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What does jewellery insurance cover?

[intro]When most people ask; What does jewellery insurance cover? they are referring to the difference between taking out a specific jewellery insurance policy versus inclusion within a home contents policy. Perhaps the bigger question is; ‘why take out jewellery insurance and what additional cover will I get for my premium?’ [/intro]

To answer the question ‘What does jewellery insurance cover?’ first it is important to make clear that not all jewellery insurance policies are the same. There is a clear difference between the type of cover you will receive, depending on whether you take out a quality standalone jewellery insurance policy or are using the cover included within a home contents policy.

Jewellery Insurance Cover – within a home contents policy

First, let’s look at the downside of inclusion within a standard home contents policy. This is an easy option, that can be effective depending on your individual circumstances and the value of the jewellery you are looking to insure. However, it is useful to be aware that many standard insurers may limit the level of cover, for example: only £1,000 covered unspecified on a policy or perhaps a maximum £5,000 on specified items. Also, this cover may only be applicable whilst the items are inside the home or within the UK.

Jewellery Insurance Cover – within a standalone policy

Aside from the level of cover, the main difference between these two types of policy is the level of flexibility you get from a standalone policy. A good jewellery insurance policy will cover your items worldwide, so you can take your valuable items away with you on holiday or business, together with the peace of mind that they are covered by your policy.

Although this may not seem important, it can make a big difference. For example; should you have an important business meeting abroad, you might want to wear your best watch, or perhaps you are planning to propose abroad, it would certainly help to know the engagement ring is correctly insured. Very often we pack our best clothes and finery for holidays where we will be socialising and enjoying ourselves more than at home; for example; wouldn’t you want to take your best necklace, earrings, bracelet etc. with you if you were going on a once in a lifetime cruise?

A quality standalone jewellery insurance policy ensures you are covered wherever you are. Alternatively, with Highworth Insurance we offer flexible options allowing you to choose whether you require worldwide cover or to reduce your costs by restricting cover to Western Europe or the UK.

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What else does jewellery insurance cover?

Standalone jewellery insurance also covers theft from your home, which is very important for an engagement ring prior to a proposal or even if you are prone to taking your wedding rings off, perhaps to do the cleaning or due to allergies.

Jewellery will also be covered for loss due to fire or flood, or for damage to stones. Often the greatest cost element of an engagement ring is the diamond. If this falls out then with jewellery insurance, the stone is insured to be replaced or a new ring could be purchased.

Other nuances of standalone jewellery insurance include payment for a replacement set of earrings should one be lost, and the right to re-purchase a damaged article. This can be crucial for items of significant sentimental value, for example; a watch handed down by generations.

Additionally, with a Highworth standalone jewellery insurance policy, there is no excess to pay in the event of a claim.

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A word on security and jewellery insurance cover

If you are thinking of using a home contents policy to cover valuable jewellery, often insurers will request a high standard of locks on the home for the policy to be valid. Depending on the nature and value of the jewellery being included, this can also extend to the requirement of a safe or alarm to be fitted at the address, in order for the policy to be valid.

Specialist Jewellery Insurance

At Highworth Insurance we provide competitive jewellery insurance for all types of jewellery, including diamond engagement rings, expensive watches, wedding rings, bracelets, necklaces, earrings and unset precious gems. As specialist jewellery insurers, to us the question; What does jewellery insurance cover? very much depends on what you need. Our jewellery insurance can be tailored to you and your circumstances and can cover single items or groups of items depending on your needs. If you have specific items or circumstances you would like to discuss, you can speak to our knowledgeable advisors on: 01202 937430

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