Fortunes worth of high-value, attractive bling have been given as tokens of love on Valentine's Day since Victorian times, but the tradition has surged post-pandemic. Pre-Valentine’s jewellery sales jumped 31% in 2022 over 2019, according to the SpendingPulse survey, and that doesn't even count the first two weeks of February.

When a bouquet of roses just isn’t enough, diamond earrings, a gold necklace, a fabulous watch, or even an ankle bracelet is still an incredibly popular way to say ‘I Love You’. But do you have enough high value jewellery insurance to ensure your new regalia is covered?

Every year, the Valentine’s Day spike leaves a lot more very valuable jewellery to be stolen by cat-burglars, misplaced after one-too-many champagnes, or – as we once again take to the skies – left behind away from home in the tiny toilets of airlines as we are whisked away for a Valentine's tryst. February 14th gift-giving represents a huge global indulgence, but a trove of the newly acquired rings and precious metals are not adequately protected under everyday household and contents insurance coverage.

Is jewellery covered by home insurance policies?

Even a modest new item of jewellery is probably too good for your insurance. A relatively modest one-carat diamond has a market value of about £8,000, and four ounces of gold – enough for a very simple gentleman’s bracelet – has a metal value in excess of £5,000. Don’t assume you’ll be compensated for these items in the event of a lost jewellery insurance claim. 

Does home insurance cover items aways from home?

Most Home Contents Insurance in the United Kingdom covers jewellery against accidental damage, loss, or theft, but only to a very minor extent. The value of individual items covered is almost certainly severely limited, and insurance against loss or theft away from home is very often excluded entirely. That means your new jewellery may be badly under-protected, or even completely uninsured under one of these standard policies. Plus, to have any cover at all, your valuable pieces almost certainly have to be named in the policy, often with an independent valuation to prove their worth.

It isn’t only new jewellery that may need more insurance. As global economies falter, the value of commodities such as gold, platinum, and diamonds has increased dramatically. That fluctuation alone can radically increase the value of jewellery you've been wearing without a second thought for many years. A lot of jewellery is worth a lot more than it was a decade ago so now is the perfect time to make sure you’re covered for that lost wedding ring or misplaced diamond from your engagement ring. 

Exclusivity can make a difference, too. For example, some very high-end wrist watches made by famous names such as Rolex and Patek-Philippe may have increased in value since their purchase, especially if they were bought second-hand. In fact, almost any high value item of jewellery is probably not insured under a normal consumer buildings and contents policy without a valuation and a special endorsement.

Can you claim for lost jewellery on contents insurance?

The happy task of giving a love-gift on Valentines’ Day isn’t complete until it any expensive new trinkets are properly insured for their full value against loss, accidental damage, and theft, in your home and outside of it, under a high-quality insurance policy. The Buildings & Contents cover you can buy from price-comparison websites and TV-ad companies won’t do the trick. Your new jewellery probably won’t be adequately insured under an average-Joe insurance policy. 

Adding jewellery to your home insurance

Fortunately, though, the peace of mind that comes with knowing you have it properly covered is only a few clicks away. Cover from Miller Private Clients brings the comfort of entrusting your new jewellery purchase to a reputable insurance company. It’s available 24/7, so visit us now at Miller Private Clients for an instant quote.


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