always the best. We recommend aiming for a balance between cover and cost so you can get the perfect policy for you, without risking overpaying or underinsuring yourself.