Do you need to insure your jewellery? Here’s how to protect precious items

If you’ve just got engaged or your gold’s gone up in value, it might be a good time to consider how well protected it is. By Vicky Shaw.

After Valentine’s Day, many shiny new rings and other valuables may now be adorning fingers or sitting in jewellery boxes up and down the country – especially if there’s been a marriage proposal!

But while you’re busy admiring your new jewellery, it’s also important to make sure it’s properly protected or insured, in case it gets lost or stolen.

If it’s valuable, you might want to consider whether it’s worth more than the single item limit on your insurance policy. The average spend on an engagement ring is around €2000 in Ireland.

Sarah Applegate, head of risk for Aviva General Insurance, says: “Most insurance policies will have a single item limit for any one item in the home, and usually valuable possessions – such as jewellery, antiques or works of art – above this limit will need to be recorded separately.”

Some policies also stipulate that items of value need to be stored in a safe when not being used. With gold prices having climbed in recent years, Aviva is also reminding people they may need to review home cover for existing jewellery items, to take into account the fluctuating values of precious metals.

Items which previously cost less than a policy’s single item limit when purchased, may now be valued above this threshold, so you may want a new independent valuation.

Top tips for ensuring precious jewellery is protected

How to ensure your jewellery is suitably covered? Aviva has put together the following tips…

1. Photograph jewellery, receipts and any accompanying documents.

2. Store the original paper copies in a safe place.

3. Read the small print. See if you need to tell your insurer about any new purchases. Check whether special terms are applied to valuables.

4. Know your limit. Many policies have a total limit for valuables. So calculate whether any new purchases will take you over this.

5. Consider personal belongings cover outside the home. Many policies provide cover for loss, theft or damage in the home, but cover can be extended for loss, damage and theft worldwide.

6. Store valuables in a safe or a locked box, preferably one which can’t be moved.

7. Remember, if you’re sharing new gifts on social media, you may also be advertising them to potential criminals, particularly if your accounts are public.

8. Generally, limits are lower in cars and outbuildings, so if you store any valuables in them, even for a short period of time, you may not be covered for the full value.

By Vicky Shaw, PA personal finance correspondent