When you or a loved one has made a large investment in a gold ring or other piece of high value jewellery it's important to consider insurance, many people overlook this. How disappointed would you be if your shiny new ring was lost or stolen, not to mention the loss of wealth.
You really have two options when it comes to insuring jewellery. Standard home insurance cover or individual jewellery insurance policies for each of your high value items.
Standard Home Insurance
Your standard home insurance policy is likely to cover your jewellery up to a certain value but this can often be lower than you need. Even if your insurance does cover your jewellery up to its value, it's important to keep in mind that there may be a total claim limit on your policy meaning that if a lot of items are lost in for instance a fire, your jewellery may out value the limit.
Another factor to take into account with this type of insurance is that you are most likely only covered within the UK. Some policies will in fact only cover your jewellery when it is in your home, however, most do cover you outside of the home for a certain period of time.
If you decide that your home insurance is enough cover for your jewellery, make sure you specify each item specifically on your policy or complications may arise when you come to make a claim.
Jewellery Insurance
It is highly recommended that you take out a specific insurance policy for high value jewellery items such as gold rings.
The common benefits of most insurance policies are as follows but these may very between companies.
Jewellery insurance is a necessity for special items such as an expensive replica of the One Ring.
You really have two options when it comes to insuring jewellery. Standard home insurance cover or individual jewellery insurance policies for each of your high value items.
Standard Home Insurance
Your standard home insurance policy is likely to cover your jewellery up to a certain value but this can often be lower than you need. Even if your insurance does cover your jewellery up to its value, it's important to keep in mind that there may be a total claim limit on your policy meaning that if a lot of items are lost in for instance a fire, your jewellery may out value the limit.
Another factor to take into account with this type of insurance is that you are most likely only covered within the UK. Some policies will in fact only cover your jewellery when it is in your home, however, most do cover you outside of the home for a certain period of time.
If you decide that your home insurance is enough cover for your jewellery, make sure you specify each item specifically on your policy or complications may arise when you come to make a claim.
Jewellery Insurance
It is highly recommended that you take out a specific insurance policy for high value jewellery items such as gold rings.
The common benefits of most insurance policies are as follows but these may very between companies.
- Comprehensive insurance covering theft, accidental damage, fire/water damage.
- Like for like replacement or repair where possible.
- Worldwide cover.
- No excess (This varies between insurers but is often the case).
- Loss of items under mysterious circumstances.
- Theft from a motor vehicle, unless the vehicle is completely secure and the item is locked away in the boot or glove box completely out of sight.
- Theft with no sign of forced entry.
- Damage caused by general wear over time.
Jewellery insurance is a necessity for special items such as an expensive replica of the One Ring.