As per data from January- June 2018, the average cost of jewellery cover consumers are looking for is £2,750. A standard contents insurance policy often specifies an upper limit for single items. Thus, if your precious ornaments are lost or stolen, you may receive only half its value if you don’t have specialist jewellery insurance. Compare policies from different insurers on the basis of the level of cover, premiums and excess fees. If you feel your possessions are at risk, you could search for deals offering accidental damage cover and personal possessions cover.
What Is Jewellery Insurance?
Having an insurance policy for your jewels is helpful if they break or you lose them. The policy issues a payout in any of these cases. Jewellery always has memories attached to it. It either passes on from one generation to another as a family heirloom. Else it reminds you of a special occasion. Losing them are terrible but at the least, jewellery cover can help pay for a new one. There is an increasing preference for separate cover for wedding rings instead of plainly adding them to existing home insurance policy.
Is It Worth Insuring My Jewels?
To make this clear, let’s take an example. You take out a contents insurance policy which specifies the maximum limit for each item as £1,500. One day, you come home to find it ransacked and your wedding ring worth £2,500 and expensive watch worth £1,850 gone. If you hadn’t listed them separately at the time of taking a quote, things might get difficult. So, despite a cover in place, you’ll have to shell out from your pocket £1,000 for replacing the ring and £350 for replacing the watch. Opting for specialist jewellery insurance on top of your contents insurance always helps.
How Do I Add My Wedding Ring To My Home Insurance Policy?
The top 5 most expensive jewellery pieces listed on home insurance policies are:
- Engagement/ wedding/ diamond ring
- Diamond earrings
- Diamond necklace
Be aware of the single item limit while looking for insurance quotes. Diamond jewellery tends to be very expensive so you should be able to fully cover its price. If every single item is worth more than £1,000-£1,500, you’ll need to mention separately in your contents policy. Alternatively, you can buy specific jewellery insurance like diamond ring insurance. Peace of mind comes from knowing that your jewels have financial protection against damage, loss or theft.
Can I Insure My Expensive Watch With Jewellery Insurance?
Expensive watches such as Rolex, Cartier and Omega are much prone to get stolen when out of home. If you want to enjoy the feeling of luxury, it’s good to think about a jewellery insurance policy. You can list it on your home contents policy but you have to mention it separately. To reduce the cost of premiums for your watch, take it to a watch specialist regularly. Lubricating oil does a lot to improve the quality and keep the mechanism working well.
Tips To Keep Your Jewellery Safe
In addition to jewellery insurance, it’s upto you to be careful with your jewels. This will increase the chances of your claim getting accepted- in case you ever need it.
- Declare valuable items to your insurer. Doing this may prevent you from an insurance shortfall or a possible invalidation of your policy.
- Keep receipts of the jewellery you buy. This serves as a proof of purchase price, in case your insurance provider ever asks for it.
- Be up-to-date with the current valuation of your jewellery. Their value rises as metals become more expensive. Every two years, get a valuation should be done by a jeweller accredited by the National Association of Goldsmiths.
- Keeping photos of ornaments you have can make the claim process faster.
- At home, store your jewels in a safe or lockable cabinet. Don’t keep them lying around where they can be easily seen.