The sentimental value of items such as jewellery, antiques and heirlooms, often means they are irreplaceable. However, ensuring your valuables are covered for loss, theft or damages will mean that you are compensated by your insurer and will receive enough money to replace the item as new.
Specialist insurance, such as jewellery insurance and engagement ring insurance is available, however your valuables can often be covered by your home insurance policy. Age UK Home Insurance offers standard cover for individual items up to the value of £2,000, but cover for higher valued items may be available on request, so it’s important to know exactly how much your items are worth.
When it comes to adding valuables to your contents insurance, it’s important to ensure you’re covered for the right amount, know when to declare specific high-value items to your insurer, and understand whether or not your jewellery and other valuables are protected while they’re away from home so that you aren’t left out of pocket should the unexpected happen.
What is a single item limit?
A single item limit is the maximum amount that an insurer will pay out for an individual item, such as a watch or a ring, should you make a claim on your home insurance policy. The single item limit applies to each item separately, so if any of your more expensive items are valued at more than the single item limit, they will need to be listed separately on your policy.
If you want to ensure your valuables are covered on your home insurance policy, it’s important to check their value against the single item limit. If their value exceeds the limit, you will be under-insured if you need to make a claim. This means you should have your items valued regularly if they are likely to increase in value, and ensure any new items are added to your policy as soon as you buy or receive them.
Most insurers will treat pairs or sets of items as one item, so be sure to take this into account when considering the value of your items against the maximum claim amount.
Age UK Home Insurance offers standard cover for individual items up to the value of £2,000, and cover for higher valued items may be available on request.
Valuing high value items and jewellery
While you may not be asked to prove how much your high value items are worth when you take out your policy, you’ll need to provide evidence of their value if you make a claim. Your valuables may be worth more than you think, so it’s important to be prepared and update your insurance company if you find that they have increased in value.
High value jewellery, antiques and heirlooms
If you have any high value items, such as jewellery, antiques and heirlooms, you should have these valued by an antiques dealer, pawnbroker or jeweller who is accredited by the National Association of Goldsmiths and obtain a valuation certificate, particularly if they are especially rare or collectable.
There may be a small charge for their services, as some items will need to be sent away to be valued by an expert. However, if it’s a high value item, it’s always worthwhile paying the valuation fee to ensure you receive the correct pay-out if the item is lost or stolen.
As well as obtaining a valuation certificate, it’s important to also take photographs as evidence of the item’s condition in case you need to make a claim for accidental damage.
Watches, wedding rings and engagement rings
For any newer purchases, such as luxury watches, wedding or engagement rings it’s a good idea to keep the receipt as a proof of value at the time of purchase. If you or someone in your family receives any jewellery for a special occasion, such as a birthday, a wedding or a Christmas present, let your insurer know so it can be added to your policy.
The price of precious metals and stones can fluctuate, so again, be sure to obtain regular valuation certificates, even if the item is less than 10 years old. Remember, if you don’t have up-to-date proof of how much your item is worth, your insurer can only go by the original valuation, so you won’t be properly compensated if you make a claim.
Is my jewellery insured while I’m away from home?
As an optional extra to your contents insurance, you can ensure your valuables are protected if they are accidentally damaged in the home. However, many of us keep our high value items, such as watches and jewellery, on us at all times, so will need cover while we’re out and about or on holiday.
Personal possessions cover
Most standard contents insurance policies will cover your valuables outside the home as an optional extra. Insurers will also offer extended personal belongings cover, often known as personal possessions cover, as an add-on to the standard contents insurance policy. This means that Age UK Home Insurance will cover you against theft or accidental damage, should you take your valuables out of the property with you.
Depending on the insurer, you may only be covered for certain periods of time while travelling outside the UK. They may also insist you wear your jewellery at all times or keep it safely locked away while you’re travelling abroad. With Age UK’s personal belongings extended cover, you and your family can relax safe in the knowledge that your valuables are covered anywhere in the world during the period of insurance.*chan
Designed with the needs of over 50s in mind, Age UK Home and Contents insurance is rated 5 Stars by Defaqto and has no hidden admin fees or nasty surprises. Buying Age UK Home Insurance also helps support Age UK’s charitable work. Find out more about Age UK Home Insurance.