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If a person owns valuable items of jewellery, insurance could be an important way to protect against the loss of those items. However, it’s important to understand that standard home contents insurance might not cover the full value of expensive items such as wedding and engagement rings and other jewellery pieces. Depending on the value of the items, it may be worthwhile thinking about purchasing extra insurance for jewellery pieces that someone owns.
Does a standard home insurance policy cover jewellery?
Standard home insurance policies may cover all the items in a home, and this could include any jewellery owned by the policyholder. However, there are some limitations. Most standard policies have what’s called a single item limit, meaning that there’s typically a limit to how much the policy will pay out on any one item. For the average home insurance policy the single item limit is usually somewhere between £1,500 and £2,500.This doesn’t have to limit how much a person could claim in total. For instance, if the contents were insured for £50,000, and £20,000 worth of items were stolen from a home, it may be possible to make a claim for £20,000. But if the single item limit were £2,500 then a person could not usually claim more than £2,500 for any single item.While a standard policy may adequately cover most of the items in the home, items such as expensive jewellery may not be fully covered due to the single item limit. Therefore, people who own jewellery that could be worth more than the single item limit on their policy might want to consider purchasing extra jewellery insurance to cover items such as wedding rings or engagement rings. Depending on the policy and the value of the assets, it might be necessary to purchase single item jewellery insurance specifically to cover these items.
What are the options for jewellery insurance?
People who buy jewellery insurance usually choose one of two options: Pay higher home contents premiums to ensure that the jewellery is covered, and that the single item limit is high enough. This may be a useful option for someone who owns several pieces of valuable jewellery. Buy separate insurance—for example engagement ring insurance or wedding ring insurance—for the jewellery items that need coverage. This could be a good option for engagement and wedding rings because separate policies usually cover jewellery when its worn outside the home, and sometimes even overseas.
How much is jewellery worth?
Before insuring jewellery it’s often worthwhile having the pieces valued by a jeweller, especially if the items are older family heirlooms or are known to be particularly valuable. An accurate valuation may help a person to ensure they might be able to insure the items for their full value. Some jewellery insurance companies may recommend a jeweller, but some people prefer to find their own independent jeweller to have items valued. It could also be beneficial to have jewellery valued regularly—for instance, every two or three years—to ensure that it’s fully covered by insurance.
What kinds of extra coverage are available for jewellery insurance?
“Away from home” coverage: A standard policy could cover items while they’re in a home, but not all policies cover items when they’re taken outside the home. For instance, some jewellery insurance policies require separate “away from home” cover to insure jewellery when it’s worn outside. Matching set coverage: Items of jewellery may often be bought and worn as a set, but jewellery insurance does not always automatically cover a jewellery set if one item in the set is lost or stolen. Matching set coverage for any items other than earrings may usually mean a higher premium; for instance, set coverage for a ring and bracelet pair, or a set of wedding or engagement rings.
When should someone make a jewellery claim?
As with other kinds of insurance policies, the policyholder may have a lot to consider when they think about whether or not to make a claim for a lost or stolen item. In the case of jewellery, there’s not always just the value of the item to consider, but also whether it has any sentimental value. For many people, the amount of their excess could have a big influence on whether or not they make a claim. If the excess on a policy is £250, for example, and the lost jewellery is worth £200, then there is generally little point in making a claim: even if the claim is approved no money would be paid out, as the excess is higher than the item’s value. For it to be worthwhile making a claim, the value of the item could be at least as high as the excess on the policy.
How to compare jewellery insurance and shop for a good deal
Jewellery insurance is usually intended to cover items that are often very valuable, so it’s a good idea to get a jewellery insurance quote from multiple different companies to get the best value and most comprehensive policy. To compare jewellery insurance, it may be important to consider any extras needed, such as set coverage or away from home coverage, and to weigh up the pros and cons of the amount of excess chosen.Premium: this is the amount the policyholder pays for insurance. Most premiums are paid monthly or annually. Depending on the policy and the insurance company it might be possible to get cheaper jewellery insurance by opting for annual rather than monthly premium payments.Excess: for any insurance policy, the lower the excess, the higher the premium. If someone wants cheap jewellery insurance, therefore, it’s usually necessary to choose a policy with a higher excess.Extras: additional coverage such as that for jewellery sets or away from home cover may increase premiums, but provide more comprehensive protection.