The holiday period and start of a new year is a prime time for acquiring new high value jewellery, watches, and valuable collectibles. These high value possessions often carry financial value and also personal and sentimental importance. Protecting these cherished items through appropriate high value item insurance is essential to guard against loss, theft, or damage. Below, we share our expert advice to best secure your valuables with the right cover and added peace of mind.
1. Choose specialist home insurance
Typical home and contents insurance policies often set low limits on individual valuables, commonly between £1,000 and £5,000. If your jewellery, watches, and collectibles exceed these limits they may not be fully insured unless explicitly declared. Specialist home insurance policies can be tailored to cover these possessions by offering higher or unlimited coverage limits. This includes a higher single item limit. These insurance policies can also be customised for unique properties, including listed buildings or luxury homes, ensuring the sum insured reflects the total value of your belongings.
2. Declare and itemise your valuables
It is vital to notify your broker or insurer about any high value items you own. At Marsh Private Clients, we advise listing items of high value jewellery valued at £25,000 or more individually on your insurance policy. Pieces valued below this amount are grouped under “unspecified valuables”. For other valuables like fine art, collectibles, or coins, individual listing applies to items worth £50,000 or more. Accurate declaration ensures your items receive appropriate protection and helps you avoid paying an additional cost later. This detailed process supports a smoother experience should you need to make a claim.
3. Obtain regular professional valuations
The market value of luxury items can fluctuate considerably over time. For example, the value of gold continuously fluctuates depending on numerous factors such as demand, market conditions, and global economic factors. To prevent underinsurance, we advise you have your jewellery, watches, and collectibles professionally valued every three to five years. Keeping valuations up to date guarantees your insurance policy reflects the current worth of your possessions and the maximum amount you can claim. This ensures your overall contents cover remains adequate to replace or repair your treasured belongings, whether at your house or with worldwide cover if you travel. Regular valuations also help you access the best support and service from your insurer, putting your best interests first.
4. Secure worldwide and “all risks” cover
If you travel with your valuables or wish to have them insured beyond your high value home, we recommend policies that offer worldwide cover. We can arrange specialist cover with “all risks” protection, which safeguards against accidental loss, theft, or damage anywhere globally – not just at home. This comprehensive protection is particularly important for frequent travellers and business owners who need to store valuable items securely while on the move. Our insurance policy options provide a broad range of cover to suit your lifestyle and ensure you have the right amount of protection.
5. Confirm coverage for matching sets and pairs
If your valuables form part of a set or pair – such as earrings or matching high value jewellery – make sure your insurance policy includes clauses that cover the replacement of the entire set if one piece is lost or irreparably damaged. This prevents you from being left with incomplete or unmatched items. Such coverage is essential to settle claims fairly and to respond effectively if items are stolen or damaged.
6. Maintain strong security measures
While specialist cover insurers may offer more flexible security requirements, robust protection remains crucial. Use secure storage solutions such as safes, install alarm systems, and exercise caution when displaying valuable items. Taking these steps helps protect your belongings and may reduce the additional cost of your insurance. Whether you are an existing customer or new to high value contents insurance, maintaining strong security is in your best interests to safeguard your possessions throughout your life.
7. Regularly update your contents insurance policy
As your collection grows or values change, regularly review your insurance policy to ensure all items are covered at their current market value. Promptly inform your broker or insurer of any new purchases or disposals to keep your policy accurate. Many insurers now offer easy online access to update your details, making it simple to maintain the right amount of cover. Staying proactive ensures your high value contents insurance remains effective and that you can confidently make a claim if needed.
8. Work with a specialist private client broker
Navigating the complexities of insuring high value jewellery and other valuable assets can be challenging. As a specialist private client broker, we have the expertise to craft an insurance policy tailored to your unique needs. We'll provide you with comprehensive protection and peace of mind.
Taking proactive steps to insure your valuable possessions not only protects your investments but also offers reassurance wherever you are.
Get in touch with our Private Clients insurance team
Need expert advice? Call the team now, or complete our online form and we'll call you.
