Home contents insurance advised for jewellery

Britons could make considerable savings by adding jewellery to their home contents insurance, rather than opting for insurance offered by jewellers, a price comparison website says.

Insuresupermarket found that insurance purchased on the high street for a solitaire diamond engagement ring that is valued at £2,500 would cost £230 on average.

This is compared to insurance from some online insurance companies that would offer insurance cover for only £120, the website revealed.

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, comments Richard Mason, director at the price comparison website.

In order to avoid underinsurance of jewellery, pieces that are older than a decade should have a valuation once every two years, experts advise.

Consumers are also urged to keep the receipts for expensive items and to take pictures of unusual pieces that are covered by home contents insurance policies.