Jewellery insurance

[circumcisiondecision]

Have recently inherited a diamond ring - valued by by jeweller for insurance purposes at £3000. Have written valuation, photos etc.
In my current contents insurance, the maximum value of any single item is £2000. They want £182 to add it to my existing policy as a named item (previously policy cost for entire home contents = £145 - so new total would be £327). Seems a huge amount relative to the cost of the original policy? Can this be right?
Any suggestions of how I can insure it more cheaply? Would a specialist jewellery insurance be more competitive?

It shouldn't cost that much. I used to work in insurance. Having a ring of that value is more common than you'd think, I'd look into changing your household insurance provider.

circumcisiondecision

I agree with Teaandchoc that does sound expensive, but we haven’t added any itemised jewellery for quite a while.

As unfortunately we ‘inherited’ jewellery way too early, and we weren’t likely to wear it much (if at all), but felt we needed to secure it against a burglary somehow, I have a multi-use suggestion for you – buy a relatively small fireproof safe, say just over 1 foot high, slightly more deep, with an option to bolt on to a floor – as it can go into the bottom of a wardrobe, airing cupboard, or cupboard under the stairs etc.

It will have space to put unworn jewellery, and jewellery in a box you do wear sometimes (but may not want to take on holiday), and if like ours a draw at the top to put Passports, certificates of birth/marriage, insurance policies, and other documents you want to ensure survive a fire.

I suspect it is the fireproofing that really adds to the weight and made us feel secure (and not bolted in) until we moved, and I thought it would take two at least to lift it, until this removal man mountain did it on his own – but non bolted in, it would certainly defeat a more scrawny, opportunistic thief, squeezing through windows, especially if was counting on a quick get away.

The advantage is just a one off cost (after a shop around of private/local safe companies I never knew existed) around £350 quite a while ago, but saves on so many annual premiums, and as I mentioned the bonus is it would protect all sorts from a fire, whether we were in or out of the home at the time.

That's crazy. I just renewed our Tesco home insurance and while playing with the options, adding my diamond engagement ring which has a value of £3000 only increased the premium by about £20 or £30. (I feel I need to justify that it didn't cost that much when DH bought it...)

(In case it's relevant our final quote inc out of home cover for the ring was about £300)

Yes, that is more what I was expecting Moggle.
I will look into changing our insurer in due course - once I've had them out to examine all the cracks that my extension architect is concerned about

I agree about the safe. I have a very, very valuable ring too which I barely wear. I was asked to install an alarm system for the insurance company to be willing to even insure it. As the ring didn't cost me anything (inherited), I decided to buy a safe and risk that I did lose it on the odd occasion that I wore it (a couple of times per year). So far this has worked out!

I have been lucky enough to buy at auction pieces of jewellery whose styles I currently unpopular, but I love. However, the replacement values are high dye to quality of workmanship, stones etc. I found that so of the lower end insurance companies are just not interested in covering this type of item and actually refuse to even cover on their policies.
I found I needed to go to a more high end policy even though I ended up paying a similar amount to the low end policies.

I have m&s home insurance bought online. Was very reasonable and covers £10k of personal possessions as standard so no need to declare your ring. There are other policies with similar provisions.

The other thing with rings is to have your claws checked every few years and a certificate from a jeweller for this so that if you lose the diamond out it will be insured; check your policy for the requirements around this too

There is often a limit per item e.g. 10k of total cover but not more than 2k per individual item.

Not on mine