High-value jewellery such as necklaces, earrings, bracelets, and watches need to be protected. Whether a heirloom or a newly purchased piece, your beautiful and expensive jewellery is designed to be worn and admired. Purchasing an insurance policy secures your peace of mind because you don’t have to worry about losing lots of money in case of loss or theft.

When it comes to choosing jewellery insurance, there are numerous policies available in the market. Wading through the options can be confusing for most people - especially if you don’t know what to look out for. The key is to go for attractive features such as low deductibles, affordable premiums, flexible coverage limits, and geographical coverage.

What Do You Mean By Jewellery?

Jewellery refers to personal ornaments such as loose gemstones, rings, necklaces, earrings, bracelets, or watches that contain precious metals or jewels. It is important to keep in mind though that definitions may vary slightly between insurers.

Why Do I Need Special High Value Jewellery Insurance?

To put it simply, you need jewellery insurance because your regular home, contents or building insurance policy does not offer enough coverage for your jewellery – especially if they’re very valuable.

Certain policies are good enough to insure most items, but they do not capture the unique insurance requirements for high value jewellery.

Why Home, Contents, or Building Insurance May Not Sufficiently Cover Your Jewellery

Most property insurance policies will offer some cover for jewellery. But as with most things in insurance, the devil is in the details.

Most insurance policies have mandatory limits on jewellery that may be less than the value of your jewellery collection.

They also calculate the amount of compensation based on Actual Cash Value (aka. the purchase price of the item with depreciation applied) or Replacement Cost (the cost to repair or replace the damaged item). If you have or know about jewellery, you can spot the problem right away. Some unique pieces are one-of-a-kind and irreplaceable and some pieces of jewellery appreciate over time. Applying depreciation or calculating its value based on purchase price is not appropriate and does not capture its true value.

And as we’ll discuss below, some of the terms and conditions don’t take into account the unique characteristics of high value jewellery.

What Does High Value Jewellery Insurance Cover?

It varies between each insurance company but the covers provided by your regular insurance and specialised jewellery insurance differ in 2 important ways:


A specialised jewellery policy will allow you to schedule individual items or sets of jewellery onto the policy and insure them at appraised value. This ensures you get full coverage for what the jewellery is actually worth in the marketplace. The appraisal will determine a fair market value for the item by taking into account the rarity, uniqueness, artistry, history, and other factors.


In most property insurance policies, there is something called the pair and set rule. This rule means that the insurance company will only pay for the item in the pair or set that was lost. For example, if you lose 1 shoe or 1 earring out of a pair, the insurance company will only pay for that 1 shoe or earring that was lost.

As you can imagine, this simple rule creates huge limitations when it comes to jewellery. In practical terms, 1 earring is nearly worthless without the other and replacing one gem in a necklace doesn’t always work because the colours may not match.

Specialised High Value Jewellery Insurance will replace the entire pair or set – as long as you agree to surrender the original items to the insurer.

What Else Do I Need To Know?

If you collect jewellery, most insurers will offer discounts for items not being worn and are stored in a safe or a deposit box.

How Can I Get Insurance For My High Value Jewellery?

Get in touch with us to make sure that your jewellery is properly insured, valued and documented.

The insurance advisors at Trusted Union offer comprehensive insurance solutions for your high value jewellery without the mandatory limits, with global coverage and with terms and conditions that take into consideration the unique characteristics of high value pieces of jewellery.


High Value Jewellery Insurance FAQ

Who Needs High Value Jewellery Insurance?
With other valuable items in your life like your home and your car, you have no hesitation about purchasing insurance to protect them. Why treat your expensive jewellery any other way?
Whether you have an heirloom piece, a wedding ring, or an extensive collection anyone with expensive jewellery (this includes watches) should consider purchasing High Value Jewellery Insurance as part of your protection plan.
Most home insurance policies do not provide adequate protection for high value jewellery items as they do not capture some of the unique characteristics of such items. In these cases, the only way to get adequate protection for your jewellery is through High Value Jewellery Insurance.
Why Do I Need High Value Jewellery Insurance?
If you have expensive jewellery items, you should purchase High Value Jewellery Insurance because your home insurance policy, while extensive, does not have features that take into account the special nature of valuable items like artwork and jewellery.
For starters, many home insurance policies have mandatory limits on jewellery that are often times less than the value of one piece of high value jewellery let alone an entire collection.
Another key issue is how compensation is calculated. If your home insurance policy is offering coverage on an Actual Cash Value (purchase price minus depreciation) or Replacement Cost basis (whatever it costs to repair or replace the item), then you have a problem. Oftentimes, jewellery appreciates in value or are irreplaceable one-off pieces. Neither of these payment methods accurately capture the needs of high value jewellery owners.
If you have High Value Jewellery Insurance, your property will be covered on an appraised value basis. This ensures that you have coverage equal to its current market value taking into account things like rarity, uniqueness, artistic value, history, and other factors like raw material value.
Most regular insurance policies will have a pair and set rule. This rule says that if you lose 1 item in a pair or a set the other item is still considered to have proportional value. That means if you lose 1 shoe from a pair of earrings worth HK$20,000, the insurance company will only pay you HK$10,000 as the other shoe is still considered to have half value.

With a High Value Jewellery Insurance policy, the pair and set rule is deleted. You will get the full HK$20,000 for the earrings as long as you surrender the remaining earring to the insurance company.

How Much Does High Value Jewellery Insurance Cost?
Like with most things in insurance, it depends, but there are some factors that we know will affect your premiums. The main factor that influences jewellery insurance premiums is the value of the jewellery you are insuring. The more expensive the item, the more it’ll cost to insure. Most policies we’ve seen have annual premiums between 1-2% of the item's value.
If you have jewellery that’s purchased purely as an investment or collector’s item, you can get discounts for items not worn and are stored in a safe or safety deposit box.
Does Jewellery Insurance Cover Items That Get Lost?
Yes it does. Most jewellery insurance policies cover a wide variety of losses from regular stuff like fire or theft to more niche stuff like when a gem falls out of your ring or losses called “mysterious disappearance” (which means your jewellery has been lost and you have no idea where it is).
If I Need To Send My Jewellery Out For Repairs, Is That Covered?
Yes, most High Value Jewellery Insurance policies will cover your property on a global basis. That includes property you take with you on vacation or send to the manufacturer/dealer for repairs or servicing.
What’s The Best Way For Me to Protect My High Value Jewellery?
Despite what any insurance advisors might say, insurance is not the “be all and end all” when it comes to protecting your jewellery. On top of purchasing the right insurance policy, you should also look at physical and electronic protection for your jewellery.
The level of protection would vary based on the value of the jewellery but you should consider storing the jewellery in a safe or safety deposit box when not in use and installing a monitored burglar alarm for your house to deter and prevent thieves.
Most losses are preventable and a bit of carefulness can also make a huge difference. Make sure you put your jewellery away properly, lock your doors and close your windows when you leave the house and try not to wear flashy jewellery in dangerous places.
To get an obligation-free quote on High Value Jewellery Insurance and more risk management strategies, contact a Trusted Union insurance advisor.
Oh and don’t forget to keep your receipts and have your items reappraised every 2-4 years to make sure you have an accurate fair market value.

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