How to insure Jewellery? Is Jewellery covered in home insurance?


If you own precious jewels, you need to keep them protected against all possible threats. A comprehensive home insurance policy can keep the jewellery secure. Most of the reputed insurance companies have rolled out home insurance schemes, where you can include jewellery insurance as an add-on. Eventually, if your home gets vandalized or damaged, you can claim for the losses of your valuables.  These policies are designed, so that the value of your jewels gets covered, in case they are damaged or stolen. When you buy your house insurance policy from one of the reputed companies, you can secure the valuables at your home by buying an add-on along with it.

Most people keep jewels at home, particularly when they have an emotional attachment to these goods. It may be an engagement ring or any other high-value material, that you might have inherited. If you want to get the jewellery secure, have a consultation with your property insurance company. The reputed insurers have several customized schemes to provide a coverage for your precious jewellery,

Benefits of insuring your jewellery

It is not safe to have valuable jewellery locked up in your home. Keeping them shielded comes with a number of benefits:

  • Although you can keep the jewellery in bank lockers, they are not completely secure and certain risks are associated with the same
  • Operating a bank locker involves certain formalities, so when you get the jewellery insured, you can keep them at home
  • In case the jewellery gets stolen, you can claim the value from the insurance company

Jewellery insurance provides a coverage for accidental loss, theft, burglary or damage to the valuables, when they are kept in lockers. Besides, certain schemes provide a coverage for the jewellery that people wear in person. Buy a home insurance policy, that provides a coverage for the valuables. Generally, people prefer buying a comprehensive home insurance policy, that covers the value of the home as well as that of the goods in it. When you buy such a policy, you remain secure against any sort of damage or loss of the valuables. Typically, the insurance companies impose a sub-limit on the jewels that are to be secured. However, with certain policies, you can enjoy an all-risk coverage for the jewellery. In these cases, the premium is higher, as compared to ordinary home insurance policies, but you remain financially secure against the possible losses.

Exclusions of jewellery insurance you should know

  • Damage or loss of jewellery during war, riot or terrorist attack
  • Damage caused to the insured jewellery willfully by the proposer or the domestic staff
  • In case the home remains unoccupied for a continuous period of 30 days, the insurance company will not cover the loss, if any

Do you need a jewellery insurance along with your home insurance?

The reputed companies have designed schemes that include your home along with its contents. Separate jewellery insurance schemes are also available. However, considering the premium, it is advisable to buy a house insurance policy, that covers the jewellery. These insurance schemes cover all the items in the home, including the furniture and other accessories. The amount of premium is calculated after considering the overall value of the jewellery at your home. The policies vary from one insurer to the next, so you should be clear about what it covers and what it doesn’t.

 In case you are looking for a property insurance that covers all the items in your home, you need to provide a valuation to the insurer. The insurance company needs to pay the amount to the policyholder, in case he or she incurs losses.

 Obtaining the valuation

 When you buy a home insurance policy that covers jewellery, the insurance company might not ask you to prove the value of all the pieces of valuables in your home. However, in case you claim for a loss, damage or theft, you need to furnish a receipt or valuation for the same. It is advisable to obtain a valuation certificate, if you have antique or high-value jewellery in your home. Some people prefer to get annual valuations for costly jewels. You should also keep the receipts of newly purchased jewellery. You may approach a pawnbroker or a specialist jeweler to get a valuation certificate. Alternatively, you can get across to one of the high-street jewelers to obtain a valuation.

 You should remember that the valuation service cost may vary. When you buy valuable items, make sure that the house insurance policy covers them. These policies also cover expensive gifts that you may have received on special occasions like wedding or birthdays.

Key points to remember

  • The insurer may offer repair, cash, vouchers or repair, in case of a loss or damage
  • In case you overvalue the valuables, the premium will also be higher
  • In case you make a claim, an excess fee may be applicable
  • Only the listed value of the valuable will be paid by the insurance company. In case the value of these goods increases and you fail to update the property insurance policy, the current value will not be covered
  • In order to ensure that you have the right coverage in terms of money, it is necessary to check the single item limit on the respective policies

Buy a home insurance policy that covers your jewellery

Considering the benefits of a comprehensive home insurance policy, it is advisable to get the valuables covered under the scheme. You will have to pay an extra premium for the jewellery, but it is always wise to have them secured under the policy. Your home is prone to natural disasters, while you remain susceptible to theft and burglary. In case you face any of these situations, the house insurance policy will come to your rescue. Apart from jewellery, you can also insure your electronic goods, furniture and other items in your home. You might also lose your jewellery accidentally. Your ring might slide off the finger and get lost down the drain. Therefore, it is important to get all your valuables protected under a single home insurance policy.