Deciding on the best jewellery insurance policy
Your options when it comes to jewellery insurance
For most people the type of insurance they choose to take out on their jewellery boils down to cost. Firstly the value or their jewellery, either single item or collection, and secondly the cost of the policy. There are various options available when it comes to deciding on the best jewellery insurance policy
, depending on your requirements.
Single item insurance
Often proffered at the point of sale, single item insurance is sometimes provided through the jeweller and is tailored to expensive, investment pieces such as engagement rings or watches. However it is certainly not the most economical solution when it comes to jewellery insurance.
Standard home and contents policy
Depending on the value of your jewellery, inclusion onto your existing home and contents policy is more than adequate. It may well be worth listing expensive single items, especially anything valued at over £1,500. Check with your insurer if this incurs any additional costs to your premium, as this varies considerably depending on who you are insured with. Also, be aware that many insurers build in a £10,000 limit to all valuables claims. Many people feel this is reasonable since they have no individual piece worth more than £10,000, however don’t forget that in the event of fire or theft, all jewellery may be lost and £10,000 remains the limit you can claim for.
High value home insurance policy – Can this provide the best jewellery insurance policy?
If you have high value jewellery or an extensive collection, especially if this exceeds £10,000, then another option is to take out a high value home and contents policy. Although more expensive than a standard policy, the level of cover is significantly greater and depending on your insurer, your valuables will be covered worldwide, without the need to specify items less than £5,000. At one time setting up high value home insurance policies involved considerable aggravation and time spent with underwriters, however today they are becoming increasingly easy to access, with companies such as Highworth Insurance offering comprehensive policies online.
It is your responsibility to prove the value of your jewellery in the event of a claim. Always keep proof of ownership, if possible the original receipt and a recent valuation somewhere safe, your insurer will need these to process your claim.
If you have a considerable collection of jewellery and watches it may be advisable to take photographs and keep details somewhere safe. If you have a professional valuation carried out this will be done automatically. Some valuers will also offer to keep back-up details of your valuation on their database, should yours be lost in the event of fire.