Is your jewellery appropriately protected against loss or theft?

UK-based insurer Aviva revealed recently that they'd seen an alarming 43% increase in claims for high-end jewellery theft in 2023 compared to the previous year.*

In light of this spike in thefts, we'd like to remind you of the importance of not just having an insurance policy in place, but of making sure you're complying with any conditions required by your insurer. This way, you can reduce the risk of your insurance not paying out if you're the unfortunate victim of a theft or loss. To make sure you're appropriately protected, we've included a few points to be mindful of when it comes to your insurance. 

Double check your home insurance policy 

Never assume that your valuables are covered by your home insurance policy when out and about. Whilst Home and Contents will typically cover any items below your policy's 'single article limit' when inside your home, this may not be the case when elsewhere. To make sure you're protected, you may need to add an extension to your Home Insurance to include either Personal Possessions Cover or specified Jewellery Cover.

Single article limits

Another condition of your home insurance policy to be mindful of is the 'single article limit', which refers to the maximum that can be claimed for any item. If, for example, this amount was listed as £1,500 on your policy, but you have a watch worth significantly more, it must be listed separately at extra cost in order to be covered. 

Stay up-to-date with the value of your items

Your jewellery may well have increased in value since you first took out your insurance policy, especially if it's gold. We'd recommend you have your items revalued at least every 3 years to make sure you're not underinsured. 

Other conditions 

Lastly, we'd encourage you to check your policy documents to ensure you're complying with any conditions stipulated by your insurer. For example, they may have a 'Clasps and Settings Clause' which requires that any clasps, fastenings, mounts and settings on your items are inspected by a pre-agreed jeweller in order to be covered. Other conditions might include the storage of particular items in a safe, or even a bank, depending on their value. Failure to comply with conditions like these will mean your insurance won't pay out in the event of a loss or theft.

Here to help

If you’d like any help understanding your insurance documents or have any other questions then don’t hesitate to get in touch with the SW Team and we’ll be happy to assist you.

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