How to Insure your jewellery

How to Insure your Jewellery?

Unless you have expensive jewellery, a regular contents insurance policy may be sufficient to cover loss, damage or theft of your wedding rings and other assorted pieces of jewellery.

On the other hand, if you have in your possession any jewellery worth more than a few thousand pounds individually, you may want to explore the benefits of a standalone policy.

In either case, keep in mind that your jewellery will need to be valued by a licensed valuer if the individual piece is valued over £2,000 most of the time.

Individual and Total Cover on a Contents Insurance Policy

If we look at a popular contents policy by Direct Line, you will see that there is a policy limit and an individual piece limit. For example, the Direct Line Contents Insurance policy covers a policy limit of £50,000 rated on new-for-old replacement value.

The end result of a policy like this is that only the first £50,000 of loss will be covered and there will be an excess to be paid out of pocket.

Any piece of jewellery valued over £2,000 will need to be valued and it is suggested that you contact the Guild of Valuers and Jewellers for a valuer in your location.

If you purchase the Home Insurance Plus policy, the individual value increases to £3,000 and in both cases those pieces must be listed separately on the policy.

How to Insure your Art

Standalone Jewellery Insurance Policies

One of the most highly recommended insurance companies for fine jewellery is T.H. March. Of course you can get a contents insurance policy through these highly esteemed brokers, but you can also purchase standalone jewellery insurance if you have expensive pieces.

To use their insurance cover as an example of what to look for in standalone policies, compare their March Guard and March Insurance Solutions. One is a point-of-sale policy which insures individual pieces whilst the other is a comprehensive cover for the customer’s individual needs.

back to top

Point-of-Sale Jewellery Insurance

It can get very expensive purchasing POS insurance cover from the jeweller where you purchase your gems because you would need to buy a policy each and every time you make a purchase. If you are only buying one expensive piece of jewellery this may suffice, but most often is not recommended simply because over time you will undoubtedly be adding to your collection.

Standalone Jewellery Insurance

With a standalone policy you can tailor it to your needs. As you add to your jewellery collection you can list those pieces on your policy and it can grow along with your collection. Prices may vary as you add more value to be covered, but you will have the best cover available for fine jewellery. As well, it is probable that you can set higher limits with a standalone policy simply because it is written for fine jewellery and designed to cover priceless pieces. With contents cover there will undoubtedly be a policy limit which in the case of the Direct Line Policy is £50,000.

In the end you will need to consider just how valuable your jewellery is and whether or not you will be adding to your collection as you go along. If you have a single piece or two that will not go over the policy limit, then a contents insurance policy may do quite well. If on the other hand you have several pieces of fine jewellery that are quite valuable, you may just find that a standalone jewellery insurance policy with a high limit may be your best option.

Try to keep your excess as low as possible and your limit as high as needed, and you will have the best insurance available.

back to top