Is my Jewellery Covered Under my Home Insurance Policy

Is my Jewellery Covered Under my Home Insurance Policy

Losing something as precious as a sentimental value item or even a wedding ring this will leave you not only financially scarred but also emotionally scarred too. If you do not have the right insurance in place you will not receive any compensation if you wanted to purchase a new ring. All home insurance providers cover for theft or loss of personal belongings including jewellery which is standard under contents cover which is included in your home insurance policy. However, there are limits placed on single items as well as the claim limits total. From silver rings, watches, and gold necklaces these are all valuable items which is why you need to let your insurer know if you think the claim limits are exceeded by any single item.

Contents Cover 

Contents insurance should cover you against any loss or theft of personal belongings such as jewellery from your home. It is essential to have the correct level of cover for any expensive items you have in your home.

What is my policy’s claim limit?  

It is advisable to specify your most valuable items before taking out a policy. Single claim limits are on most standard house insurance policies which generally range from €1000 to €2000. When there is a max amount which your insurer pays out you will not be able to make a claim more than that amount for one valuable. If you want to change the limits with your insurer, your premiums could rise it depends on how much the limits go up by. Talk to your insurance provider if you are unsure of the single item limits.

Documentation for a claim 

Your insurance company will be specific on the limit amount that can be covered for an item without the proof of valuation, if the item is above the limit you will be required to receive a valuation from a jeweller that is reputable having them confirm that the item is worth this certain amount. A valuation copy will be required by your broker with the stated amount.

Valuation is Key  

The valuation of your jewellery could be a lot more worthy then you think or worth more now to when you may have set up this policy. Most people pay home-insurance premiums for years and never check to see if the jewellery value may have gone up and they may be underinsured as a result. It is always a good idea to get your jewellery valued again.

Home cover if you are away   

With a standard home insurance policy, you are covered for theft or loss however you are not covered if you are away from home. Thieves tend to go for more expensive items in the home such as Jewellery. You may also find that you have lost a piece yourself while away. The away from home cover can be added onto your home insurance policy for a minimum cost, that is if it is not included in your policy already. Your belongings are then covered if you are out and about.

Are my matching jewellery sets covered?  

Most house insurance policies do not cover matching sets as standard. If you lose a ring that comes with a brooch or necklace set, an insurance broker would cover the estimate ring value instead of replacing the entire set. An earring is usually an exception, if you lost one earring, both earrings would be compensated. If you require a policy to cover you while you are away from home, most insurers will increase your premiums which they will then provide cover for a matching jewellery set.

Is it worth making a claim?  

If you lose a piece of jewellery that may not be that expensive it may not be worth making a claim for this. Even if your jewellery is worth thousands it still may not be worth making a claim, it really depends on your policy excess. The claimant is expected to cover the excess amount which is the first part of the claim. The amount will vary it depends on your own personal choice when you took out the insurance and your insurer. The excess can be as much as €500 for cheaper items and as little as €50 for more expensive policies.

If the stolen or lost jewellery is only worth €250 and your excess is €300, it wouldn’t be worth making a claim for.

Other ways to protect your jewellery in the home  

Whether you own hundreds of expensive pieces of jewellery or have a diamond necklace that is worth thousands, the last thing you would want is for them to land in the wrong person’s hands through theft in the home or even if you lose the item yourself. Here are some ways to protect your valuables in the home

• Install a security system in the home  

Have security cameras, alarms, and motion detectors installed in your home. These systems will deter any thieves entering your house putting your valuable belongings at risk. This will give you complete peace of mind that your expensive items are protected at all times.

• Use a safe or lockbox   

Store and have the jewellery locked away in a safe or lockbox. This way you alone will have access to your items. Purchase a lockbox or safe that has a combination lock to lower the risk even more.

• Take photographs   

Always take a photo of your jewellery especially the pieces that are the most expensive. This way if they are stolen from your home it will make it also easier to show them to the guards and to be able to trace them via photograph.

• Always keep proof of purchase   

After any purchase of jewellery always keep hold of your receipts, valuation certificates, and anything else that would prove the cost of these particular items.

• Ensure the safe and lockbox are hidden  

Always have your safe and lockbox out of sight and hidden away in your home.