Why Jewellery Insurance Is Worth Taking Out

Losing a precious piece of jewellery can be devastating, both financially and emotionally. But having the right type of insurance in place can make that loss a little more bearable. 

Whether it has been misplaced, stolen, or accidentally cooked, jewellery insurance can ensure that your beloved items can be replaced. Here’s what you need to know.

What is jewellery insurance?

Jewellery insurance will protect your valuable and precious items such as rings, necklaces, watches, and more in the event they are damaged, destroyed, lost, or stolen.

You might already have home contents insurance that provides the same cover, but it will likely have an upper limit on the value of jewellery included in the cover, usually around £1,500 to £2,000.

This means, for example, if you were to claim a diamond ring that cost you £5,000, the maximum amount you can receive from the insurance is £2,000.

However, specialist jewellery insurance will offer more bespoke and comprehensive cover for your valuables and is better suited to those with high-value jewellery collections. It typically provides cover for:

• accidental loss
• theft
• damage caused by fire or flooding
• loss or damage to diamonds or stones
• cover away from home, including overseas
• accidental damage

The cost of your cover will of course vary depending on the level of cover you need and the value of the jewellery, as well as where you live, your claims history, and the security measures in your home.

If you’re not sure what your items are worth, it’s sensible to get them valued before you buy cover, then re-valued every two to five years. If you over-estimate the value, you’ll end up paying more than you need to for cover. But if you under-estimate, you might lose out financially in the event of a claim.