Valuables Insurance: Everything You Need to Know

Valuables insurance is specialist cover that protects your high-value personal belongings – think engagement rings, expensive cameras, mobile phones or musical instruments. It fills the gaps left by standard home contents insurance, which typically only covers individual items up to around £2,000. 

Here’s everything you need to know about protecting your most treasured possessions.

What is valuables insurance?

Valuables insurance is specialist cover designed to protect your priciest possessions, from wedding rings and professional cameras to vintage guitars and family heirlooms.

Most home contents insurance policies have limits on how much they’ll pay out for individual items – typically around £2,000 per item. If you own anything worth more than this, you’ll need additional protection to ensure you’re covered for the item’s full replacement value. This is called scheduled personal possessions cover in insurance speak.

You can either add this protection to your current home insurance policy as an extra, or purchase a separate standalone policy specifically designed for high-value belongings like watches, artwork, bicycles, and other collectibles.

Why you need valuables insurance

Here’s the thing: Most people are underinsured when it comes to their valuable items without realising it. Your standard home insurance policy provides a decent level of cover for everyday belongings, but it’s got limits.

The single article limit problem

Most home contents insurance policies have what’s called a ‘single article limit’. This means there’s a maximum amount they’ll pay out for any individual item. If that limit is £2,000 and your engagement ring is worth £4,000, you’re only covered for half its value.

Protection beyond your front door

Standard contents cover typically only protects your belongings whilst they’re in your home. But what happens when you’re wearing that precious piece of jewellery out and about? Or when you take your expensive camera on holiday? Many valuable items need protection wherever you go.

Accidental damage coverage

Regular home insurance might not cover accidental damage to your valuables. Ever knocked your engagement ring against something hard and chipped the stone? That peace of mind comes with proper valuables insurance.

What does valuables insurance cover?

The beauty of valuables insurance is its flexibility. For a slightly extra cost, you can add additional cover for your high-value items up to £10,000 per item, including:

• Paintings
• Sculptures
• Watches
• Musical instruments
• Jewellery
• Bicycles
• Cameras
• Electronic devices
• Other valuable items

A lot of these items might already have cover of £2,000 on your base policy, but scheduling your high-value items increases the amount of cover above £2,000, up to the full worth of the item.

What’s typically not covered?

Before you get too excited, there are some limitations:

• Business equipment owned by your employer
• Items you’ve borrowed or are renting
• Medical equipment provided by the NHS
• Collections of coins or stamps (some insurers make exceptions)
• Vehicles (these need separate motor insurance)
• Items used professionally for business purposes

The Financial Conduct Authority (FCA) regulates insurance companies in the United Kingdom, so there are guidelines about what can and cannot be covered under personal insurance policies. 

How much does valuables insurance cost?

As a rough guide, you might pay anywhere from 0.5% to 2% of your item’s value annually for cover. So that £5,000 engagement ring could cost between £25 and £100 per year to insure.

The cost varies depending on several factors:

What affects your premium?

Factor	Impact on cost
Item value	Higher value = higher premium
Location	Urban areas typically cost more
Security measures	Alarms and safes can reduce costs
Claims history	Clean record = lower premiums
Item type	Jewellery often costs more than electronics

How to get valuables insurance

There are two main routes to getting your precious items covered, let’s break down your options:

When getting a home insurance quote, you can also explore jewellery insurance and other valuables cover options. Many insurance brokers can help you compare different insurance products to find the right level of cover.

Option 1: Add-on to your home insurance policy

This is often the most common route. Many insurance companies offer valuables insurance as an add-on to your existing home contents insurance.

When you first get your Lemonade policy, you’ll be given the option to secure 14 days of temporary extra cover for your items by declaring them on your quote. 

Getting a professional valuation for add-ons: For many high-value items added to your home insurance policy, especially jewellery and antiques, you’ll need a professional valuation from a qualified valuer. This isn’t just a formality, it ensures you’re covered for the right amount and helps speed up any future insurance claim.

Option 2: Standalone specialist insurance

If you have particularly high-value items or your current insurer doesn’t offer adequate cover, you might consider specialist insurance from dedicated providers. These often offer:

• Higher cover limits
• More comprehensive worldwide cover
• Specialist claims handling
• No impact on your main home insurance policy

Documentation requirements vary by provider – some specialist insurers may accept receipts or their own valuation process, while others still require professional appraisals.

What a professional valuation should include

When required, a proper valuation should include:

• Detailed description of the item
• Current replacement value
• Photographs
• The valuer’s qualifications and contact details

Most insurance companies require valuations to be updated every 3-5 years to reflect current market values.

What to look for in a policy

Not all valuables insurance policies are created equal – here’s what to prioritise when shopping around:

Worldwide cover

If you travel with your valuable items, make sure your policy covers them anywhere in the world. Some policies only cover items in the UK, whilst others offer global protection.

New for old replacement

Look for policies that offer ‘new for old’ replacement rather than paying out the depreciated value. This means if your 5-year-old camera gets stolen, you’ll get enough money to buy a brand new equivalent model.

Accidental loss and damage

Check whether accidental damage is covered. Some policies only cover theft, whilst comprehensive cover includes accidental loss and damage.

Making a claim: What you need to know

If the worst happens and you need to make an insurance claim for a valuable item, here’s what typically happens:

Documentation you’ll need

Document type	Purpose	Examples
Proof of ownership	Shows the item belongs to you	Receipts, bank statements
Proof of value	Establishes replacement cost	Valuation, jeweller’s certificate
Proof of incident	Confirms what happened	Police reports, witness statements
Photos	Visual evidence of the item	Recent photos showing condition

The claims process

1. Report immediately: Contact your insurance provider as soon as possible. With Lemonade, you can start your claim through our app in just a few taps
2. Get a crime reference number: For theft, report to police and get a reference number
3. Submit documentation: Provide all required paperwork promptly
4. Assessment: Insurer reviews your claim
5. Settlement: Repair, replacement, or cash payment

The key to a smooth claims process is keeping good records. Store copies of receipts, valuations, and photographs somewhere safe (perhaps digitally in the cloud).

Tips for protecting your valuables

Insurance is essential, but keeping your valuables safe from the get-go is even better:

Home security

• Install burglar alarms and security cameras
• Use window and door locks
• Consider a safe for storing jewellery and small valuables
• Don’t advertise expensive purchases on social media

When you’re out and about

• Don’t wear expensive jewellery in risky areas
• Keep valuable items close when travelling
• Use hotel safes when staying away from home
• Consider leaving very expensive items at home when travelling

Bottom line

Valuables insurance isn’t just about ticking boxes – it’s about protecting personal possessions that matter to you. Whether it’s your engagement ring with deep sentimental value, vintage guitar, or family heirloom, these items deserve proper protection.

The cost is usually modest compared to what you’re protecting, and the peace of mind? Priceless. Your standard home insurance covers everyday belongings well enough, but high-value items need that extra level of cover.

Take time to review what you own, check your current policy documents, and get quotes from reputable insurance providers. Don’t wait until it’s too late, your treasured possessions are more than just things, they’re part of your story.

Valuables insurance FAQs