insuring jewellery seperately from house contents

sloth

hi,

just need a bit of advice please. my building and contents is up for renewal and i'm looking at a rise of around 30% ( i think in part beacuse i have managed to barter them down the last few years so they are trying to stick it back up again!!) i am of course going to try and get it down to a small increase if possible - i would prefer to stay with them as the policy is pretty good)

anyway my question is, my wifes engagement ring is on the policy as a seperate item, valued at roughly 10% of total insured contents (is about right) and i know this is having a bit of an effect on the premium! are there any specialist jewellery insurers that would insure it seperately for cheaper?

thanks for any help/advise

dacouch

I assume the ring is valued at between £3500 and £5000, the extra premium you will be paying for this will only be around £30 to £60 a year. I think you will find its best to leave it on your home insurance

sloth

dacouch wrote: »

I assume the ring is valued at between £3500 and £5000, the extra premium you will be paying for this will only be around £30 to £60 a year. I think you will find its best to leave it on your home insurance

thanks for your reponse. you are correct on the first assumption, but not the second. they actaully told me it is costing me about £110 extra on the premium. that is why i was trying to insure it elsewhere

dacouch

Thats a lot, the rate generally is around 2.5%ish to 3% of the value of the value of the item, but then they normally deduct any relevant discounts like age and no claims discount.

I think you will end up paying more taking out seperate cover.

Have you looked at quotes from other Insurers including the ring yet?

sloth

dacouch wrote: »

Thats a lot, the rate generally is around 2.5%ish to 3% of the value of the value of the item, but then they normally deduct any relevant discounts like age and no claims discount.

I think you will end up paying more taking out seperate cover.

Have you looked at quotes from other Insurers including the ring yet?

only briefly but the first few i looked at aren't interested in insuring anything over £2000 which is why i sort of gave up and posted the question on here. from what you say though maybe that is best?

dacouch

Comparison websites do not like specified items over about £2000 as you have found.

The way round the glitch in their software is to run a quote through without the ring, then contact the companies that come up cheapest and ask them if they will insure the ring and what the cost is.

It would be best to ask if they want a valuation as some will require a valuation dated within the last three years. Ask for any terms for the ring as some will only cover it whilst being worn, or in a safe or if you take it off whilst you are in the same room as it.

Alternatively go to a local broker and they can do the leg work for you

ritani

Hi,
My engagement ring is insured with T.H. March. Before they would insure it I had to get an independant appraisal and we had to buy a fixed safe for in the home.
Hope that helps, good luck.

http://www.thmarch.co.uk/index.xalter

sloth

thanks both

have just got a quick quote from thmarch which comes in at £75 so plus a safe is not really worth it

coupled with having to ring around after using the comparison sites (and therefore unable to take advantage of any quidco cashback as it won't be completed purely online) i'm guessing that £100 isn't that bad after all. i knew i should have bought a plastic one!!

thanks again for your help

dacouch

Ring a local broker and get them to do a quote, they will do all the leg work for you

sloth

yeah can't do any harm, will give it a go (just i've never really used a broker, always gone direct)

thanks

dacouch

It can be a lot easier, especially if you have something complicated like a piece of jewellery.

Personally I would avoid Swintons and most of the other chains and just go to a normal local broker.

If you want to find a local broker who are a member of Biba which is a trade organisation (Their members are normally very good) you can use this link to find a local member

http://www.biba.org.uk/ConsumerHome.aspx