Jewellery and valuables insurance

Your home's contents may be worth more than you think. If you've already got contents cover, dig out your policy documents and check the limits. You'll likely find there's a separate cap for valuables, as well as a limit on how much your insurer will pay for any single item. We call this the 'single item limit'.

Pay particular attention to jewellery, artwork and high value tech. Remember to calculate an item's replacement value, not its second-hand value. Most insurance companies provide new for old cover, so any item that's lost or damaged will be repaired or replaced as new.

Of course, for sentimental items like family heirlooms and jewellery gifted to you by family or friends, it's not always possible to replace the exact piece. In this instance your insurer may offer a cash settlement instead.

When you're looking at certain high value items, it's worth getting a professional valuation. The purchase price may no longer reflect what it would cost to replace today. Precious metals and gemstones can fluctuate in value over time, so having an up-to-date valuation ensures you're properly covered.

And if you own a high value home, don't forget about buildings insurance too. Your buildings cover should reflect the cost to rebuild your property, not its market value. For larger homes with more rooms or unique features, you'll need higher limits. At Allianz, our Online Bronze level covers rebuilding costs up to £500,000, while Online Silver and Online Gold options go up to £1,000,000. If both your property and its contents are high value, making sure you've got adequate cover for both is important.

Cover explained

• With Allianz Online contents insurance, you're covered up to £50,000 with our Online Bronze level of cover, up to £100,000 with Online Silver and up to £150,000 with Online Gold.
• Within your contents cover, your valuables, like jewellery, are covered for up to £10,000 with our Online Bronze level of cover, up to £20,000 with Online Silver and up to £30,000 with Online Gold.
• With Allianz Online Gold, you'll have a single item limit of £5,000, meaning anything worth more than this amount will have to be specifically listed under your contents cover when you set up your policy.
• You'll also have the option to cover valuable items away from the home. This would be things like jewellery, watches and handbags that you'd ordinarily take outside the home.
• Cover away from the home (also known as personal belongings cover) is included with our Online Gold cover level for up to £2,000, but this can be increased. You can add this cover as an optional extra to an Online Silver or Bronze policy.
• Any items needing cover away from the home that are worth more than £2,000 will need to be listed as a specified item for cover away from the home.
• Your jewellery and valuables will be covered for theft or attempted theft, fire, flood, or impact. Accidental damage or loss can be covered if you've added cover away from home or personal belongings cover.
• In the event of a claim, you'll need to pay the excess stated in your policy before we settle your claim. The excess is the amount you pay towards a claim yourself, and it's shown in your personal details. For most claims, our policy sets a minimum excess of £150, which can be increased up to £500 in exchange for a lower premium.
• Having the right level of cover gives you peace of mind that your treasured pieces are protected, and you won't be left out of pocket if something goes wrong.

Good question. The value of gold and other precious metals varies greatly. In recent years, the price of gold has gone up considerably. So it's worth getting your items valued on a regular basis.

A good place to start is the Institute of Registered Valuers, the UK's leading association of jewellery valuers. They can help you find a registered valuer in your area. After valuation, you may find the cost of replacing a cherished piece of jewellery may exceed the single item limit. This could leave you out of pocket.

It's not just jewellery either. Luxury watches should also be valued regularly, as their replacement costs can increase significantly over time. The same goes for any items made of precious metals or stones.

Once you've had your valuables valued, keep proof of value and proof of ownership somewhere safe. This means receipts, photographs, and valuation certificates. Store copies away from your home if possible, so if something happens, you've got the evidence you need to support a claim. Without this documentation, it could affect your claim outcome.

Losing a precious wedding or engagement ring is more common than you might think. Many people assume their ring is automatically covered by a standard insurance company policy, but it may not be – especially when you're wearing it outside the home.

Not all policies will cover your personal belongings away from the home. You'll probably need to take out additional cover to make sure your valuables are insured when you're out and about. And you should check if there's a single item limit on this type of insurance too.

With Allianz Online Home Insurance, you can add optional personal belongings cover for items worth £2,000 or less. Any item worth more than this can be specified on the policy. This cover protects you against accidental damage, loss or theft when you're wearing your ring day-to-day.

It's also worth considering loss of stone cover. Engagement rings with precious stones can lose a diamond or gemstone, and this type of damage may not be covered unless you've added the right level of protection.

Premiums will vary depending on your ring's value and the level of cover you choose. Higher value rings will need to be specified individually on your policy, and while this adds to your premium, it probably won't cost you much extra to insure. The key is to get your ring professionally valued so you know exactly what you're insuring – and make sure the replacement cost is fully covered if the worst happens.

A watch is covered in the home under the valuables section, which is part of the overall contents cover. Your valuables, like jewellery and watches, are covered for up to £10,000 with our Online Bronze level of cover, up to £20,000 with Online Silver and up to £30,000 with Online Gold. With Allianz Online Silver or Bronze cover levels, there's a single item limit of £2,000. For Allianz Online Gold it's £5,000, meaning a watch costing more than this will need to be listed under your contents cover, so just let us know.

If you own a high-value timepiece, it's worth getting a specialist valuation to make sure you have the right level of cover in place. The value of luxury watches can fluctuate considerably, and what you paid for a piece several years ago may not reflect its current replacement cost. A good place to start is the Institute of Registered Valuers, the UK's leading association of jewellery valuers. They can help you find a registered valuer in your area who can provide an accurate assessment.

For particularly valuable watches – especially those worth significantly more than the single item limit – you may need to seek advice from a specialist insurer who focuses on high-value items. They can provide tailored cover that reflects the true worth of your timepiece and offer guidance on the best way to protect it.

If you'd like to add personal belongings cover to insure your watch away from the home, as well as accidental damage, loss or theft, you can add 'cover away from home' (personal belongings). Any watch worth more than £2,000 will need to be specified on the policy.

Remember, most contents cover is new for old, so all items should be insured for their full replacement cost. Getting the valuation right now means you won't be out of pocket if you need to make a claim later.

We know it's hard to put a true value on things you love, but getting it right matters. The best way to work out the cost of your valuable possessions is to make a list of everything in your home that falls within the 'valuables' definition of your policy. Things like watches, jewellery, art and more.

Remember, for most contents, cover is new for old, so all items should be insured for their full replacement cost. This doesn't include clothing which is subject to deduction for wear and tear.

If your valuation is too low, or wrong, and you need to make a claim, you may not have enough cover to replace your valuables in a total loss. In some cases, this could mean your policy is voided or cancelled.

This is also worth bearing in mind at each renewal – your sum insured won't automatically account for:

• New items you've purchased since your last renewal.
• Increases in the value of items you already own.

To protect your valuable possessions and potentially reduce your premiums:

• Install a burglar alarm.
• Use a certified safe for high-value items, bolted to a structural element.
• Store items out of sight when not in use.
• Keep receipts, valuations and photographs separately from the items themselves, as proof of ownership for any claim.

Take a moment to review your cover regularly. Check that your valuables limit and single item limit still match what you own. If you've bought new jewellery or the value of your items has increased, update your policy so you're properly protected.

If the worst happens, here's how to make a claim:

• Report it as soon as possible, either through your online account or by phone.
• Get a police crime reference number if the loss was due to theft or vandalism.
• Gather your proof – receipts, valuations and photographs – to support your claim.
• Let our claims team guide you through next steps, including repairs or replacements via approved suppliers.

Remember, an excess will be deducted from your claim settlement before we pay out.