One of The Most Expensive and common Mistake When It Comes To Insuring Your Jewellery

common mistake jewellery insurance

One of the most common mistakes I hear about when it comes to people claiming for the loss or damage of their treasured jewellery is that they have assumed they are covered for the right amount.

So, insurance is in place - possibly a home and contents policy - and they are confident that should they need to make a claim, they will be fine, because….. well, because they have insurance.


Just because you have a policy, does not mean you can make a valid claim. I see it so frequently and each time it is devastating to the person and family involved. Sometimes I am asked to help, by proving a post-loss estimate to replace the items they have lost or damaged, but each insurance company is different and each claim is unique and it really is all down to the small print.

So, what happens?

Well, if you’ve been paying premiums for items that are worth more than you have been insuring them for, your insurance company has the right to refund you the premiums you have paid and void your policy. Meaning, you get nothing.

It happens and it happens a lot.

To assume makes an ass……you know the saying.

Assuming that because you have some form of insurance or that your general home and contents cover will pay out for your treasured possessions in the event of a claim, can be a very expensive mistake to make.

What You Need To Check

Check your home and contents cover and the small print. What is the individual item value and have you got up to date valuation documents for each item?

If in doubt, call your insurance company and confirm exactly what you are covered for. Ask them what they would need to see in the event of a claim and ensure you have this in writing.

Whatever the insurance company state they would need - get. Usually a professional jeweller’s valuation that is under 3 years’ old is sufficient, but get their advice and stick to it.

If your home and contents policy is not going to cover your valuables, then contact a reputable insurance company and get a quote based on the up to date value of your items. There are a few I would recommend, based on my experience in dealing with them when my clients have had to make a claim: TH March and NFU have both been excellent to deal with and in my opinion, are worth speaking to to get a quote.

If you need an updated valuation, don’t delay and get one booked in. The cost of not having one can easily run into thousands of pounds!

Call 01423 523596 to book your valuation today.