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Jewellery and valuables insurance

How to make sure your valuables are properly insured

A valuable watch, necklace and rings

Small, portable and often very valuable. Jewellery can be an easy target for burglars. Make sure your valuables are properly insured so you don't miss out financially if you need to make a claim.

What do insurance companies class as 'valuable'?

Some insurance companies make a distinction between the 'contents' of your home and the 'valuables' in your home. For example, we class valuables as jewellery, watches, furs, items made of gold and other precious materials, works of art and collections, such as stamp collections.

Other items such as audio equipment, computers, bicycles, musical instruments and collectables, like Star Wars action figures for example, can also be valuable. But these items may not be classed as ‘valuables', unless you tell your insurer otherwise.

The general rule of thumb is that if the cost of replacing an item exceeds the limit of cover shown in your home contents insurance, then you should consider it as valuable. You can usually ask the insurer to cover the item separately for an additional cost.

If the cost of replacing an item exceeds the limit of cover shown in your home contents insurance, then you should consider it as valuable.

Check you have enough contents insurance cover

The contents of your home may be more valuable than you think. If you have home contents cover already, take a look through it and check the limits of your cover. You may find there's a limit for valuables that is separate to your limit for contents.

There's also quite likely to be a limit on the amount the insurance company will pay out for any one item. We call this the 'single item limit'. More about this below.

Now, with this information in mind, go through each room, list the contents and give them a value. Take a look at our top tips for valuing your home contents for guidance.

Pay particular attention to jewellery, artworks and high value tech. Remember to calculate an item's replacement value, not its second-hand value. Most insurance companies provide new for old cover, so any item that's lost or damaged will be repaired or replaced as new.

Of course, for sentimental valuable items, like family heirlooms and jewellery gifted to you by family or friends, it's not always possible to replace the exact item. In this instance the insurer may offer a cash settlement instead.

But just how much is my jewellery worth?

Good question! The price of gold and other precious metals varies greatly. In the past ten years, the gold price has gone up over 200%. So it’s a good idea to get your items valued on a regular basis.

A good place to start is the Institute of Registered Valuers who are the UK's leading association of jewellery valuers. They can help you find a registered valuer in your area.

After valuation, you may find that the cost of replacing a cherished piece of jewellery with something equally valuable may exceed the single item limit. This could leave you out of pocket.

In the past ten years, the gold price has gone up over 200%. So it’s a good idea to get your items valued on a regular basis.

What is the 'single item limit'?

A single item limit is the maximum amount that an insurer will pay out for any one item. Here at LV=, that limit is £1,500. So, any valuable in your home that's worth £1,500 or less will be covered by your home contents insurance with us.

If you have individual valuables worth over £1,500, then you need to increase your insurance to make sure you're covered. If you don't tell us about these items and you want to make a claim, the maximum we'll pay out is £1,500.

Don't get caught out! Tell us about your valuable items so we can list them on your policy. They probably won't cost you much extra to insure.

I lost my wedding ring on honeymoon!

We've lost count of the number of newly-weds who've lost their precious wedding or engagement rings whilst swimming on honeymoon. Most of them are able to claim for a replacement on their home insurance. But beware, not all policies will cover your personal possessions outside of the home.

You'll probably need to take out additional cover to make sure your valuables are insured when you're out and about. And you should check if there's a single item limit on this type of insurance too. With LV= you can add optional personal possessions insurance for items up to £1,500. Any item worth more than this can be specified in the policy.

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