Jewellery Insurance and Valuation: What You Need to Know

An engagement ring handed over at the restaurant table is at its highest vulnerability at that exact moment — it has just been given, it is not yet insured, and it has never been more important. Most people don't think about insurance until something goes wrong. This guide explains what you need, in what order, and why the documentation matters more than most people realise.

Why standard home contents insurance is usually not enough

Most UK home contents insurance policies cover jewellery in some form, but with significant limitations:

Single-item limit. The most common constraint. Standard policies cover individual items up to a specified limit — typically £1,500–£2,000. Any piece above that limit needs to be named (listed separately) on the policy, usually with a valuation certificate as supporting documentation.

Theft only vs all-risks. Many standard policies cover jewellery against theft from the home only. They do not cover: loss (dropping a ring and not finding it), accidental damage, theft from your person (a bag snatched in a car park), or loss while travelling abroad. Personal possessions add-ons cover more of these risks but must be specifically requested.

No pair and set clause. Standard policies may pay for a single lost earring but will not automatically replace its partner. Specialist policies include this.

Insuring an engagement ring: the practical steps

Step 1: Get the valuation immediately. We provide a free valuation certificate with every diamond ring we sell. For a ring bought elsewhere, arrange a professional valuation before wearing the ring. The valuation should be completed within weeks of purchase, when the market value is closest to the purchase price.

Step 2: Contact your home insurer. Even before you investigate alternatives, call your insurer and ask two questions: "What is my current single-item limit for jewellery?" and "Is accidental loss covered under my policy?" Note the answers in writing.

Step 3: If the ring exceeds the single-item limit, name it. Most insurers will list it as a named item for a small additional premium. Provide the valuation certificate — the insurer needs the replacement value figure, the stone description, and the valuer's credentials.

Step 4: Consider a specialist policy for significant pieces. For rings above £3,000, a specialist jewellery insurer (T.H. March, Assetsure, etc.) typically provides better coverage at a comparable or lower premium than a home insurer add-on. Get a quote from both.

Step 5: Update the valuation every 3–5 years. Review the insured value whenever diamond or gold prices change significantly.

What a proper valuation document looks like

A valuation prepared by an Institute of Registered Valuers (IRV) member — the professional body under the National Association of Jewellers — includes:

• Detailed description: Metal type, weight, hallmarks (office, date letter, maker's mark)
• Stone description: Shape, cut style, colour grade, clarity grade, estimated carat weight, certificate number if applicable
• Replacement value: The cost of sourcing and mounting equivalent material at today's market prices
• Valuer's credentials: Name, IRV membership number, date of assessment
• Photographs: At least two — a face-up view and a profile

Andrew Gallacher is a Registered Valuer. We provide free valuations with every ring we sell, and carry out valuations for pieces purchased elsewhere from £55. Valuations are completed in the workshop and the document is issued within 5 working days.

Making a claim

If you need to make a claim, the insurer will ask for:

1. The valuation certificate
2. The original purchase receipt (if available)
3. The police report (for theft claims — always report to Police Scotland, reference number essential)
4. Any certification documents (GIA, IGI, HRD report)
5. Photographs (this is why we recommend photographing your jewellery regularly against a reference scale)

The better your documentation, the faster and more fully a claim is settled. A claim supported by a current IRV valuation, a GIA certificate, and photographs is typically settled within weeks. A claim supported only by a receipt and a description from memory can take months and may result in a lower settlement.

Call 01786 462799 to book a valuation appointment at our Murray Place boutique.