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Jewellery Insurance

Jewelleries are usually the most valuable properties in the home that are prone to theft, loss or accidental damage. Some of these jewelleries are often keep hidden most of the time because of either their financial or sentimental value. This may include family heirlooms handed down from generation to generation, wedding, engagement rings and the likes. Due to the nature of these properties, it is just natural for the owner to insure these items as protection for any untoward events that may happen.

Why take a separate insurance for your jewellery?

Although jewelleries may usually be included in a Home Contents Insurance policy, it would still be safer to take a separate insurance solely meant to protect your valuables especially if the following factors exist:

  • Your jewelleries are worth a fortune in your estimates

  • You like to flaunt your jewellery more than you want to hide it

  • You might have been the recent beneficiary of a very valuable jewellery gift

  • Your jewellery collection is amongst your most valuable possession

Oftentimes, the insurance coverage for home contents policies is not enough to cover all personal belongings including jewellery collections. If you own gold and silver jewelleries which are more than the value they were actually declared, a separate Jewellery Insurance is therefore exigent.

Who are eligible to obtain Jewellery Insurance?

If you are eligible to take a Home Insurance, then you are also eligible to obtain Jewellery Insurance. There are instances that for some extra fee, the coverage and claims for jewelleries will be included in the Home Insurance policy.

What can you claim under such coverage?

Before approval of your application, each piece of jewellery that you will insure will be closely examined and assessed for their financial as well as sentimental value. This is what gives you the edge over Home Insurance companies since all items within the homes whose value fall below 15,000 pounds are lump. Thus jewelleries will be valued lesser under such coverage than under a specific insurance for jewelleries. Companies who are specializing in this kind of policy have a corresponding cost for the sentimental values attached to the jewellery which form as the basis for the replacement value of the item.

The benefits to reap

Under a Jewellery Insurance policy with a dependable insurer, jewellery owners will be covered for loss, damages and theft of regardless of whether the incident happens at home, while travelling within the country or abroad. It will also cover such occurrences whether the jewelleries are in your safe at home or on your body. There is one requirement however that every jewellery owner should do in cases of theft, loss or damage to be able to claim the coverage from the insurer. The owner must report the incident or crime to the police and obtain the blotter for such as proof for his claim.

In cases where the jewellery is irreplaceable, the corresponding insured value shall be given to the insured. For items damaged, the insurer will provide for the repair expenses for such insured jewellery.


Although all valuable jewelleries (gold, silver and other valuable minerals) are insurable, there are some exceptions. Some exceptions are loose diamonds due to the difficulty in ascertaining their true value in such small amounts and antique jewelleries. On the other hand, if the insurance company can prove beyond doubt that as the owner of the insured jewelleries, you have not done everything that you can to prevent the theft, loss or damage to the item, you may not be able to claim anything.

The coverage for the policy includes the following:

  • Theft

  • Loss

  • Damage

  • Mysterious disappearance

How is the cost of the jewellery insurance established?

There are two conditions for determining the insurance rate of an item. These are:

  • The selling replacement value of the jewellery

  • The historical losses for the country or province wherein the person owning the jewellery lives. For instance, parents in another country bought a ring for their daughter who lives in a particular state in the UK. The historical losses of such state shall be the basis for the insurance rate of such ring.

Before applying for this particular insurance however, make sure that you have research on the particular company offering such service. If they had been known to render the best service in the field for quite some time, then they must good. Moreover, it would be better if you will read the fine lines first before signing on. There might be some factors that you expected to be included or not included in the contract but failed to see the inclusions of such factors in fine print.

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