Precious things need protection. And thankfully, in today's world, there are a lot of companies willing to sell you peace of mind when it comes to your belongings via insurance. You can get your house, car, and even your lives insured so that, should the worst happen, there is some security there.
Jewellery is no different. Due to the expense, prestige and rarity that so often comes with rings, necklaces, earrings and other such adornments, there are always security concerns surrounding them. There are even countless films and TV shows dedicated to jewellery heists! But obviously, for most people, a titanium safe protected with a thousand locks, a magnetic seal and a laser grid isn’t going to be a possibility. But you can still protect your jewellery with jewellery insurance.
We’ve put together a few tips that will hopefully shed some light on the ins and outs of jewellery insurance.
Before seeking out a policy, it’s a smart move to get your jewellery valued. This will give you the rough information you can then shop around to the insurance companies in order to find the best premiums. To get everything valued, you’ll need to find a certified valuer. This link will take you to the Institute of Registered Valuers website, founded by the National Association of Goldsmiths, which includes information on all UK based valuers.
In all likelihood, only a few big ticket pieces of jewellery will fetch a significant valuation. Some older or smaller pieces will be given a much lower valuation, or may in fact be lumped together to give an overall valuation. Of course, these valuations don’t take into account the intangible of sentimental value, so while your value for your wedding ring may be much higher than theirs, don’t worry - this is all just part of the information you’ll need going forward.
The first of the two broad options for insurance is individual jewellery cover. Companies that offer this will appraise your items, and give you a set premium. Obviously, the more expensive the item, the higher this premium will be, so it may just be worth protecting your most valuable items. As with valuers, this type of cover is unlikely to cover individual items below a certain value, especially if they value is below the minimum premium figure. In these cases, a bulk cover will usually be offer.
The advantage of individual cover is it feels more personal. Each item will have its own separate cover, so should only one item get stolen from your collection, it is entitled to the full benefits the insurance provides. But of course, the price you pay for this security stands to be significantly higher than the second option.
You may feel you have already insured your jewellery by taking out home insurance, but be very careful. The fine print of these policies vary, so while some home and contents policies will cover jewellery by standard, others will not. You may need to take out additional jewellery cover, and additional cover on top of that if you want to cover accident damage and loss on top of theft.
Most insurers will again only ask for high priced items, and cover the rest in bulk. As it is bundled in with your home and contents cover, it is likely that the premium will be lower than individual cover, plus this won’t mean juggling multiple policies. But this may come with its own hassles, such as moving house.
In conclusion, your best bet it to read the fine print. Don’t end up paying for extortionate premiums, and don’t mislead in the cover you are getting. Generally speaking, the home and content (inc. jewellery) option will suffice for most people’s jewellery collections. If you do have more expensive items, however, it may be worth taking out individual cover on those, and having the rest covered by the home and contents insurance.
