Forego jewellery insurance for home insurance

Posted : 23-02-2006

British consumers could save themselves millions of pounds by adding expensive items such as jewellery to their home insurance policies, rather than buying cover from the jeweller.

Price comparison website Insurancesupermarket.com suggested that instead of purchasing cover from jewellers, personal items like jewellery can instead be attached onto home insurance packages.

According to the website, a £2,500 solitaire engagement ring would cost £230 to insure from H Samuel, Ernest Jones and Goldsmiths, compared to only £122.01 from internet insurance company MoreThTo, or £123.24 from Budget.

However, specialist insurance company Hiscox is urging home-owners that have rings over a decade old valued every two years in order to guard against being underinsured.

"Even though a ring is irreplaceable for its sentimental value, most people would rather avoid having to fork out for a replacement on top of the emotional distress of losing the ring," Richard Mason, director of Insuresupermarket.com, said.

And with rising street crime and the proliferation of small-size, high-value items such as ipods and camera phones, the demand to cover possessions on home insurance policies is set to grow still further.


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