What is jewellery insurance?

Jewellery insurance could cover the cost to replace your items of jewellery if they're lost, damaged or stolen while in your home.

Your jewellery is normally covered by your contents insurance, when it’s in your home. You can add extra cover for when you’re away from home, to protect your items on the go.

When you’re insuring your jewellery, you’ll need to know how much it's worth. Contents insurance usually has limits on how much you can claim for jewellery. This might mean you can’t claim for the full cost of it.

How to value your jewellery

Make sure you know how much your valuable items are worth, so you know how much to claim if you ever need to.

There are lots of ways you can get an accurate valuation of your jewellery. These include getting an official valuation from:

  • An expert dealer
  • A pawnbroker
  • A high street jeweller

It’s best to keep your receipts for any new pieces of jewellery you buy, so you know how much they cost. You will need to update your policy each time you buy or receive a high value item.

The price of items like gold and jewels can change. Try to get your items valued every two years to help keep your policy up to date.

Do I need to insure my jewellery?

It's best to make sure your most valued items are covered. Once you know how much your jewellery is worth, you can check that it's insured for the right amount.

To do this, you'll need an accurate value for each piece you own. This will make sure you are covered for the full cost to replace them.

What happens if jewellery is underinsured?

If your jewellery isn’t valued properly, it can be hard to insure for the right amount. This might mean you end up being underinsured. You might not get the full amount of a claim for any lost, stolen or damaged jewellery.

For example:

  • If your jewellery is worth £6,000.
  • You only insure it for £3,000.
  • You’re underinsured by £3,000.

This means you may have to pay more of your own money to replace it.

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How to keep your jewellery safe

Your jewellery may have a high value, but family attachment can go beyond any cash price.

Whether it’s your wedding or engagement rings, a collection of gemstones or a cherished gift, you’ll want it to be safe and sound.

Here are some ways to keep your items safe:

  • Keep your jewellery out of sight and stored securely if you can.
  • Keep your doors and windows locked, even if you only go out for a few minutes.
  • Fit a safe or hire a safe deposit box in your home.
  • If you don’t have a safe, find a suitable hiding place. Avoid obvious places like in your clothes drawers.
  • If you have items you don't wear often, you could use a bank safety deposit box.
  • Keep a record of your jewellery and its value. If you don’t have receipts, use the Guild of Valuers and Jewellers.
  • If you're moving your jewellery, store it in a secure box or bag that doesn’t attract attention.

How our contents insurance can help

Items like jewellery are more likely to be stolen or damaged. You can protect your jewellery while it’s in your home with Home Insurance Select. Any items you have that cost less than £2,000 each are covered while at home as part of your overall contents cover. If you have items worth more than £2,000 each up to £20,000, they'll also be covered in your contents limit. This is as long as you've specified them on your policy.

How we protect your jewellery

We offer three levels of contents cover:

  • Bronze cover with up to £50,000 for your contents
  • Silver cover with up to £100,000 for your contents
  • Gold cover with up to £250,000 for your contents

Whichever level of cover you choose, your jewellery and watches worth less than £2,000 each are covered in the home as standard up to the contents limit. Any pieces worth between £2,000 and £20,000 each are covered in the home as long as you specify them on your policy, up to a total of £50,000. Accidental damage to your jewellery is covered if you have our Silver or Gold cover.

What’s not covered by Lloyds Bank home insurance

  • Single items worth more than £20,000. You may need to think about specialist cover for these.
  • Theft by someone you invite into your home.

Our policy documents tell you more about what is and isn't covered. Keep in mind that with all of our cover, there are limits, terms and exclusions. Read the policy documents.

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).