Jewellery insurance – the ultimate guide

Diamond engagement ring, white gold wedding bands, Great-Aunt Maud’s antique necklace – think you’re jewellery isn’t worth insuring? Well, don’t be too sure.

Over the years, we’ve valued a range of different items from family heirlooms to much-loved rings, probate items to bespoke jewellery commissions and we continue to be amazed by the number of times we hear the phrase: “How much? I thought it was just a bit of tat!” You might think you don’t own much, but you’ll be amazed how it all mounts up. In fact, data collected by one leading UK insurer during the first 6 months of 2019 showed that the average jewellery replacement claim was £2,757!

That is why it’s so important to make sure you have adequate insurance in place for your jewellery.

We take a look at the different insurance options available and the steps you should take to make sure you are fully insured should the unthinkable happen.

Why would you need jewellery insurance?

Jewellery insurance will cover the repair or replacement cost of your jewellery and watches in the event of loss, theft or accidental damage. It’s easy to think it will never happen to you, but all it takes is for your house to be broken into, for you to lose an earring on a night out or for little William to break Great-Aunt Maud’s necklace.

And if you’re like us in believing that jewellery should be worn, not hidden away in a safe, then expertly arranged jewellery insurance can give you valuable peace of mind.

How do you go about insuring jewellery?

You’ve got a couple of options – add jewellery to your existing home contents insurance, or take out a specialist jewellery insurance policy.

If you want to add it to your home contents insurance, check two things: When making a claim, will you need to pay an excess and what is your single item limit? Some policies, for example, will cover you for around £40,000 of belongings, which may include jewellery, but will stipulate that any single item of jewellery can’t be over a certain value. This means, if your jewellery piece is worth more than the stated single item limit, you won’t be given its full worth so you will be out of pocket if you need to make a claim or you may even find you are not covered at all. In this situation, you will usually have to pay for additional cover.

Your other option is to get specific jewellery insurance. If you have particularly rare or valuable pieces, this may be a better option for you if your home insurers are not comfortable insuring high value items. Jewellery insurance policies typically allow for high value items to be insured and the insurer will have access to a network of good jewellers for repairs or replacement should the worst happen.

Both policies should cover your jewellery in the home, outside of the home and if you’re taking your jewellery abroad on holiday with you. However, you should ALWAYS double-check on the exact terms of your policy as there may be specific conditions. For example, you may have to wear the jewellery or keep it with you the whole time or keep it locked in a safe.

If you are thinking of getting a specific jewellery insurance policy, try TH March  the jewellery specialist insurance brokers we use ourselves.  They provide engagement ring insurance, diamond ring insurance, watch insurance and insurance for antiques, collections and a wide range of other valuables.

Do I need to do anything special to get jewellery insurance?

If you want to ensure you’ve got the right level of cover and make any future claims as easy as possible, we would always advise the following:

Get your items valued

If you aren’t sure your jewellery items are worth anything, get them valued, as the last thing you want is to underestimate what they are worth. We offer a jewellery valuation service, so please get in touch. 

Take photos

It’s well worth taking photos of all your pieces of jewellery, as, if they are stolen, you can share them with the police and insurer. And if worse comes to worse you could always have a special piece recreated or a lost earring matched.

Keep receipts

if you have receipts for your jewellery pieces, keep hold of them. They are evidence of the piece’s worth so will make claiming back their full value much easier. For any item of jewellery purchased from us over the value of £1000, if you would like a replacement value certificate for insurance purposes, just ask.

Need help with jewellery valuations?

Then why not pop into our store in Old Amersham? Whether it’s for insurance or probate purposes, we will happily value your jewellery items. You might be pleasantly surprised.