Is jewellery covered by Home Insurance policies?

Losing something as precious as a wedding ring might not only leave emotional scars but financial ones too; if you don’t have the right insurance, you won’t receive a penny towards a new ring.

Most Home Insurance policies cover the loss or theft of personal items, including jewellery, as standard.  But they have claim limits for individual items, as well as total claim limits.

From gold necklaces to silver rings and watches, jewellery can be very valuable and you need to tell your insurer if you think any single item exceeds the policy claim limits.

What is my policy’s claim limit?

Most standard home cover policies set single item claim limits that usually range from £1,000 to £2,000.

You can check your claim limits by calling your insurer, which should be able to tell you straight away. They will also be stipulated in your policy documents.

If you have jewellery items that are worth more than the policy claim limits, but haven’t indicated what these items are to your insurer, you’re not going to get the full value or equivalent replacement back if you have to claim for them.

It’s often possible to change the limits, if you think it’s necessary, but your premiums will go up depending on how much you want the limits to rise.

Valuation is key

Your jewellery might be worth more than you think, or at least more than when you first took out your home cover. The price of gold has rocketed by over 100 per cent over the last 5 years alone, for example.

Many people pay insurance premiums for many years without checking if the value of their jewellery has changed, and they may be under-insuring themselves as a result.

Most jewellers, or gold brokers, will happily value your jewellery for you. It’s a good idea to get a couple of opinions to be sure, and your insurer may also give you guidance in this regard.

Away from home cover

Standard insurance policies cover you for loss or theft in the home, but not all will cover you when you’re out and about. Jewellery is often lost, and can be a magnet for thieves.

Away from home cover can usually be bought for a small sum as an ‘add on’ to your standard policy, if it doesn’t already include it.

Are matching sets covered?

Many home insurance policies won’t cover, as standard, what are called matching sets. For example, if you lost a ring which you bought as part of a matching set, such as with a necklace and brooch, an insurer would generally only cover the estimated value of the ring rather than replace the whole set.

Earrings are usually the exception; if you lost one, you would receive compensation for replacing the pair.

As with away from home cover, many insurers will provide matching set cover in return for an increase in premiums.

Is it worth claiming?

A great deal of jewellery is, of course, not that expensive, costing just a few pounds, and wouldn’t be worth claiming for if lost. But even if you lose jewellery that cost several hundred pounds, it still might not be worth claiming for, depending on your policy’s ‘excess’.

The excess is the first part of a claim which the claimant is expected to cover. The amount will vary depending on the insurer and your own personal choice when you first took out the insurance. The excess can be as little as £50 for more expensive policies, or as much as £500 for cheaper ones.

If the lost or stolen jewellery is only worth £250 and your excess is £300, it clearly isn’t worth claiming for. However, you might want to think about reducing your excess, which an insurer will do for a small increase to your premiums.

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