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If you’re planning to go on holiday, it’s only natural that you’ll want to take some of your precious jewellery with you. But did you know that 20% of people experience loss or theft of high-value jewellery while travelling? We believe it’s essential to insure your valuables on holiday and, fortunately, protecting your high-value jewellery is fairly straightforward!
In this guide, we’ll discuss everything you need to know about protecting your high-value jewellery on holiday, from understanding local security to getting the right jewellery insurance, so that you can focus on relaxing and enjoying your break.
Be selective on the jewellery you take
If you have lots of pieces of high-end jewellery, you might be tempted to take them all on your trip. However, the more valuables you take away with you, the greater the risk of them getting lost, damaged or stolen.
It’s a good idea to be selective about the jewellery you take with you. Should you be the victim of a theft, or accidentally lose or damage some items, having a select amount of jewellery on you will reduce the overall impact. Rather than taking your favourite or most expensive jewellery with you, curate a small set of versatile pieces to take with you that complement multiple outfits and are less conspicuous.
Understand local security
Before you go on your holiday, it’s a good idea to familiarise yourself with the security of your destination. All countries and regions have some safety risks so being prepared is helpful when travelling.
- Research local crime rates including safe and unsafe neighbourhoods. Most places have crime hotspots, particularly when it comes to high-end jewellery. Read our latest guide on the world’s most notorious cities for watch theft to get started.
- Check websites reviewing holiday destinations where writers typically share their personal experiences and government travel advisory websites that provide travel safety information.
- Stay informed about trends or recent incidents in high-end jewellery-related crimes and adjust your precautions accordingly.
The points above should give you a good picture of the area you’re visiting.
Being secure in transport and accommodation
While travelling to your destination, you should avoid leaving your jewellery in your checked-in luggage. The safest place for your valuables is on your person or within your sight. Put your jewellery in a small bag that you can easily put under the plane seat in front of you during your flight. You can also keep your jewellery secure while travelling or sightseeing in a discreet, concealed bag, a travel pouch, or a lockable or anti-theft backpack. It is important to check your insurance schedule and policy wording concerning this, since, on a stand-alone insurance product, your jewellery will typically only be covered when kept under close personal custody and control. In other words, if the jewellery is out of your sight, then it usually will not be covered by insurance. Products vary so its best to check your cover before jetting off.
It’s recommended to keep your high-value jewellery secure in a robust, locked safe when you’re in your holiday accommodation. This will also help to keep it in good condition. Most hotels provide safes in the room or will give you one for an extra fee. Never leave your high-value jewellery on show in the room, even if you’re there. However, whenever you leave your accommodation, take your jewellery with you, especially if your accommodation doesn’t have a private safe. Remember, you’re unlikely to be the only person with a key to the room. Whilst your jewellery will be more secure in a hotel room safe, check your insurance policy documents to see if they are covered when kept there. Most insurers will, typically, cover your jewellery when kept in the principal safe of the hotel, behind the reception desk, but may not cover them in the hotel room safe. Check your insurance policy wording!
If you’re staying in a Airbnb, or at a friends house, it’s critical to check what cover you have in place. If your policy applies a personal custody clause, for example, then items will only be covered when worn or when in the same room as you. We always recommend checking your cover before going on holiday, ensuring no tears before bedtime.
Keeping records of your high-value jewellery
Whether you have one high-value item of jewellery or a large collection, you recommend keeping detailed records of your jewellery, including photographs, receipts, bank statements, descriptions and appraisals where able.
Such records are used to help prove ownership and are a professional assessment of the value and quality of the jewellery. It’s essential that you keep this documentation safe and separate from the jewellery. Doing so will help to settle claims quickly. Some insurers and brokers request this information from you within 28 days of policy inception – they do this for two reasons (1) to validate what is covered, and (2) to speed up the claim service.
Have you had your jewellery valued recently?
Jewellery is more than a fashion accessory; it can symbolise love, commitment and family history. But it can also be a valuable asset, so it’s important to have your jewellery valued by a qualified professional. After an appraisal, you can get a good understanding of your jewellery’s worth and protect it from damage or loss with jewellery insurance.
Emergency preparedness
While most holidays occur without any problems, you still need to prepare for unforeseen circumstances should there be an emergency or you’re a victim of theft. In London alone, one in 50 tourists is a victim of theft each year. Therefore, you should be on your guard and remember that thieves work in busy tourist areas.
Some thieves use distractions to steal valuables, pickpocket or simply snatch items from you. Keep a list of local authorities and embassy contacts with you and your insurance provider’s contact details. Before you travel, familiarise yourself with procedures for reporting theft or loss of jewellery to the local police and your insurance company.
Getting the right insurance
The most important step in protecting your high-value jewellery is to make sure that you have the right insurance. Some home insurance policies will cover a piece of jewellery for up to £1,500 as long as it remains in the home. The coverage may not typically extend to items valued at over £1,500 or if lost or stolen while away from home unless specified on your policy, which could increase your premium. You may also find that should you need to make a claim, the insurer could only compensate you with gem card vouchers.
An appropriate policy for high high-value jewellery is likely to be a stand-alone product or a high-value home insurance product. Either product will typically cover rings, bracelets, watches and necklaces against accidental damage, loss, fire, theft and attempted theft on a worldwide basis. Such products usually replace your item(s) on a like-for-like basis or provide a cash settlement if it’s lost, stolen or damaged. Regularly update your insurance coverage to reflect changes in the value or collection of your jewellery.
Choose Stanhope to protect your high-value jewellery
Stanhope are passionate about becoming the most trusted broker in the UK, a large part of this is protecting our clients precious items. We understand that items such as watches, cufflinks, rings, earrings, bangles and necklaces are your most prized possessions.
While most standard home insurance policies cover jewellery, our experience suggests they often fall short when protecting high-value items or covering jewellery outside of the home. When you insure your jewellery with Stanhope, you have peace of mind that you can get cover that accurately represents the value of the jewellery and provides protection worldwide against loss, damage and theft.
Get in touch with one of our friendly, expert advisors to find out more about protecting your high-value jewellery or get a quote today. Our team can help you choose the right policy and provide expert advice on protecting your valuable assets.
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Sources
www.gov.uk/foreign-travel-advice
https://worldtravelprotection.com/travel-insights/how-to-assess-the-safety-of-your-destination