To insure or not to insure? That is the question.

First and foremost, we want to clarify that we are not insurers, solicitors, or financial advisors, and therefore, we are not legally able to tell you whether you should insure your jewellery or not. We cannot provide financial or investment advice.

Our expertise lies in the crafting and care of jewellery, and it is in these areas that we can offer guidance. However, because we are frequently asked about insurance and provide valuations for insurance purposes, we wanted to share some insights on this topic.

Below, we’ve outlined a few key considerations to help you decide whether insuring your jewellery is the right choice for you.

Jewellery holds value beyond its monetary worth; many pieces carry sentimental significance, often as heirlooms that tell stories of their owners and family histories. While some items can never truly be replaced, insuring your jewellery can provide financial compensation for loss, theft, or damage. However, it’s important to remember that while insurance can replace the monetary value of your jewellery, it cannot restore its sentimental history.

White Gold Claw Set Diamond Tennis Bracelet

Options for Jewellery Insurance

Jewellery insurance can typically be obtained in one of two ways:

As Part of a Homeowner’s or Renter’s Policy:
Some home insurance policies automatically cover jewellery up to a certain value. For high-value items that exceed the policy’s threshold, you may need to list them individually. This could involve paying a premium or additional fees.

As a Standalone Policy through a Specialist Insurance Provider:
For unique or extremely valuable pieces, a standalone policy through a specialist jewellery insurer may provide bespoke tailored coverage that better suits your needs and lifestyle.

Edwardian Style Belle Epoche Diamond Garland Pendant in White Gold

Key Considerations for Insurance Policies

Valuations and Maintenance:
Many insurers require up-to-date valuations written by a jeweller or a registered valuer, such as those certified by the National Association of Registered Valuers because values can fluctuate over time due to market changes.

They may also mandate evidence that the item is regularly maintained, cleaned, and inspected as part of the policy’s terms and conditions. It might also help to keep records of all repair work, alterations, size adjustments, cleaning and claw tipping as proof of maintenance but also to create a history of the ring in case of resale or if future work is needed.

Documentation:
Detailed records simplify claims processes. Always store a receipt, proof of purchase, and photographs of your jewellery with your important documents. In cases of loss or theft:

For Insurance Claims: These documents provide proof of ownership and help determine value.
For Remaking the Item: Photographs can assist jewellers in recreating the design as closely as possible.
For Theft Cases: Photographs can aid the police in identifying stolen items.

Other types of cover that might be available:

Worldwide cover: Some policies will not cover jewellery when it is taken out the country so if you are a frequent flyer and wear jewellery on holiday this might be worth asking about.
Short-term cover: Some insurance providers may be able to insure items for a short period of time eg. For gifting expensive jewellery items where you and the recipient are covered for a short period of time.

Ruby and Diamond Halo Stud Earrings in White and Yellow Gold

Deciding Whether to Insure Your Jewellery

The simplest question to ask yourself is:
If this item were damaged, lost, or stolen, could I afford to replace, repair, or remake it?

From there:

Compare the costs of insurance premiums.
Understand the specific requirements and conditions of the policy.
Balance the pros and cons of insuring versus not insuring

Finally, consult financial advisors and insurance experts to ensure you make an informed decision based on your personal circumstances and the value of your jewellery. Research trustworthy insurers with experience in jewellery coverage, read their reviews and seek recommendations.

Some companies we can recommend for insurance quotes and advice are

TH March

Stanhope Cooper Insurance

Collection Cover

Saxon Insurance

NFU Mutual