Does Home Insurance Cover My Jewellery?
Caeva O'Callaghan | March 24th, 2020
Everyone has one or two pieces of jewellery in their home. But are they covered by your standard home insurance policy? Or should you consider getting specialist jewellery insurance? Find out more inside.
Yes it is, in most cases.
Watches, jewellery, and other small valuables will usually be covered under your home insurance policy. Contents insurance should cover you for loss or theft of these personal (and often sentimental) items, however you can take out specialist jewellery insurance.
This is the best option if you don’t want to leave anything to chance. But, like the jewellery we own, insurance policies come in all shapes and sizes. It’s worth being aware of the facts before you take out a policy.
In this article, we’ll answer questions like:
- Is my jewellery covered by my contents policy?
- What jewellery isn’t covered by my home insurance?
- Do I need specialist jewellery insurance?
The type of cover you need will depend on the type of jewellery you own. If you’re a collector, you may need different insurance to cover loss or theft of your precious items.
Jewellery and home insurance
Most people own a bit of jewellery here and there. Even if you’re not a “jewellery person”, most people have a pair of earrings, a watch, or a wedding ring. And if they don’t, it’s possible they’re holding onto such items that have been inherited from a loved one.
This is why most jewellery is covered under a standard home insurance policy. These are usually kept in the home, and as such will be just as much at risk from fire or flood as everything else.
However, jewellery can be pricey. It could also hold incredible sentimental value. It’s one of the first things burglars look for. This means your jewellery is at risk. So, if it’s particularly important to you, you might want to consider taking out specialist jewellery insurance.
All Risks insurance does exactly what it says on the tin. Taking out an All Risks policy on your jewellery will insure it against most any risk you can think of. Lose your ring down the drain? You’re covered. Your necklace gets damaged at the gym? You’re covered. You’ll need to itemise and value your jewellery to get it covered for all risks. But adding lists of jewellery to your home insurance policy for all risks cover is very expensive – about €10 per €1000 per year. But, items insured for all risks are subject to a much lower excess than other contents. Normally between €25 and €50.
Just don’t forget to update your home insurance every time you make an expensive purchase, or get a really nice present. It’s always a good idea to keep receipts for any jewellery purchases.
Nearly all insurance companies take into account the fact that most people own jewellery. From heirlooms to a favourite old watch, wedding ring or necklace, nearly everyone has one or two items. Your standard home insurance policy will cover these items.
However, there’s usually a maximum amount that your insurer will pay out for one individual item. This usually varies from €1200 to €1500. So the maximum you can claim per piece of jewellery is between €1200 and €1500. Each policy is different, so check with your insurance provider to make sure you’re covered.
Your provider will ask you to give the total value of the items in your home. It’s important to make sure you know the true value of your jewellery, in case you lose it. Under-insuring will give you big problems later on.
If you’re even slightly in doubt about how much your jewellery is worth, get it valued by professionals. Pawnbrokers can do this, as well as many high street shops. You never know – you might be sitting on a rare find! Even better, you’ll have a chance of being adequately covered by your home insurance.
Valuables and collectors
For high value or antique jewellery it’s best to get a valuation certificate. You might want to get annual valuations on particularly fancy pieces, as the price of gold fluctuates often.
Some insurers offer policies especially for jewellery, although these are likely to raise your premiums. You may even have to approach a specialist insurer to find the cover you need. This is where having a broker comes in handy. At QuoteMe, we can help you find the perfect cover for your valuables.
When you’re looking for jewellery insurance policies, check that your items will be covered in the event of theft, loss or damage. Accidental damage cover – such as losing your wedding ring down the sink – should also be considered.
To make a claim, some providers will need you to show them a receipt of sale if you’ve bought your item within the last three years. They also might need a photograph of the item. On top of this, you should inform the Gardai if someone else steals, loses or damages your jewellery. Don’t forget to obtain a crime reference number if so.
If you have any queries your cover for jewellery, just call us in QuoteMe.ie
If you have any questions about what level of cover your jewellery has or needs please call us and talk to our expert insurance advisors. We know all the angles when it comes to home insurance. We have seen all eventualities when it comes to claims and can guide you accordingly. We are available for direct phone calls between 8.30am and 5.30pm each weekday on 0818 224433 or 042 9359051.