Why do I need high value home insurance to cover my jewellery?
It’s very exciting when you buy or you are given a expensive piece of jewellery. The item can often have sentimental value and be one-of-a-kind.
Jewellery is often gifted to commemorate a special birthday, engagement, milestone or memory and is therefore intrinsically linked to your emotions. High quality jewellery that is crafted to last a lifetime is also costly, so many people would devastated if they lost that precious item.
It is no wonder, then, that we especially treasure our jewellery, perhaps more so than other possessions. Surveys often find that jewellery is often towards the top of the list of things people would save in a house fire.
According to the British Security Industry Association (bsia) thieves deliberately target designer watches and jewellery with precious metals, semi-precious or precious stones during home robberies.
If you own items of jewellery that are expensive and hold sentimental value then you will want to make sure that they are covered for peace of mind.
A high value home insurance policy typically has a minimum annual premium of £1,000.
Standard home insurance policies provide some cover, but you will have had to name the items on your policy and the insurer will often ask you to pay a higher premium for those items on top of your basic amount. Listing all your jewellery will be time consuming and you will likely forget to add something.
Not only this, but the standard home insurance policies will only pay up to a certain amount. If your jewellery is stolen, you would then have to pay out more money to make up the difference!
As opposed to this, the items of jewellery do not need to be named on a high value insurance policy if they have a single article limit of less than £10,000.
In addition, a high value home insurance will mean that all items will be covered on a worldwide basis – meaning the policy covers your jewellery wherever it is in the world.
It is prudent to choose a high value insurance policy for your jewellery – a standard policy could end up costing you more.
Ultimately, you need an exceptional insurance policy to cover your exceptional pieces of jewellery.