Fine jewellery can represent a significant financial investment, but it is surprisingly easy to assume that a valuable ring, necklace or bracelet is already adequately insured.
From engagement ring insurance to protecting inherited and antique jewellery, the right level of cover starts with knowing exactly what your jewellery is worth.
Here, we answer some of the most common questions about jewellery insurance in the UK.
Is jewellery covered by home insurance?
Not automatically.
Your home contents insurance may provide some cover for jewellery, but policies commonly have limits on how much they will pay for an individual item. More valuable pieces may therefore need to be declared separately to your insurer.
There may also be different conditions for jewellery that is lost, stolen or damaged outside your home.
If you own valuable jewellery, it is important to check your individual policy rather than assuming it is fully covered.
Do I need separate jewellery insurance?
Not necessarily, but you do need to make sure the cover you have is appropriate for the value of your jewellery.
Some insurers allow high-value jewellery to be added individually to an existing home insurance policy. In other cases, particularly with valuable collections, watches, engagement rings or rare jewellery, specialist jewellery insurance may be more appropriate.
Check your policy's single-item limit, whether your jewellery is covered away from home and what documentation your insurer requires.
Do I need a jewellery valuation for insurance?
For valuable jewellery, your insurer may ask for a professional jewellery valuation before agreeing to cover the item for its full value.
A jewellery valuation for insurance establishes the current replacement value of the piece and provides a detailed record of what you own.
At Hatton Jewels, our insurance valuation reports include detailed descriptions and photographs of your jewellery, alongside gemstone identification and quality assessment where applicable.
Our Head Valuer, Rachel Smith, is an Independent Registered Valuer and qualified gemmologist, with valuations prepared to standards recognised by insurers.
How much should I insure my jewellery for?
Jewellery should normally be insured for its appropriate replacement value rather than what you originally paid for it.
These figures can be very different.
The cost of diamonds, gemstones, precious metals and signed jewellery can change considerably over time. Antique or unusual pieces may also require specialist research to establish what it would realistically cost to replace them.
This is one reason an old purchase receipt should not necessarily be relied upon as the current insurance value.
What happens if my jewellery is underinsured?
If your jewellery has increased in value but your insurance has not been updated, the amount you are insured for may no longer be enough to replace it.
For example, a ring insured several years ago may cost considerably more to replace today.
Keeping your jewellery valuation up to date helps ensure that the figure provided to your insurer reflects current market conditions.
How often should jewellery be valued for insurance?
There is no single rule for every insurer, so you should always check the requirements of your policy.
As jewellery, diamond and precious metal prices change, regular revaluations are advisable. Your insurer may also specify how recent a valuation needs to be.
If your existing valuation is several years old, it is worth checking whether the replacement value of your jewellery has changed.
Does jewellery insurance cover loss, theft and accidental damage?
It depends on your policy.
Some jewellery insurance policies provide cover for theft, accidental loss and accidental damage, while others have exclusions or limits.
You should also check whether you are covered when wearing jewellery outside your home and when travelling abroad.
If you regularly wear valuable jewellery rather than keeping it at home, this can be particularly important.
Do I need insurance for an engagement ring?
An engagement ring is often one of the most valuable individual pieces of jewellery a person owns, so it is worth checking exactly how yours is insured.
Do not assume an engagement ring is automatically covered to its full value by home insurance.
Your insurer may require you to declare the ring separately and provide a recent engagement ring valuation before it can be insured for its full replacement value.
Can antique and inherited jewellery be insured?
Yes.
In fact, a professional valuation can be especially important for inherited or antique jewellery because you may not have an original receipt or even know what the piece is worth.
Age, maker, gemstones, condition, rarity, provenance and construction can all influence the value of antique jewellery.
A professional valuation creates a detailed record of the piece and establishes an appropriate value for insurance purposes.
Is an insurance valuation the same as what I could sell my jewellery for?
No.
An insurance valuation is intended to establish an appropriate replacement value if an item is lost, stolen or damaged.
A selling valuation looks at what the jewellery could realistically achieve on the current pre-owned market.
It is therefore perfectly normal for an insurance valuation to be higher than the amount you might receive if you sold the same piece.
How do I get jewellery valued for insurance?
Your jewellery should be physically examined by an appropriately qualified jewellery valuer.
At Hatton Jewels, you can initially send us photographs and details of your jewellery so that we can provide a quotation. Your jewellery is then examined at our Hatton Garden premises before a detailed written valuation report is prepared.
Our professional jewellery valuation service starts from £175 per item, with standard valuations typically completed within 4 to 5 working days.
If you are unsure whether your jewellery valuation is still current, or need a valuation before arranging insurance, contact our valuation team for advice.
