Ensuring your jewellery insurance shines when you need it most

The insurance for your jewellery and watches isn’t just about “big ticket” items. In our experience, many policyholders focus on valuing their most expensive pieces but overlook the value of smaller items. These pieces may fall under your insurers single article limit, but they are insured collectively under your policy’s unspecified valuables limits, and if this total isn’t high enough, you could be left underinsured.

At the same time, higher‑value pieces may now exceed your insurer’s single article limit - the maximum they will pay for any one item, pair or set unless it is individually listed (or “specified”) on your policy. If an item above this limit isn’t specified, you may only receive the limit amount, or in some cases, nothing at all.

In short:

• Smaller items can add up quickly and exceed your unspecified limit.
• Higher‑value items can exceed your single article limit if not specified.

Both situations can lead to avoidable gaps in cover. You can learn more about this is our article: Protecting your valuable - why it pays to be specific

To avoid these issues, we recommend keeping your valuations up-to-date. This helps to:

• Set the right sums insured and policy limits
• Prevent underinsurance caused by market conditions
• Speed up the claims process

In our experience a claim is settled much more quickly when there is an up-to-date valuation.

Market insight: why prices have shifted

To understand how the market has moved, and why underinsurance is on the rise, we spoke with Rachel Doerr of Doerr Dallas Valuations.

“With the rise of laboratory grown diamonds found on the market, political uncertainty and sanctions applied by and on various countries, the prices of natural diamonds have taken a tumble. However, it would be naïve to consider that the price tag of these precious gems has not increased in the last 5, 10 or 20 years. From bread and milk to diamonds and gold, no product has escaped an increased price tag.

If you were lucky enough to get engaged ten years ago, you may have purchased a platinum diamond three-stone ring totalling 2.50 carats of diamond, for around £4,000. Having slowly climbed to £6,500 in 2020, in today’s market that same ring would cost £25,000 to replace.

Many insurance policies require items ranging from £2,500 upwards to £15,000 upwards to be specified (depending on the policy). You may not realise what your ring is worth today – buy you would be very disappointed if you couldn’t replace it in the event of a loss.

Equally, a Tiffany & Co. diamond bracelet totalling 5 carats retailed at around £5,000 in 2010.  Today, its equivalent from the Tiffany Victoria range, set with 4.25 carats, retails for £30,700 –well over the single item on many insurance policies.

Whether you own a pair of diamond ear studs, a bracelet or a ring, if you’ve enjoyed these pieces for the last few years but haven’t updated your insurance valuations, you could now be underinsured as prices of precious materials continue to rise in response to geo-politics.  In the worst-case scenario, you could find you are only insured up to the single article limit - or not insured at all.

The gold price is currently £3,449.54 (15.01.2026) per troy ounce. In 2015 this was £716.37. So, it doesn’t take a genius see how jewellery prices have increased in the last decade”

How often should I update my valuations?

Doerr Dallas Valuations currently recommend updating valuations every 12-18 months, particularly with gold at its highest price in years.

If you’ve never had a formal valuation, or it’s been several years, now is a good time to start.  

What should a valuation include?

An insurer will typically require:

• A valuation for insurance purposes (other types such as open market, probate, divorce, sale may not be accepted).
• A UK valuation in GBP
• A detailed description of the item and its condition
• Weight and size
• Photographs
• Date of the valuation
• Valuation companies name and address
• Valuer’s name and credentials - some insurers require qualifications such as FGA, GIA Diploma, DGA (alongside FGA or GIA), GA Cert and/or IRV membership. 
• Professional Indemnity (PI) Insurance - check the valuer carries sufficient PI cover if they undervalue something. Watch out for clauses limiting their liability to the cost of the valuation.
• Some insurers may also require a clasps and settings check

We’re happy to review valuations for our clients to ensure they meet insurer requirements and will be accepted in the event of a claim.

Do I need to visit a valuation company?

 Not necessarily. Many valuers offer convenient alternatives, including:

• Home visit valuations
• Walk-through services, where they valuer assesses your contents, art and antiques room by room.
• Remote or “desktop” valuations on jewellery and watches

Walk-in valuations, where you take your jewellery to a jeweller or valuation company are also an option.

We work with a panel of recommended valuation companies who can assist by not only valuing your pieces now, but by also giving you up-to-date valuations going forward.

How we can help

For many clients with high‑value jewellery and watches, a standard home insurance policy is unlikely to be suitable. These policies typically include low monetary limits for valuables, meaning you may not be adequately covered should you need to make a claim. A mid net worth or high net worth policy is usually a better fit, offering broader cover, higher limits, and terms designed for people who own fine jewellery, watches, and other high‑value personal items.

Money from an insurance payout can never replace the sentimental value of a treasured piece of jewellery. But having the right cover in place ensures that you’re protected from the financial impact of a loss - whether that’s purchasing a replacement, covering repair or restoration costs, or receiving compensation for any depreciation in value.

At Howden, our people are both experienced and professionally qualified. We take the time to understand your needs, review your policy and ensure your limits are clearly understood and correctly set. And if the worst happens and you need to make a claim, our specialist claims team will guide you through the process with care and expertise.

To speak to us about your home insurance call 020 8256 4901 or email privateclients@howdeninsurance.co.uk

Steve Moores

Steve has built up a wealth of expertise and insight in private client insurance, having worked in insurance for more than 20 years. As the lead for our Risk Management proposition, he helps clients reduce the likelihood of a claim and ensures that, if a claim does occur, their policy responds exactly as expected.

Find out more