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    Do you need to declare a claim on jewellery insurance when obtaining home contents and house insurance?

    Last year I thought about claiming for damage to carpets. I spilled bleach on the landing carpet then a few months later a bottle of nail varnish on the bedroom carpet. Put in a claim thinking they would be classed as one claim. They weren't and consequently the amount of excess and loss of no claims would have made it not worth claiming so did not continue with the claim. However, the renewal on my insurance went up by around £500! When I tried shopping around, other companies would not insure me as I was classed as high risk even though I have only claimed once before over 20 years ago. I ended up going through a Broker (as advised by the rep at Churchill who I admire for their honesty and assistance when they explained exactly why they would not insure and the best way forward for me).
    I recently had some jewellery valued and on advice of the jewellers have been advised to insure it separately rather than through home insurance.
    I'm now trying to work out the most cost effective way of insuring the jewellery;
    If I list it separately on my home insurance the premium will go up and if I make a claim, then the premium on future home insurance policies will go up.
    If I leave them off home insurance and insure with an independent jewellery insurer, the premium is slightly more, the covery slightly better, but if I ever made a claim, would I have to declare when obtaining future home insurance?
    Feeling very peeved with insurance companies as feel they are all too willing to take your money but when you need their help, you have to jump through hoops and then still get penalised even when you've been honest.....I would not have declared the accidents on the carpets if I had decided just to replace them as I'm sure many others wouldn't!

    10 Comments

    Different companies have different wordings. Mine only asked me to declare if it is over £1000. But your best bet is take photos and have them printed just in case your need to make a claim. Get a scale to find out the gram weights. Also try to keep your valuation. I know this man who left his wife's jewellery out of the safe in order to have them assessed, only to have them stolen when he was burgled.

    My home insurance state I have to declare anything over 2.5k, I bought a necklace 10 years ago for 2.5k - I have the proof of purchase and a valuation certificate for slightly more 6 months later. I usually declare it at the valuation rate.

    Would cost £50 to have it revalued, but getting to the stage where is probably worth it.

    Will be looking into separate insurance, so interested in what you find!

    My current house insurance admiral require the engagement ring to be valued every 2 years and the claws checked every 12 months. This is part of the conditions of the item being insured

    Strangely I did comment on another home insurance thread ,that it is better to self insure rather than purchase "accidental damage" as claiming on that will increase your premiums for Home Insurance for years to come . Guess what the HUKD sheep voted my comment firmly down !

    Yes you do. It is about risk. If you have expensive jewellery, you may become more risk to the insurer as burglars may break in if they see you wearing high value jewellery or people know that you are in possession of them.

    All claims through insurers are recorded on a national database and used by all insurers to share information. Therefore you will not be able to hide your claim for long if the insurer decides to investigate a future claim.

    Original Poster

    Many thanks for your responses
    I have got valuations including photographs. The valuations were far higher than I expected! Hence the question.
    The jeweller I used recommended thmarch.co.uk and I have decided to go with them as they state it should not impact on home insurance.
    Was just curious if any one had made a claim on one type of insurance that impacted on another e.g a claim on a jewellery policy affecting the cost of home insurance.

    Original Poster

    Robj1

    My home insurance state I have to declare anything over 2.5k, I bought a … My home insurance state I have to declare anything over 2.5k, I bought a necklace 10 years ago for 2.5k - I have the proof of purchase and a valuation certificate for slightly more 6 months later. I usually declare it at the valuation rate. Would cost £50 to have it revalued, but getting to the stage where is probably worth it. Will be looking into separate insurance, so interested in what you find!



    thmarch.co.uk. Try these. ☺

    what about keeping it in a bank vault locker that way it maybe cheaper than keeping it at home with insurance have u checked how much they charge for that service

    Lizbott

    Many thanks for your responsesI have got valuations including … Many thanks for your responsesI have got valuations including photographs. The valuations were far higher than I expected! Hence the question. The jeweller I used recommended http://www.thmarch.co.uk and I have decided to go with them as they state it should not impact on home insurance.Was just curious if any one had made a claim on one type of insurance that impacted on another e.g a claim on a jewellery policy affecting the cost of home insurance.



    My mum had very expensive diamond jewellery, and indeed so do i. My mum put the diamonds on home insurance as i think the question asks about jewellery value as standard. I self insure so not a problem. I never looked at individual jewelery insurance. To put it into context, my mum's diamonds were around £20k. As she started to get above £5k, we found the premium too much so we didnt insure the diamonds at all after that.

    Odd how the best answer is completely wrong. You do not have to declare claims on separate jewellery insurance when obtaining home cover. They are two different types of insurance in the same way you wouldn't put down car insurance claims when getting travel insurance! oO
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