A pocket watch in a glass bowl

Is jewellery covered on your home insurance?

Not all jewellery requires a separate insurance policy

Jewellery and family heirlooms can often have deep sentimental value so it's important to ensure that they are properly covered in the event of damage or loss. While they might not ever be replaceable to you, you don't want to be left out of pocket if anything should happen to them.

How much is covered?

Most home insurance policies will have a single item limit, this will differ depending on who the insurer is, but this is usually between £1500 - £2500. if you have an item of jewellery worth more than this then it might not be covered under your standard home and contents insurance policy. You must check your policy documents to find the single item limit and notify your insurer if you have any valuables worth more than this.

You should also check that your valuables are covered outside of the home, we often don't think about removing jewellery before leaving the house but if you are underinsured this could lead to problems. This will normally come under 'personal possessions' cover but, like a contents policy, will have a limit to the amount that's covered, usually around £1000. This doesn't come as standard with all policies so it's good practice to check with insurance providers to ensure customers aren't left out of pocket in the event of a claim.

Getting jewellery valued

Regularly getting items valued is key as the price of gold has increased by over 65% in the last 10 years. Without an up to date valuation, insurers may refuse to pay out the true cost of valuables, leaving claimants out of pocket. Often, customers find that once a valuation has taken place, the item of jewellery exceeds the insurers single article limit and require additional cover. Most jewellers or gold brokers will value jewellery for their customers or for a professional valuation, consult the Institute of Registered Valuers.

Separate insurance policy of specified item?

Policy holders with home and contents insurance don't always need to take out separate policies for expensive jewellery. If the items are under the specified amount on the policy then it can be covered through this, if it is above then this will need to be specified with the insurance provider who will then adjust the policy to ensure adequate cover is provided.

If you're interested in finding out more about the home and contents insurance we can arrange, phone our friendly team on 01985 850706.

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