Best insurance for jewellery?

I-W

My OH has recently inherited an expensive engagement ring (going to get proper valuation but friend who is jeweller unofficially said worth £15,000 - £20,000). OH wants to keep ring (and for it to eventually to be hers) for sentimental reasons.

I'm rather worried about us owning anything this expensive and want to make sure fully insured, but without costing a fortune.

From others experience what's the best method of insuring expensive jewellery, adding or home insurance or are there specialist insurance that's better?

What about when she start wearing it and wants to take it when we go on holiday? Wouldn't be covered by normal travel insurance, and guessing wouldn't be covered if added to home insurance.

Be grateful of any advice (other than the obvious sell it )

rs65

Travel insurance won't cover that value.

Add it to your home insurance, with worldwide cover.

londonTiger

the idea that someone would insure goods valued that much that people can walk around with is amazing. I'm sure there are so many clauses on when and where you can wear it too.

Imagine trying to get cover for walking around with 20 grand of notes in your pockets with wads sticking out of your pocket and everything.

dacouch

londonTiger wrote: »

the idea that someone would insure goods valued that much that people can walk around with is amazing. I'm sure there are so many clauses on when and where you can wear it too.

Imagine trying to get cover for walking around with 20 grand of notes in your pockets with wads sticking out of your pocket and everything.

It's perfectly possible to obtain cover to wear high value jewellery, it would be unusual for it to apply restrictions as to when you can wear it for this value of jewellery and they did apply restrictions they would be hard to impose.

Mainstream home Insurers may well not want to cover these value of items and may require the OP insures elsewhere.

There certainly are plenty of Insurers who will cover this value of jewellery and items worth many times more. The cost may be prohibitive to though as the extra cost is likely to be in the region of £500 for a £20k item which would be in addition to the Insurers normal premium. There may be a requirement for a safe conforming to certain specifications for when it's not being worn and / or a certain type of alarm

A friend specialises in very high value jewellery and covered a very high profile rapper for his collection. He rang to report an item which had been lost worth many £100k. The clients people had forgotton to add it to the policy so was not covered. The rapper just went out and purchased an exact replacement out of his own pocket...

londonTiger

I'm sure there will be restrictions on where and when it can be used just like your car insurance normally covers you for certain mileage, that all mods be declared and use for purposes outlined in the policy schedule.

Will jewelry insurance cover you for walking past a high crime area while drunk, alone and late at night? I don't think so

dacouch

londonTiger wrote: »

I'm sure there will be restrictions on where and when it can be used just like your car insurance normally covers you for certain mileage, that all mods be declared and use for purposes outlined in the policy schedule.

Will jewelry insurance cover you for walking past a high crime area while drunk, alone and late at night? I don't think so

Of course it will.

There may be restrictions on an extremely high value item eg £1m but not on something valued £50k to £100k and certainly not on an item valued in the OP's range.

Watches are in effect rated the same way as jewellery, how do you think someone with an expensive watch eg £100k goes about their lifestyle. Do you expect them to obtain a list of post codes from their Insurers along with times of the day they should avoid these specific post codes. They would also need to be able to pin point which post code they're in at any time and cross refer it with the list of black listed post codes.

It would not be workable and they would drive all of their customers away

InsideInsurance

I-W wrote: »

My OH has recently inherited an expensive engagement ring (going to get proper valuation but friend who is jeweller unofficially said worth £15,000 - £20,000). OH wants to keep ring (and for it to eventually to be hers) for sentimental reasons.

I'm rather worried about us owning anything this expensive and want to make sure fully insured, but without costing a fortune.

From others experience what's the best method of insuring expensive jewellery, adding or home insurance or are there specialist insurance that's better?

What about when she start wearing it and wants to take it when we go on holiday? Wouldn't be covered by normal travel insurance, and guessing wouldn't be covered if added to home insurance.

Be grateful of any advice (other than the obvious sell it )

You need to find out its value. If it is £15k then a number of standard Home insurance policies will cover it including M&S Premier which has a single item limit cap of £15k including in the Personal Possessions sections. The advantage of this is that there are no special terms on alarms or safes etc and depending on your area etc you can get competitive quotes.

If you go above that then really you are going to be looking at mid net worth policies and whilst the level of cover is significantly higher than your high street policies the prices do reflect it! Alternatively you could get a specialist jewellery policy like TH March but this may well be more expensive than getting it combined with your home cover. They may well stipulate needing a maintained alarm and a home safe for when not worn.

For personal safety you may want to set your own rules of where and when it is worn but certainly an insurer wouldn't bother for something like this. You need to be looking at least 10 times the price for any high net worth insurers to even blink let alone consider applying special terms and probably 100 times the price for any restrictive terms to be applied.

Faith177

londonTiger wrote: »

I'm sure there will be restrictions on where and when it can be used just like your car insurance normally covers you for certain mileage, that all mods be declared and use for purposes outlined in the policy schedule.

Will jewelry insurance cover you for walking past a high crime area while drunk, alone and late at night? I don't think so

And how would they inforce that?

There wouldn't be any such exclusions. There may be a safe endorsement which would mean when not being worn it would have to be kept in the safe but that's probably about it

*Scarlett

Even if you insure this separately you may still be required to declare that you own it to your home insurer and get it excluded from the cover if it falls outside the policy limits.

When you take out a policy insurers do ask if you have any valuables over a certain amount - not just if you want them to insure the item. It could pose a higher risk that they are not prepared to take on (eg the fact that the item is in your house makes you a higher risk of burglary) or they may impose conditions on the policy

Obviously it's up to you if you do this or not - sometimes it can be a bit of a faff. They might want a list of all high risk items that you do want covered with values.

As InsideInsurance said you might be best finding a mainstream insurer that can cover the ring within the policy limits but before you can do anything you need to get a valuation.

paddyrg

Just an aside - when you take it on holiday, remember most hotel room safes are rated at around £1000, and if someone sees you walking around with posh rocks they may get ideas.

One thing you could look at is getting a copy made up in 9ct and Zircona or something like that depending on the actual ring specs. She can wear that for daily use, and wear the real deal when she has a special occasion

jessy.ellis

Can someone help me find a good and reliable insurance company to insure my jewellery?