Jewellery Insurance: How to Guard Your Gems

Jewellery insurance protects your valuable items, from engagement rings and wedding rings to luxury watches and family heirlooms, against theft, loss, and damage. Whether it’s through your existing home insurance policy or standalone jewellery insurance, the right cover ensures you won’t be left out of pocket if something happens to your most treasured pieces.

Do I need jewellery insurance?

If you own diamond rings, earrings, pearl necklaces, or precious family heirlooms, jewellery insurance is worth serious consideration. For most people, the starting point is their home insurance policy, which covers jewellery as part of your contents insurance up to £2,000 per single item.

Here’s how the single-item limit works in practice: 

If your luxury watch is worth £1,000 and you have a £250 excess, your insurer will pay you £750 (the replacement value minus your excess). But if your watch is worth more than the £2,000 single-item limit, you’d be left covering the shortfall yourself.

If your pieces are worth more than that, you can add high-value items to your existing home insurance policy for fuller protection. And if you own an extensive jewellery collection or multiple high-value pieces, a standalone jewellery insurance policy from a specialist insurance provider may be the better option.

Consider the sentimental value too. Whilst insurance companies can replace the financial value, they can’t replace the memories attached to a treasured bracelet or a carefully chosen engagement ring. Having proper jewellery insurance cover means you can afford to replace what’s lost without the added financial stress.

Types of jewellery that can be insured

Jewellery insurance covers virtually any valuable items, including:

• Engagement rings and wedding rings
• Luxury watches
• Family heirlooms
• Antique jewellery
• Contemporary designer pieces
• Precious stones and diamonds
• Custom-made jewellery

Watch insurance is particularly important for luxury watches, which can be expensive to repair or replace. Some insurance providers offer specialist watch insurance as part of broader jewellery insurance cover.

What does jewellery insurance cover?

The cover you get depends on which route you take. Here’s a breakdown of both:

	Home insurance policy	Standalone jewellery insurance
Theft and burglary	✓	✓
Fire and smoke damage	✓	✓
Flood and water damage	✓	✓
Accidental damage	✓ With add-on	✓
Accidental loss	✓ With add-on	✓
Worldwide cover	✓ With add-on	as standard
Single-item limit	Up to £2,000	No limit
High-value items cover	✓ With add-on	as standard

What is not covered by jewellery insurance?

Most jewellery insurance policies, whether through your home insurance policy or a standalone jewellery insurance provider won’t cover:

• Wear and tear from daily use
• Damage from poor maintenance
• Mysterious disappearance without evidence
• Items of jewellery used for business purposes
• Damage during professional cleaning (unless specifically covered)

The exact level of cover depends on whether you choose to add jewellery insurance to your home insurance policy or opt for specialist insurance from a dedicated provider.

For most people with one or two valuable pieces, adding high-value items to an existing home insurance policy is the most straightforward option. Standalone jewellery insurance from a specialist insurance provider is worth considering if you own multiple high-value pieces or an extensive jewellery collection.

How much does jewellery insurance cost?

Contents insurance starts at £4/mo, but your price will vary depending on several factors, including:

• Value of the item or entire jewellery collection
• Type of cover (basic vs comprehensive)
• Whether you choose home contents insurance with add-ons or standalone policy cover
• Your excess amount
• Location (higher-risk areas cost more)

As a rough guide, jewellery insurance typically costs between 1-3% of the value of the item annually. So insuring engagement rings worth £3,000 might cost £30-90 per year. When getting an insurance quote, insurance companies will consider the replacement value of each piece of jewellery. Luxury watches and high-value jewellery will naturally cost more to insure than everyday pieces.

Getting your jewellery valued

For high-value items worth over £2,000, most insurance companies require a professional jewellery valuation. Here’s what you need to know:

When you need a valuation

• Items of jewellery worth over £2,000
• Heirlooms without purchase receipts
• Luxury watches or antique pieces
• Any piece of jewellery purchased more than 5 years ago

What a proper valuation includes

A professional jewellery valuation should contain:

• Detailed description of the piece of jewellery
• Current replacement value
• Photos of the item
• Valuer’s credentials and signature
• Date of valuation (must be recent, Lemonade requires valuations within the last five years)

Visit a qualified jeweller or professional valuer for your jewellery valuation. Avoid getting valuations from the same jeweller who sold you the piece, as they may overestimate the value of the item.

Who’s covered under your policy?

Coverage typically extends to:

• Policyholders and their spouses
• Family members living at the same address
• Items of jewellery belonging to anyone named on the policy documents

If you live with a partner who isn’t your spouse, you may need to add them as an additional insured person or they should get their own jewellery insurance policy.

For basic contents cover

Download the Lemonade app, answer a few quick questions from AI Maya, and you’re covered. Your contents insurance automatically includes personal possessions like jewellery up to the single-item limit.

For high-value items cover

1. Get a professional valuation for any piece of jewellery worth over £2,000
2. Open the Lemonade app and add high-value items cover under Add-Ons
3. Submit your valuation and photos via the app
4. Our underwriting team will review and confirm your cover, usually within a few days

 Lemonade also offers 14 days of temporary cover whilst you gather your documentation, so you’re not left exposed whilst the paperwork is being sorted.

For standalone jewellery insurance

1. Get professional valuations for all valuable items
2. Use comparison sites or contact insurance brokers to find specialist insurance providers
3. Get insurance quotes from multiple insurance companies
4. Check their registered office details and ensure they’re regulated by the Financial Conduct Authority

How to make a claim on my jewellery insurance?

The claims process with Lemonade is straightforward. If something happens to your jewellery:

1. Open the Lemonade app and tap the pink ‘Claim’ button
2. Report the incident: if items of jewellery were stolen, report to the police first and get a crime reference number
3. AI Jim, our claims assistant, will guide you through the process
4. Provide proof of ownership (receipts, valuations, photos)
5. Record a short video explaining what happened
6. Submit any required policy documents

Most Lemonade claims are assessed quickly, and if approved, payment goes straight to your bank account. Insurance companies will either replace your piece of jewellery with an equivalent item or pay out the replacement value in cash, minus any excess.

The bottom line

Your standard home insurance policy covers jewellery up to the single-item limit — which means expensive engagement rings, luxury watches, and heirlooms may not be fully protected. For most people, adding high-value items cover to an existing policy does the job. For larger jewellery collections, standalone jewellery insurance from a specialist insurance provider is worth exploring.

Whatever route you choose, make sure you have a current jewellery valuation, and consider adding worldwide cover and accidental loss protection if you wear your pieces regularly.

Ready to protect your precious pieces? With Lemonade, you can get a quote in as little as 90 seconds.

Jewellery insurance FAQs