• Nearly one in five (17 per cent) believe they own jewellery that could be considered vintage or antique
• More than double that (41 per cent) say these aren’t accounted for on their home insurance policy
• A third (34 per cent) say they do not know if they have a single item limit on their policy
• Around one in six (16 per cent) came to find that they were in fact underinsured 

The latest research1 from Churchill home insurance has found that almost one in five (17 per cent) believe they own jewellery that could be considered vintage or antique. What is concerning is that, of those that own vintage or antique jewellery, more than double (41 per cent) say these items are not accounted for on their home insurance policy. Churchill home insurance strongly advises home owners to take the time to get these items valued and included on their policy to reduce the risk of being underinsured. 

The latest claims data2 out today shows rings to be the most common jewellery related claim (22 per cent). Watches follow in second (12 per cent) and earrings join in third (10 per cent).  

Source: Churchill Home Insurance, 2016

Theft and accidental loss constitute for the vast majority of jewellery claims (each at 41 per cent). Wedding and engagement rings, milestone watches and earrings can be very expensive. It is important to note that it is not uncommon for insurance providers to require these items to be individually listed on an insurance policy. They may be required to be kept in a safe when not being worn and the value of the item accurately updated regularly and made clear to your insurance provider. 

The limit on your policy applies to both jewellery and other expensive items around your home. It is essential you inform your insurer of any items which you think may exceed the single item limit so these are accounted for on your policy and you reduce the risk of being underinsured. Failing to do so, may leave many householders out of pocket in the event of a fire, flood, burglary or if an item is accidentally damaged or lost. 

The research reveals around one in six (16 per cent) found they were in fact underinsured. But what is even more concerning is that 16 per cent of respondents claim not to have any type of home insurance, offering no protection for their crown jewels. For those who are insured, a third (34 per cent) say they do not know if their home insurance policy has a single item limit.

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

Churchill Home Plus provides customers with unlimited Buildings insurance, Contents insurance worth up to £100,000 and includes Personal Possessions cover of up to £5,000 (the single article limit is £4,000), Home Emergency cover, Family Legal Protection and Accidental Damage cover as standard. 

ENDS

Notes to Editor

1  Research conducted by Opinium amongst 2,005 UK adults, 23 – 26 February 2016

2 Based on internal claims data from Churchill Home Insurance 


LMG

LMG Jewellery works closely with Churchill home insurance offering the repair and replacement of treasured, valuable possessions. We specialise in all types of jewellery, watches and collectable items and are able to replicate unique and bespoke items using CAD software and the latest manufacturing and restoration techniques.

For more information please contact:

Christopher Meers
Churchill
0190 363 6074
[email protected]

Churchill

Founded in 1989, Churchill is now one of the UK's leading providers of general insurance, offering car, home, travel and pet insurance cover over the phone or on-line. 
Churchill general insurance policies are underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England and Wales No 1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.  
Churchill and U K Insurance Limited are both part of Direct Line Insurance Group plc.   

Customers can find out more about Churchill products or get a quote by calling 0300 200300 or visiting www.churchill.com

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