Your home should be your safe space, however between September 2023-2024, there were 187,209 residential burglaries reported across England and Wales which averages 3,600 burglaries each week1. Watches and jewellery hold immense emotional and sentimental value for their owners, but to thieves they are also some of the most valuable assets they can sell. In Europe, London is the leading hotspot for watch-related crime alongside Barcelona and Ibiza2, and luxury thefts including jewellery and handbags has reached a “record high” in London3.
This article will look at the steps you can take to safeguard your home, allowing you to keep enjoying your cherished assets for years to come.
Secure what matters with the right safe
A home safe can be a great way to keep your items secure. Whether you’re locking them away to go on holiday, work, or even to bed, you can have confidence that there is a strong layer of protection in place. With so many safes on the market, it can be overwhelming to decide which one is right for your jewellery and watches, so here’s a brief breakdown.
Always start by only considering safes with a grade, as this means it meets the European Standard EN 1143-1 to ensure you have optimal security. To check the safe is certified, look inside the door for the sticker which provides a traceable manufacturing number, certification confirmation, the year of manufacture, the test mark and the approval number4. The sticker will also state the grade and weight of the safe.
In recent years, some UK insurance companies will only insure your assets in a safe that has been approved by the Association of Insurance Surveyors (AIS)5. If you are unsure, always check with your insurance broker before installing and using your safe to ensure this is in line with your insurance cover.
Safes are graded 0-7, with 0 being the lowest and 7 the highest levels of protection. Each grade is available in a variety of sizes to suit your needs.
Another important factor to consider when choosing your safe is its insurable cash rating, which represents the maximum amount of cash or valuables an insurer will cover when stored in the safe. Insurers typically determine the maximum jewellery limit by multiplying the cash rating by ten. For instance, a safe with a £3,000 cash rating would allow cover for up to £30,000 worth of jewellery. Purchase a safe that gives enough rating space to factor in longer term increases in value and future purchases. A 30% higher rating than your current valuation is recommended6.
Maintain the value of your valuables with regular appraisals
As your lifestyle changes, the risk of underinsurance grows, potentially leaving important assets insufficiently protected. Depending on outdated valuations is often a common mistake, and with asset values constantly shifting, what was once adequately insured may now be insufficient. Regular and thorough assessments are crucial to ensure insurance cover reflects current market values, reducing the risk of underinsurance.
Notably, the value of watches and jewellery has risen significantly with the jewellery and watch market expected to generate US$9.88bn in revenue in 20257. This is in part due to the rapid surge in the value of gold, which has seen a price increase of over 40% in the last year8. If your assets haven't been regularly revalued, you may be underinsured, putting you at risk of inadequate cover. This could mean your insurance won’t fully cover the value of your collection, leaving you with out-of-pocket costs in the event of a claim.
Insurance for your passions
We understand the importance of protecting your assets for you and your family’s future and appreciate no one wants to go through the heartbreak of your belongings being damaged or stolen. The first step to keeping your assets protected is to acknowledge the unexpected may happen, and you need to be covered for it.
To find out more about how our specialist team can help protect your jewellery, watches and other important belongings, get in touch with the team by emailing privateclients@specialistrisk.com or request a home insurance quote here.
Sources
- Crime in England and Wales: Police Force Area data tables - Office for National Statistics
- Protecting Your Luxury Watches: Hotspots for Theft -
- Luxury thefts in London reach record high - London Business News | Londonlovesbusiness.com
- Safes: What does EN-1143-1 actually mean? - WALDIS Tresore AG
- Jewellery Safes - Which One to Choose - Safe Options
- Safe Insurance Ratings Explained
- Watches & Jewelry - United Kingdom | Market Forecast
- Gold is booming – but how safe is it for investors, really? - BBC News
