Standalone Jewelery Insurance

tamste

Currently working through my home insurance renewal and wondered if anybody has any suggestions regarding standalone jewelery / watches insurance. I am considering not including such items on the home insurance if I can get a standalone policy with a reputable insurer which is hopefully less than the specified personal belongings fee that is listed on my home insurance.

flaneurs_lobster

No doubt that specialist insurance for valuable individual items will be available.

Might not give the savings that you are looking for.

There's a thread from last year about having to declare valuable items (or not) on the general insurance even when they are covered elsewhere.

https://forums.moneysavingexpert.com/discussion/6635917/contents-insurance-valuable-item-mandatory

huckster

That is totally correct. It is possible to buy standalone Insurance for a range of different risks, but normally expensive and the policy wordings usually include a long list of exclusions. When Insurers write these standalone policies, they cater for the type of people that take out these separate policies. E.g. highly likely to claim or higher risks they are wanting to Insure.

Some credit card companies offer specific Insurances depending on your status with them.

Most people tailor their Home Insurances to cover everything that they can include, as you have to declare valuables such as jewellery anyway and some Insurers won't let people decide what valuables they don't want Insured. I.e. because valuables in the home still represent a security risk.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6674011/standalone-jewelery-insurance

Even if you have jewellery insurance you would still need to declare them on your home insurance if they are kept at home. Insurance for high net worth individuals can deal with the idea of stuff in the home that they arent covering but not most mass market policies. Even with those policies the premiums would still increase because there is the risk someone eyes you wearing your platinum Daytona and so follows you home. If they are kept in a bank or similar then you can avoid your home insurance as long as they never enter the home.

Where it does have impact is avoiding having to include them in your personal possessions cover away from the home, but then most policies aimed at HNW and MNW are written on an All Risks basis and so have no concept of PP as all your stuff is insured wherever it may be.

What may be better is looking for a mass market policy with a higher unspecified limit. My personal favourite is out the market now but they used to offer to cover items up to £10k without having to declare them with an inner limit of £50k on jewellery and watches. In the process of looking for alternatives but certainly £2,500 is easily achievable, £5k if you go to MNW but thats a big jump in premiums.

What sort of values are you talking? Both most expensive pieces and the collective sum? There are a range of lower value options if your collection is modest, there are better policies for those with platinum Daytona but these are almost exclusively via brokers so they will advise the best option for your needs rather you deciding you want Hiscox or Chubb etc