Matthew Ashton

Written by

Matthew Ashton

4 minute read

Updated 21st August 2024

Whether it’s engagement or wedding rings, gifts or family heirlooms, many people own jewellery with either significant sentimental or financial value, or both. However, with jewellery theft in the UK rising by 43%, many people know that heart-wrenching feeling of discovering that a beloved piece of jewellery has been stolen or is lost.

Protecting your jewellery with the right insurance means that if it’s lost, damaged or stolen, you can get help to cover the cost of repairs or a replacement.

Below, we’ll examine everything you need to know about making jewellery insurance claims, should the worst happen.

How to make a jewellery insurance claim

If you’ve searched everywhere but cannot find the piece of jewellery or know that it has been stolen, keep calm. Losing jewellery is understandably very upsetting, but if the item is insured, you could look to recover the cost of replacing it. To make a lost jewellery insurance claim, you need to:  

1. Contact the police

Firstly, contact the police to report the loss (if you suspect that it has been stolen) and get a crime reference number.

2. Log the loss

Report the loss to reportmyloss.com/uk. This is an online service that allows you to report lost property and is viewable by police. Most insurance companies request that you do this.

3. Check your policy

Check your insurance policy, or if you can’t find your policy ask your provider to send you another copy so that you know exactly what it covers and the excess fee you may have to pay.

4. Contact your broker or insurer

Phone your broker, or insurer directly if you do not use a broker, immediately to report the loss, damage or theft. Some brokers now allow you to log a claim directly online and it is usually quicker when following this process.

5. Complete claim form

Your insurer may require you to complete a claim form with details of the jewellery, its value and what happened to it.

6. Provide evidence

Most insurers will ask you to provide additional documentation to support your claim, such as a police report or valuation or repair estimates.

7. Claim assessment

Your insurer may now assess all the information you’ve provided and may make their own inquiries to validate your claim.

8. Receive a settlement

If your claim is approved, you could receive reimbursement depending on your policy’s terms.

Does home insurance cover jewellery?

Claiming on house insurance for lost jewellery may be possible. However, if covered most policies limit the value of jewellery, which could mean that you might not  be covered for any high-value pieces you own.

If you have items worth over £20,000 each or a large collection valued at over £50,000, you should consider high-value jewellery insurance. Specialist cover as part of a high-value home insurance policy means that your expensive or sentimental jewellery items may be covered, even if you travel abroad with them.

Before insuring your valuable jewellery, get a professional appraisal of the items. This can provide you with an accurate description and valuation so that you can be certain you’re getting the right insurance coverage. However, insurance may only cover the financial cost of replacing your jewellery, not its sentimental value. Therefore, keeping precious jewellery items like this securely in a safe is a good idea. The price of jewellery can fluctuate so we recommend getting your jewellery regularly appraised.

The best way to check this on your schedule is to look for the total cover for valuables in the home and away from the home on your schedule. Sometimes this is referred to as personal possessions cover.

Common jewellery insurance claims questions answered

Does jewellery insurance cover a lost stone?

Some insurance claims are to replace a lost stone in a piece of jewellery. This is why some stand-alone jewellery insurance policies require you to check the clasps and settings of insured items every five years to avoid the risk of accidental damage, losing a stone or the entire item. While jewellery insurance policies vary, some comprehensive policies may cover the loss of individual stones. It’s important to read your policy carefully and understand the specifics of what is and isn’t covered. If your policy does not explicitly cover lost stones, discuss adding this coverage with your insurer or broker.

Are there any items that aren’t covered by jewellery insurance?

Jewellery insurance covers a broad range of items, but there are often certain exclusions. Some examples of potential items, damage or losses that aren’t covered are:

  1. Gradual wear and tear caused by normal use
  2. Jewellery lost at home
  3. Manufacturing defects
  4. Jewellery left in an unattended vehicle

Your policy should tell you the amount of jewellery you are covered for, the single-item limit and any exclusions.

What happens if my claim is denied?

Your insurer should tell you the reason for denying your claim. If you dispute the insurer’s reason for refusing your claim, you could:

  1. Request a detailed explanation for the denial
  2. Review your policy thoroughly to check whether the insurer’s reasoning is in line with the terms and conditions
  3. Provide additional information to support your claim
  4. File an appeal with the insurer

If the refusal is incorrect you can:

  • Make a complaint using the insurer’s complaints process
  • Refer the matter to the financial ombudsman service

Insure your jewellery with Stanhope today

While standard home insurance can offer some protection, it might not be sufficient for most valuable and sentimental items.  By insuring your jewellery with Stanhope, you can rest assured that we would work with our insurers to get the most suitable cover whilst acknowledging the true value of your jewellery.

We understand the deep connections that people have with their jewellery and that some items are simply irreplaceable. That’s why we are committed to helping you protect it. As we strive to be the UK’s most trusted insurance broker, we approach each claim with the utmost care, providing the best possible support during difficult times. Get a quote today and start protecting your most precious possessions

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Sources

https://www.aviva.com/newsroom/news-releases/2024/02/aviva-urges-customers-to-protect-themselves-after-rise-in-claims-for-jewellery-theft

https://www.theactuary.com/news/2016/07/2016/07/06/theft-and-accidental-loss-most-common-reasons-jewellery-claims

https://www.abi.org.uk/globalassets/sitecore/files/documents/publications/public/migrated/home/common-questions-about-home-insurance.pdf

https://www.stanhopeinsurance.co.uk/services/high-value-jewellery-watch-insurance/

https://www.stanhopecooper.com/services/private-client-insurance/high-value-jewellery-watch-insurance/ 

Written by Matthew Ashton

I started working in the insurance industry in 2004. Four years later, I left to focus on theological studies, working as a youth worker and then as a ministry director in Seattle, USA. When returning to the UK, I had an opportunity to work for the late Andrew Marchington. I joined his firm as a sales advisor when it had around ten staff members. Within three years, I was Head of Ops with a staff team of over 30 people. After a chance encounter in 2019 with Rachel Living and Will Cooper, I co-started Stanhope to build a high-value home, luxury watch, and jewellery broker synonymous with trust. I love being with Donna, my wife, and four kids when not working, cramming in the odd row, or run when I can. I am fortunate to love what I do and consider it a blessing to grow the Stanhope brand.

Matthew Ashton

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