Home insurance guide
Our guide will help you protect your property and possessions.
Compare cover for your jewellery and valuables
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1Accurate as of January 2023
Jewellery insurance is a type of cover you can take out specifically to protect your jewellery as well as other valuables.
Does home contents insurance cover jewellery?
Contents insurance protects the possessions you have in your five-bedroom home and includes any items that you would take with you if you moved. If you own five-bedroom house, it’s likely that you have more items to insure, meaning you’re premium will be higher than someone with a smaller house and fewer possessions.
This is where a dedicated jewellery insurance policy may be useful. If you have certain items that exceed your insurers’ single-item value limit, you’ll unlikely be able to claim on your standard policy. A specialist jewellery insurance policy will have higher limits or possibly none at all – just keep in mind you’ll probably face higher premiums to insure more expensive items.
With a standard home insurance policy, you’ll generally find that jewellery will be covered for the same as other possessions, against things like accidental damage, loss, theft, and away-from-home cover. However, this will only be up to a set amount – often around £1,500.
If you require a specialist jewellery insurance policy, you’ll get the same type of cover but for a higher amount per item. But you may also benefit from certain extras that aren’t covered by standard home insurance.
The following may be available with a specialist jewellery insurance policy:
Loss of stones: If you lose diamonds or other stones from pieces of jewellery
Jewellery collections: If you have multiple pieces of jewellery as part of a set
Other collectibles: These policies may also cover valuables like art and musical instruments
Insurance won’t cover everything, however, so it’s worth keeping an eye out on both standard home insurance and specialist jewellery insurance policies for the following exclusions:
Cosmetic damage: Insurers are unlikely to pay out for claims relating to cosmetic damage like scratches and dents
Wear and tear: You also won’t be covered for damage resulting from general wear and tear of your items
Misplaced items: If you’ve lost any items of jewellery at home, your insurer may class this as ‘misplaced’ rather than lost, and you’ll be less likely to get a pay out
Guests: If any of your jewellery is stolen by someone you’ve invited into your home, you may also not be able to claim
Having your jewellery and valuables valued before insuring them is vital to getting the right amount of cover. You could:
Ask your local jeweller to give you an up-to-date valuation
Use the full replacement value if it’s a new item
Use the amount it would cost to replace the item with something similar if it’s second-hand
If you under-insure your jewellery you may not be able to claim for the full amount required to repair or replace your items, while over-insuring means you’ll be paying too much for cover.
Remember to keep your valuations up to date – particularly if you are given gifts or if you make new purchases.
Contents insurance covers your possessions in the event of theft, loss or damage, including natural disasters, fires or flooding. It’s separate to home insurance, which covers the building you live in, including fixtures and fittings.
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.
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.
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.
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.
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
You can insure your engagement ring under your jewellery insurance policy – just be sure to give the right valuation to ensure you have enough cover. However, you may want to also consider taking out a separate cover for it – it’s always good to compare your options to find the best price.
Most insurance providers will cover your watch or watch collection as part of your jewellery insurance – however, you should always check with your insurer to be sure.
You may be able to insure expensive bags as part of your collectibles, but check with your insurer to be certain.
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