Insurance for Jewellery and Watches

A piece of luxury jewellery should last and be cherished forever. But as we all know, even the most valuable things may get lost, damaged or stolen. When the item has a high sentimental value, there’s sadly little you can do apart from a proper repair job in the event of an accident or replacing with like-for-like as best possible in the event of a loss. However, if you lose your watch or have your jewellery stolen, at least there’s a way of protecting its monetary value. That’s why we suggest considering insuring your watch and jewellery collection carefully.

Jewellery valuation

Jewellery insurance can be very reasonable – well worth the small cost for the peace of mind it offers for the jewellery or watch wearer. The process of acquiring jewellery insurance usually involves some kind of jewellery valuation or proof of value from whoever you bought the item from. Jewellery valuation for insurance is important so that your insurer knows exactly how much to reimburse you should an unfortunate event happen.

An accurate jewellery valuation also means that you’ll be paying the right premium. If your watch is overvalued you’ll pay more for the insurance than you ought to, for example. You can ask a qualified jeweller to value your watch or jewellery item independently and give you a letter of proof. If your jewellery is undervalued, you may find in the event of an incident, you won’t be given enough money to put you back in the position you were in before the claim.

Who provides a valuation? This can be the jeweller who made or sold you the piece, another jeweller, or an independent expert. Alternatively, your insurer may offer their own jewellery insurance service. Either way, an insurer will need to have a reliable jewellery or watch valuation before approving your cover. Jacobs offers a high standard jewellery valuation service - more information is found here. Jacobs’ service is to National Association of Jewellers ‘Institute of Registered Valuers’ standard - learn more here. Not all valuers are equally well qualified so do check carefully who you ask to perform your valuation.

Find the right jewellery insurer

Aside from valuing jewellery, the next most important thing is finding a reputable, trustworthy insurer.

You may find buying a more expensive general household policy gives you more gross cover, and with higher single item limits, without the need to name individual items (and the associated costs). This article explains about gross sums and single item limits. 

You may want to consider TH March for your watch and jewellery insurance - click here to learn more. They specialise in jewellery and watch insurance and we know they have a good reputation the industry.

There may be other standalone policies available if you want to buy watch or jewellery insurance. Please seek professional insurance advice if you need it. Speak to an insurance adviser on the phone if you prefer that to getting an online quote, but either way, make sure you’re fully informed and happy with your watch or jewellery insurance policy.

Check your other insurance policies

Always remember to check your household and contents insurance before taking out separate jewellery insurance or insurance for a watch. You could end up paying unnecessarily if you’re already covered for personal jewellery items. Most insurance policies have a clause about double cover, so be sure to read all your insurance the policy documents. Similarly, you may find by removing ‘named’ or ‘specified’ items on your household policy and placing them on standalone policy, you might not affect a no-claims bonus on your household policy in the event of a claim.