Buying for your Valentine? Tips to ensure your valuables are correctly insured.

The UK spent £6.55 billion on jewellery, watches, and clocks in 2021* and unsurprisingly there is usually an increase in spend around the Christmas and Valentine’s periods.

Valentine’s Day has always been a popular date for marriage proposals, and the average spend on an engagement ring currently stands at £1865**. But what is most alarming is that more than half (56%) have no insurance protecting their rings from loss, damage or theft.***

Whatever the occasion, you should always protect your jewellery by making sure it is insured to its correct value. To make sure you receive the correct sum in the event of a claim, you should seek a professional valuation. This can often be something which is overlooked but the correct cover will ensure you receive an equivalent replacement or an appropriate cash value.

How to protect your jewellery:

Get it appraised

If you're not sure of the value, seek out a professional appraiser who can document the actual value of your piece. A reputable jeweller who is NAG (National Association of Goldsmiths) registered will also be able to tell you what your pieces are worth so you can then make sure they are insured for the right price. If your jewellery isn’t valued properly, it can be hard to insure for the right amount. This might mean you end up being underinsured and not receive the full amount in the event of a claim.

Whilst having a valuation do ask the jeweller to check the claws and settings on your rings at the same time to protect losing a gemstone. It is recommended that you have your rings checked every six to twelve months for signs of loose or damaged gemstones, worn prongs or other damage. Unfortunately, most people won’t realise that a weak or broken prong is a problem until a gemstone falls out.

Add it to your insurance

Your home insurance may not fully cover expensive jewellery. To provide peace of mind, purchase a policy which offers you valuable articles cover, and provides all-risk protection, as well as automatic coverage for newly acquired pieces. If you’ve already got a valuable articles policy in place, make sure to add your new piece to this schedule.

Keep your jewellery safe

If you are not wearing it, keep your items safe:

  • Keep your jewellery out of sight and stored securely if you can
  • Fit a safe in your home, they offer protection and can often be a requirement of insurers for high value items
  • For any items you don't wear often, consider storing in a bank safety deposit box
  • Always keep a record of your jewellery and its value

If you're concerned about whether you have the right cover in place for your valued possession, get in touch with our Private Clients team who have a wealth of knowledge and experience in this field, and will be able to guide and advise you to ensure the items that are most dear to you are fully protected.






04.01.2022 PIB0149

To find out more about insurance for your valuables