Don't run the risk of underinsuring your crown jewels
The latest research from Churchill home insurance has found that nearly one in five (17 per cent) believe they own jewellery that could be considered vintage or antique. What is concerning is that, of those that own vintage or antique jewellery, more than double (41 per cent) say these items are not accounted for on their home insurance policy. Churchill home insurance strongly advises home owners to take the time to get these items valued and included on their policy to reduce the risk of being underinsured.
The latest claims data out today shows rings to be the most common jewellery related claim (22 per cent). Watches follow in second (12 per cent) and earrings join in third (10 per cent).
Most common jewellery item claimed
Ring 22%
Watch 12%
Earrings 10%
Bracelet 7%
Most common reason for claiming
Theft 41%
Accidental loss 41%
Accidental damage 18%
Source: Churchill Home Insurance, 2016
Theft and accidental loss constitute for the vast majority of jewellery claims (each at 41 per cent). Wedding and engagement rings, milestone watches and earrings can be very expensive. It is important to note that it is not uncommon for insurance providers to require these items to be individually listed on an insurance policy. They may be required to be kept in a safe when not being worn and the value of the item accurately updated regularly and made clear to your insurance provider.
The limit on your policy applies to both jewellery and other expensive items around your home. It is essential you inform your insurer of any items which you think may exceed the single item limit so these are accounted for on your policy and you reduce the risk of being underinsured. Failing to do so, may leave many householders out of pocket in the event of a fire, flood, burglary or if an item is accidentally damaged or lost.
The research reveals around one in six (16 per cent) found they were in fact underinsured. But what is even more concerning is that 16 per cent of respondents claim not to have any type of home insurance, offering no protection for their crown jewels. For those who are insured, a third (34 per cent) say they do not know if their home insurance policy has a single item limit.
Martin Scott, head of Churchill home insurance warns: “We urge people to regularly take the time to have their jewellery valued and make sure they are comprehensively insured on a policy that protects the full value. It is important to consider if you have an item which exceeds the policy limit and follow the procedure necessary to insure that item. For many, the impact of under-insurance is only realised when it’s too late, but this is preventable.”
Churchill Home Plus provides customers with unlimited Buildings insurance, Contents insurance worth up to £100,000 and includes Personal Possessions cover of up to £5,000 (the single article limit is £4,000), Home Emergency cover, Family Legal Protection and Accidental Damage cover as standard.