Presuming that your home and contents insurance covers your jewellery, and covers it adequately, is a fatal mistake that seemingly many of us make year upon year. With jewellery value serving as one of the main reasons that are claims are rejected (Policy Expert), you may need a little advice in this area – for which this guide was created.
First Things First: Check Your HomeInsurance Policy
The majority of home insurance policies will provide some coverage for jewellery, however they all have set upper limits for individual items. Should you need to claim for an item that is above this monetary value, you’ll find yourself out of pocket (and with limits that typically only range up to £2000, this financial loss could be a significant one).To ensure that your insurers will cover you for each of your precious items, you’ll need to inform them of jewellery that breaches the upper limit.
Do You Need a Specialist JewelleryInsurance Policy?
If you’re lucky enough to have a treasure trove of quality jewellery, then it may be more than worthwhile exploring whether a specialist jewellery policy would be more suitable. Such providers can even offer a guarantee of significant instant cover (which may be a figure of £20,000) paid almost immediately.
A Special Word of Insuring Your Jewellery Outside Of The Home
Specialist jewellery insurance will cover your jewellery outside the home to some extent – but it’s vital that you check the terms and conditions. You may also be able to purchase away-from-home coverage as an optional extra (this is important if you tend to travel a lot, or work away from the home for significant periods). That said, there are limits – and generally speaking you’ll be restricted to 60 days worldwide coverage annually. To this extent, it’s also essential to read over any travel insurance that you may purchase.
Still Not Sure Where to Start?
If you need further insight into which coverage may be right for you, our advice would be to consult with an independent broker. They know the market, appreciate all the options that you have before you and will happily explain, in straightforward terms, how various policies work and what’s suitable for your jewellery, your budget and your specific situation.