2 contents policies? one for high value item

forgotmyname

£19k worth of vouchers, Will that buy you a ring worth about £800 from the jewellery quarter?

If you want to insure it and it costs £400 a year then thats what you need to pay.

Or spend a couple of hundred £ on a safe and get a copy of the ring?

How much would you save by getting a separate policy on the ring?

Would your current insurer see that as under insurance?

Having more than £10k worth of items in the property?

bouncydog1

You need to be sure that a contents policy would provide proper cover for the ring. Contents sum insured of £20k with a single article limit of £19k sounds a bit odd tbh.

If you want to keep the two separate then you probably need some specific insurance for the ring on an all risks basis, then there should not be any issues if it is damaged or lost - try speaking to a broker. This is not the sort of cover you are going to get off of the internet.

Be aware though that for some items of this value some insurers will require additional security such as a safe of a certain rating. If all else fails, suggest you get a copy made and keep the ring in a box at the bank - you will need to insure I believe and there will be a fee for keeping the box there.

daisy_darling

Which insurers have you asked ? The main insurers seem to work to a fairly standard template where there are items on " all risks ".
My advice would be to talk to a specialist like Hiscox. I've used them in the past for my baubles and they were very good to deal with.

I'm not sure you'd get ANY insurer to pay out cash for a jewellery loss now though. I do think you should have the ring insured though, on all risks, and if anything happens to it at least you'll have an item in place of your own ring that you can sell on [ if you choose to ]

Also, make sure the jeweller who valued your ring is a member of the institute of registered valuers, or equivalent. Make sure also that the cut is clearly described, not just as Brilliant or Princess etc but also its symetry, polish, marks to table/girdle/kite/etc. The clarity must be accurately categorised along with the colour and carat. Make sure it's weighed and the diamonds measured.

Then take photographs too.

dunstonh

If you have specialist needs then you shouldnt go buying bog standard mainstream policies. if you do, then you are asking for trouble when it comes to claims.

the quote comparison sites are focusing on the people who are average and have average needs. The policies focus on that group as well.

*Scarlett

Bear in mind that even if you decide to insure the ring separately you would still need to tell your contents insurer about it and ask them to exclude it from the cover.

By the way, I'm pea-green with envy at the sound of this ring!!

xMonsoonx

Also remember that you will need to specify the item on the policy as most home insurance will only pay up the a certain amount for valuable items.