We spend time choosing the perfect engagement ring, saving up for a designer watch, or holding onto treasured heirlooms passed down through the family – but when it comes to jewellery insurance, many of us may buy the first policy we see, or we don’t even bother getting covered.
Jewellery is often one of the most valuable things we own, both in terms of money and meaning. And yet, it’s surprisingly easy to get the insurance side of things wrong. Sometimes those mistakes don’t come to light until something goes missing, gets damaged, or worse.
To help you avoid being caught out, here are six common jewellery insurance mistakes – and how to steer clear of them.
1. Thinking your home insurance covers everything
This one catches a lot of people out. It’s easy to assume that if you’ve got home contents insurance, your jewellery is covered too. But that’s not always true – and even if it is, there are often some pretty tight limits.
Many home contents insurance policies have a “single item limit” for jewellery, often around £1,000 to £2,000. So, if your £5,000 engagement ring gets lost or stolen, your insurer might only pay out a fraction of its value. – if they pay at all.
There’s also the issue of accidental loss, or damage while you’re out and about. These aren’t always included, and travel cover is often limited too.
If you do make a claim for your jewellery under your home contents insurance, typically you may need to pay an excess amount (this is the first part of any successful claim that you are financially liable for).
To be on the safe side if using your home insurance policy to cover jewellery, you should specify the item under the “All- Risks” section, this will also ensure you have cover whilst away from your home, subject of course to any policy terms and conditions
If you have a standalone jewellery insurance policy from Assetsure, there is no excess amount to pay. You can of course elect to have an excess to help reduce your premium.
You can find out more in our blog about home insurance and jewellery.
2. Insuring it for too little
It’s tempting to go with the amount you paid for a piece years ago, but jewellery prices change – especially when gold and diamonds are involved. That ring you bought five years ago could easily be worth a lot more now.
If your jewellery insurance doesn’t reflect the current value, you might not get enough back to replace it with something similar. That’s why it’s a good idea to get your jewellery revalued every couple of years and update your policy accordingly.
Even minor adjustments in gemstone grading or market prices can make a noticeable difference to the insured value. It’s not just about having cover - it’s about having the most suitable jewellery insurance cover.
Need help with that? We discuss how to get jewellery valued for insurance here.
3. Forgetting to add new items
Have you bought something new? Been gifted a diamond necklace? Inherited a vintage watch? If your jewellery collection changes, your jewellery insurance should too.
It’s easy to forget to tell your insurer, especially if you’re not used to updating your policy regularly. But if something happens to that new item and it’s not listed or accounted for, it might not be covered at all.
If you insure your jewellery under your home contents insurance and you’ve got a general “jewellery” category on your contents cover, high-value pieces usually need to be named individually.
4. Assuming your jewellery’s covered abroad
Whether it’s your honeymoon, a holiday in the sun, or a business trip overseas, jewellery often comes with us - and it’s especially vulnerable when travelling.
Theft from hotel rooms, loss in transit, or even damage while swimming or sunbathing are all possibilities. But many policies either don’t cover these scenarios, or limit protection outside the UK to a short period. Always read your policy terms and conditions.
If you’re planning a trip and want to take your jewellery, it’s worth checking your policy carefully. Our travel jewellery cover blog explains more.
5. Skipping the small print
Let’s be honest most of us don’t read every line of an insurance policy. But when it comes to jewellery, there are usually a few important details that are easy to miss.
For example, your policy will typically have obligations you need to meet for your policy to remain valid for example, your cover might depend on:
- Keeping high-value items in a safe when you’re not wearing them
- When travelling, keeping your jewellery on your person or in your hand luggage
- When away from your home (on holiday for example), you will usually be required to leave items in a safe when not being worn
- If you are at the gym, keeping your jewellery in a locked gym locker while you remain on the premises
- Not leaving your jewellery in an unattended vehicle
- Reporting theft or loss quickly
- Providing proof of ownership or value when making a claim… and so on...
Please note, the above is not an exhaustive list, so it always worth checking the terms and conditions before you assume something is covered or speak to your jewellery insurance provider for clarification.
6. Letting your policy lapse
Life gets busy. Maybe you switch banks or move house and forget to transfer your cover.
Maybe your policy expires, and you miss the renewal email. Either way, it’s surprisingly easy to let your jewellery insurance lapse without realising - and that could leave your precious items totally unprotected.
If you lose or damage something during that gap, it’s likely you won’t be able to claim. And if you cancel one policy but don’t take out another straight away, you’ll be left at risk in the meantime.
Set a reminder or go for automatic renewal if it’s offered, but make sure it’s still the most appropriate level of cover when it renews.
Getting the most suitable cover for your jewellery
Getting jewellery insurance isn’t just about ticking a box, it’s about protecting something meaningful. Whether it’s your engagement ring, a 40th birthday treat, or a piece of family history, jewellery insurance cover gives you peace of mind.
The good news is that avoiding these common mistakes doesn’t take much effort. A quick policy review, an up-to-date valuation, and a few well-organised documents can make all the difference.
And if you’re unsure about what your current policy does or doesn’t cover, it’s always worth asking before it’s too late.
If you have any questions relating to new or existing jewellery insurance from Assetsure, please contact us on 0208 0033 190 – we’d be delighted to help.
