Protecting customers with insurance since 2001

Protecting customers with insurance since 2001

A guide to jewellery insurance

  • 12, Oct 2020
  • Read time: 9 mins

What is jewellery insurance?

Jewellery insurance covers repair or replacement costs of some of the most precious possessions we own. If they’re lost, damaged or stolen, jewellery insurance will cover the cost of repairing or replacing them.

Woman wearing a ring.

Jewellery is not only valuable in a financial sense. In many cases it’s the emotional attachment that makes it invaluable to us.

You may have inherited your grandfather’s watch or your grandmother’s wedding ring. Having jewellery insurance may go some way to compensate you for the loss of these precious items, even if it’s not possible to replace their emotional value.

Why consider insuring my jewellery?

  • You want to ensure the possessions you own are safe for future generations and covered against eventualities such as storm or fire damage, accidental damage and theft
  • You may feel more comfortable to wear items out and about if safe in the knowledge it is insured. Personal possessions often form part of our identity, so you may prefer to have the option of wearing them occasionally
  • Jewellery is usually delicately made and often fragile. Should it suffer accidental damage, you may be covered for what might otherwise be a very expensive repair. Always check your policy wording to see exactly what you’re covered for.

How MORE THAN can help you insure your jewellery

Before we can insure your jewellery, you must be aware of its replacement value. This is so we know how much money you would need to be able to replace your item with the new equivalent. We also need to understand how you would prefer to insure your jewellery.

  • Do you want to cover it under personal possessions (outside of the home cover)?
  • If your jewellery is never worn, do you want to insure it inside the home only (under the high risk items category)?

We cover individual unspecified items up to £1,000. Items above this amount will need to be specified when you take out the cover or after purchase of the item. It’s important that you get the information you need so that you can select the right level of cover for these items.

We may ask to see up to date valuations, and there may be additional terms and conditions depending on the jewellery or circumstances.

What does jewellery insurance cover?

Jewellery insurance helps to cover the cost of repairing and replacing necklaces, earrings, wedding rings, watches and bracelets, and other high priced items that may not be covered by your home contents or personal possessions cover.

You’ll need to declare anything you own to your insurance provider if you believe its replacement value to be more than £1,000. Most home cover policies will set single item claim limits as standard, usually ranging from £1,000 to £2,000, unless they are aware of the specific item’s higher value.

This also means that if your £10,000 necklace was lost or stolen, and your insurance company were not aware of its replacement value, you’re likely to only get back a fraction of its value. Or your claim may be rejected entirely. Check with your insurer to see what the single item limits are, and make sure you have the right cover in place for all the valuables you own.

How do I estimate the value of my jewellery?

Estimating the value of your jewellery in most cases is quite a straightforward task, but the process will differ depending on the type of jewellery you’re looking to value.

Gold, silver and platinum

Some of us may find that our possessions increase in value. Similar to house prices, the price of gold and silver may increase and decrease as a result of the economy.

If something you own suddenly takes a bold leap in terms of how much it is worth, inform your insurance company right away. Otherwise the amount specified when you first bought the policy is the one they will pay out on. You could lose out if the rise in value is significant.

Get any major price change verified by an expert. Some high-street jewellery shops offer free valuations (your insurer may have recommendations or look for an accredited organisation, such as the National Association of Jewellers). You don’t want to under-insure your possessions.

Jewellery with gemstones

Conduct your research starting with creditable jewellers and find an item of jewellery that matches yours for carat clarity, colour and weight. Compare prices with your item. After several comparisons use the average price to estimate the value.

Pay for a professional appraisal by a reputable jeweller. This will involve a charge, but any fee can be off-set by the value of the item you’re hoping to insure. Spending £50-£100 on an appraisal for a £3,000 wedding ring can be seen as cost effective.


Watches should be easier to value. They come with information stamped on the casing that makes them simple to identify. Searching an online appraisal tool, such as this one provided by Watch Patrol, should give you an approximate figure.

Research each item thoroughly. Don’t use one type of valuation only. Multiple valuations will help you gain a far more accurate figure of how much it costs to replace them.

Will I be covered if I take my jewellery abroad?

You’ll need to check with your insurer if you’re travelling abroad to an important occasion, or staying longer in another country and you want to take your jewellery with you.

Some insurers will only provide cover if you intend to stay abroad for a limited amount of time, so make sure you understand exactly what your cover offers.

In addition to what your contents insurance policy covers and up to what limit, check exactly where it covers your items too. Loss or theft within the home is expected, but you’ll also need to be sure that you’re covered when you take high value items out of the home.

In most cases, you can add cover for valuables when you're not in the home (on days out, on holiday etc.) for an extra fee. This will mean that everyday items you wear, such as watches or rings, are covered.

If you’re concerned about your items and want to make sure your cover suits all your needs, it might be worth considering specialist insurance.

Check with the insurer covering your contents first, as they will most likely have a range of different policies and price points, and this will include taking your jewellery outside or abroad.

They may have special 'engagement ring insurance' or 'watch insurance'. If not, there are many specialist insurers willing to set up policies for specific items.

What can I do to insure my jewellery?

Be sure to keep the receipts for any of any items you wish to insure as proof of the purchase price and ownership. Take a photograph of the item and store it somewhere safe with the receipt, along with any valuation documents.

Importantly, if you’re concerned about keeping your personal possessions covered then get in touch with the team here at MORE THAN.

Find out more about our home insurance

Share it with your friends