Jewellery insurance for everything but the Crown Jewels

How to make sure you have the right cover in place for your valuables.

The Crown Jewels are not insured but King Charles III is unlikely to have any sleepless nights before his Coronation because the family treasures are all safely under lock and key in the Tower of London. Sadly, not everyone has a castle strong room for their riches, so how can we protect our precious things?

Do I need jewellery insurance?

Although you may not have a diadem, orb or sceptre lying around, it’s a good idea to have home insurance jewellery cover for items of significant value such as engagement and wedding rings, anniversary gifts, luxury watches and heirloom jewellery. Check the single-item limit when buying your contents insurance as anything above that amount will need to be listed separately.

For a standard Saga home insurance policy, any item with an individual value exceeding £2,500 needs to be specified. Normal exclusions apply for wear and tear, faulty workmanship, misuse and mechanical failure as well as items held in student accommodation. Knowing the correct value of your jewellery will help you to ensure there’s enough cover in place.

How do I get a valuation for a piece of jewellery?

If you’ve recently been gifted a new piece of jewellery such as a Christmas or Valentine’s gift it should have a valuation certificate or if not you can request one from the retailer.

Comprising more than 100 objects and over 23,000 gemstones, the Coronation Regalia is priceless and uninsurable because it cannot be valued. If you have inherited or been gifted antique jewellery, you can get in touch with the National Association of Jewellers for a list of valuers.

For vintage pieces such as brooches and legacy necklaces, it's worth having regular valuations as the price of gold and other fine metals can fluctuate. The good news is that the value of quality jewellery is on the rise. A 9ct white gold diamond tennis bracelet from Ernest Jones valued at £1,500 in 2010 is worth £2,750 in 2023. A one ounce 9ct gold chain that was £1,180 is £2,250 and a Rolex watch worth £2,550 is £4,650 in 2023.

Can I get insurance for very valuable jewellery?

It depends on the insurer’s risk acceptance. Details of limits will be set out in your policy book. In practice, once you get past about £15k to £20k for a single item some providers will not be able to insure your jewellery under a standard home policy.

Can you claim for lost jewellery on home insurance?

Your home insurance may cover you for loss as well as theft subject to the limits and terms stated on your policy. You may think your valuables are safe at home but hands up who hasn’t pulled the vacuum cleaner apart in a desperate search for a missing earring or dropped a ring down the sink while washing up? For these kind of domestic mishaps it’s good to add accidental damage cover to your contents insurance.

You might want personal belongings cover too for when you’re out and about. Then you needn’t panic if a gem works loose on your sparkly engagement ring while you are enthusiastically applauding a virtuoso performance.

How to keep your jewellery safe

It may sound obvious but unless you have a safe at home put it somewhere out of sight in an ordinary box. Keep a photo of your safe place on your phone. If you have a particularly valuable item, check your documents for specific storage requirements. A digital record of your jewellery items including photographs and copies of certificates can often help with the recovery of pieces if stolen. Avoid stuffing your treasures in old socks or anything else you might accidentally throw away when having a sort out. Most of all though, with the right cover in place you should be able to enjoy wearing your jewellery to the full. Time to rise and shine.