If you own a piece of jewellery that could be considered an antique, you should probably get it insured, right?

New research by Churchill Home Insurance shows that not everyone takes the time to get items valued and covered.

For many, the impact of under-insurance is only realised when it’s too late, but this is preventable

Martin Scott, head of Churchill home insurance
Atom 151 lives here

According to the study, 17% of Brits believe they own jewellery that could be considered vintage or antique – but 41% of those people admit the items are not accounted for on their home insurance policy.

The lack of knowledge regarding insurance policies doesn’t stop there, though.

A third (34%) of the 2,005 UK adults surveyed don’t know if they have a single item limit on their policy and 16% of respondents don’t have any sort of home insurance at all.

Claims data published by Churchill reveals that rings are the most common jewellery item claimed for at 22%. Watches are in second place (12%) followed by earrings (10%) and bracelets (7%).

People should take the time to get their jewellery valued, Churchill says. Image by Phovoir/Shutterstock.com

The most common reasons for claiming are theft and accidental loss (both at 41%), while accidental damage accounts for 18% of claims.

Churchill said limits on home insurance policies apply to jewellery and other expensive items around the home.

Failure to inform your insurer of items that may exceed the single item limit could leave people at risk of being underinsured and – in the event of a fire, flood or burglary – out of pocket.

Martin Scott, head of Churchill home insurance, said: “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.”

Earlier this year, Bilgo reported on a study by Direct Home Insurance which found that nearly half of UK consumers don’t realise the value of their antiques or vintage items. 

Around 44% of respondents in Direct Line’s survey admitted they found it difficult to estimate the value of personal possessions.