Jewellery Insurance.

The price of insurance cover for your jewellery will vary and it can be expensive but there are ways to find more affordable cover. The price of jewellery insurance or home insurance cover for jewellery will depend on a number of factors.

The more expensive the piece or collection of jewellery, the more you will pay to protect it with insurance. It is essential to have an up to date and accurate value for your jewellery. 

It may be necessary to get a valuation certificate on your piece of jewellery, which is easily obtainable from a jeweller. It is worth getting jewellery revalued from time to time as values can fluctuate. If your jewellery is relatively new, proof of original purchase may suffice.

Your address will affect the price you pay for insuring your jewellery piece or collection. Insurers will assess various risks such as likelihood of a break in, risk of flood or subsidence, as well as distance from a fire station in determining your premium.

You will reduce your insurance premium if you store your jewellery in a safe. This may not be necessary for a single piece of jewellery which you don’t take off such as your engagement ring, but if you have several pieces of high value jewellery, you will pay less for insurance if they are stored securely.

Having good quality locks fitted, or having an alarm on your home may affect your home insurance premium. Being security conscious when out and about or on holiday will also help if you need to claim for loss or theft of your jewellery as insurers won’t cover items left unattended or left openly in a car, for example.

If you have made previous claims on your insurance policy, you will pay more for cover for your jewellery. It is wise to be careful with your belongings, and to consider the security of your home so as to minimise the risk of claims on your policy.

The excess is the amount you pay yourself, before you can claim financial benefit from any insurance policy.

Specialist jewellery insurance may not include an excess but your home insurance will have a standard excess and may have a separate excess for specified items. It is very important to check any excesses included in your policy as you will need to be able to afford this amount before your insurance company will pay.

If you are arranging cover for your jewellery, you may receive a discount if you apply online. You may also have a no claims bonus if you have had cover without claims previously, some no claims bonus discounts can be significant. If you purchase more than one policy from an insurer eg. home and car insurance, you may receive a discount.

Couple aged 30, insuring a 3 bed semi in Cork City of standard construction ( prices with and without adding engagement ring to the value of €2,000)

Although some jewellery is unique for sentimental reasons, and you will never be able to replace the memories associated with pieces such as engagement and wedding rings, it is still worth insuring them should the worst happen. 

You may also want to protect items which you wish to leave as an heirloom for a loved one or for future generations.

Jewellery has a high value and financial protection will help to repair or replace many pieces such as

If you want to have peace of mind that your most precious pieces of jewellery are protected whether at home, or when you are wearing them out and about, then it is essential to have them insured, either with specialist insurance, or on your home or home contents insurance.

Contact Compare Insurance today or take our online assessment to arrange cover for your jewellery and we will find the right cover at the right price for you.