Student Insurance to cover Jewellery and Watches

Have Jewellery or a Watch you can't bear to be parted from whilst at University? We explain how you can protect them.

Jewellery, Watches, Pendants and Rings are all items that many students would prefer to take to university with them - but obviously also want to make sure that that they are protected should they be lost, stolen or indeed just damaged. And you can focus your insurance on these valued items.

We explain the different ways that such items can be insured.

Using a Student Insurance policy

You can add 'all risks' or Possessions cover to your Student insurance policy.

Normally these cover Theft, Accidental Damage, but not Accidental Loss (i.e. loss through carelessness)

Cover4Insurance

Will cover an item worth up to £500 on a sum insured policy of £2,000 under their student contents insurance. The single item limit rises with higher sum insured limits.

Individual items worth over the single item limit can be added under their Specified Items Upgrade. Specified items are insured anywhere in the UK and up to 60 days worldwide.

Guide price for the cost of a policy insuring a specified £1000 watch would be £63.93 per year with a £10 excess.

Get a quote from Cover4Insurance

Insurance Emporium

Will cover a maximum sum insured of £10,000 of items. Under personal belongings there is a limit of £5000 cover for items outside the home with a single item limit of £500. Valuables covered up to £3000 with single item limit of £1500. Personal Belongings outside the home can be insured anywhere in the UK and for up to 45 days worldwide.

Guide price to add a £1000 watch to a policy is £79.44 for the year with a £50 excess.

Get a quote from E&L Insurance

Parental Home Insurance Policy

Adding an item to the family home insurance policy can be the cheapest way forward. Ask your insurer for more details explaining that the item will be in the possession of the student.

The big downside here is that if you need to claim you can find that premiums leap on renewal, reflecting both the claim made and the loss of a No Claims bonus. Also excesses tend to be higher on home and buildings insurance policies.

You can always get an comparative quote on the Moneymaxim Home Insurance Comparison Service, particularly if a renewal is due.

Specialist Jewellery Insurance

There are also specialist insurance available. This type of policy tend to insure not just theft and loss, but also accidental damage - so are ideal for expensive watches and more delicate items.

They do require that when away from home that the jewellery is either worn, held or locked in a locker or safe - so you may need to install a small safe in your halls or property - small jewellery safes can easily found on Amazon.

If you need to claim you receive a jewellery gift card to the insured value of the item and at that point your insurance policy would be cancelled.

Typical Advantages:

• Covers Accidental Loss as well as Theft and Loss ( loss needs to be explainable
• No excess on policy
• Can obtain Worldwide Cover
• Claims don't have an impact on parents NCB, whereas insuring through parents home insurance would.

Points to consider

• Items need to be worn, held or in in locked safe or locker at all times when away from permanent home.
• Items of jewellery must be less than five years old when you insure the item and you will need to produce the original receipt.
• Individual items of jewellery can be worth up to £15,000 (to a total value of £30,000 for multiple items).
• Mechanical breakdown of watches is not covered.
• General wear and tear, minor denting or scratching, damage to items caused by failure to follow operating instructions or damage resulting from cleaning, restoration or maintenance is not covered.

If you do require further assistance please refer directly to the insurers mentioned, or contact us here at MoneyMaxim.

This content was last reviewed on 26/11/2024