Everything you need to know about covering your valuables

If you were moving overseas and could only pack one suitcase, what would you take with you? Maybe it’s your engagement ring, a new Nikon camera, or the antique gifted by Grandpa. 

We know how important these things are to you, which is why we offer extra cover for them under your insurance policy.

• Why do I need to add valuable items worth over £2000 to my policy?
• Which items are eligible for extra cover?
• Which items aren’t eligible for extra cover?
• How do I add my valuable items to my policy?
• My valuables have been added to my policy, does this guarantee a payout if I claim for them?
• What specific documentation do I need to submit, and why does my insurer need it anyway? 
• A deep dive into the documents you’ll need should you ever file a claim
• So which should I submit— a receipt or an appraisal?
• How Lemonade approves your extra cover

Why do I need to add my valuables to my policy?

Let’s cut through the gobbledygook of insurance jargon. Adding your valuables to your policy means something pretty simple: Ensuring that they’re covered sufficiently.

Your base policy will automatically cover belongings worth less than £2,000. Adding your more expensive items covered means they can be repaired or replaced at their full value in the case of robbery, burglary,  fire, and a wide array of other bad things that could happen to them.

Which items are eligible for extra cover?

Generally speaking, you can add extra cover for the following items:

• Jewellery (up to £10,000)
• Bicycles (up to £10,000)
• Cameras (up to £10,000)
• Musical instruments (up to £10,000)
• Electronic devices (up to £10,000)
• Other items (up to £10,000)

A few things to keep in mind: You can cover multiple items from each category – say, two rings, a watch, an antique painting, and a new guitar – but the sky isn’t the limit. If you have enough instruments for an orchestra, or an entire Rolex collection in your jewellery box, your extra cover can’t insure all of them. The maximum combined limit for all valuable items added to your policy is £20,000.

Which items aren’t eligible for extra cover?

Our policy is designed to cover your personal belongings. This means that while we can cover home office equipment that belongs to you, we can’t cover any business equipment that’s owned by your company or employer. 

Another scenario to consider: If your spouse or significant other is the one in possession of a ring you’d like to add, they will need to be listed on your policy by name as an additional insured, However, if they do not live with you at the insured address, they will need to add the jewellery to their own insurance policy to ensure cover.

Here are some things we won’t cover:

• Borrowed or rented items
• Medical equipment provided by the NHS or other healthcare services
• Guns or other weapons
• Items used professionally, for business purposes, or owned by your company or employer
• Card collections, coin collections, or gold/silver ingots
• Consumable collections (rare whiskey collections, etc.)

How can I add valuable items to my policy?

When you first get your Lemonade policy, you’ll be given the option to secure 14 days of temporary extra cover for your items by declaring them on your quote. Here’s how it works:

• Start your personalised quote on Lemonade.com/uk
• Once you reach the “Add High-Value Items” part of the quote, you’ll be asked to provide the type and value of your item
• Finalise your quote and purchase your policy

Be careful: This doesn’t mean that your valuable items are covered just yet. You’ll now need to submit receipts and proof of ownership for each item in order to have them added to your policy.

Once your policy is active, you will receive an email with a link to submit the items you’ve declared while setting up. You’ll need to provide a description of the item, a receipt or appraisal, and a photo of the item with today’s date visible in the background.

Depending on the nature of the item, we may require some additional information. For instance, a warranty card for your watch, or the serial number on the frame of your bike. Providing as much information as possible can help smoothen the process tremendously!

Once your request has been sent, our Customer Experience Team will have it reviewed and will be in touch with you should they need anything else to proceed.

If you skipped this step during your quote, or have some new valuables you’d like to add to an already active policy, you can submit your request through Lemonade.com/uk or our Moblie App at any time. You can also email us at [email protected].

My valuables have been added to my policy, does this guarantee a payout if I claim for them?

This extra cover is entirely optional and is not part of your base insurance policy, so the decision of whether to accept or deny your claim is up to our adjusters. That said, having clear, correct documentation at hand at the point of claim can help us ensure the process goes as smoothly as possible.

The maximum we would cover for your added items is up to the value to which they were added. However, while it’s safer to have more cover than not enough – adding an item for a higher value doesn’t mean you’ll receive a bigger payout. 

For example: If you’ve added a Rolex to your policy for £10,000 and it goes missing, if that Rolex only costs £8,000 to replace today, we’ll pay £8,000. If your item was purchased second-hand, we will only cover the cost of a second-hand replacement. 

These added items will be subject to the same cover as your base policy. If you would like to have them protected against theft away from home, or against damage that was (unintentionally) your fault, you will need to include the Theft & Loss, and Accidental Damage add-ons as well.

What specific documentation do I need to submit, and why does my insurer need it anyway?  

If one of your valuable items gets lost, stolen, or damaged, we’ll need to determine what it actually costs to repair or replace. For this, we’ll ask for any receipts, appraisals, or links to a retailer selling the same make and model today. If your item was purchased second-hand, we will only be able to cover the cost of a second-hand replacement.

A deep dive into the documents you’ll need should you ever file a claim

All documentation is not created equal. The right combination of paperwork will make our underwriters smile in delight—and who doesn’t love making an underwriter smile?

First, there are receipts. That’s simple enough, eh? But a few caveats:

• We need a receipt from an official retailer to verify the market replacement cost for your stuff. We’ll only cover the costs to replace the item for what it’s worth today.
• Since we need to determine the current replacement cost of the item, we may not be able to accept receipts older than 5 years – an updated appraisal will be necessary.
• If a name is listed on the receipt, it needs to match one of the names listed on your insurance policy.
• A receipt should include the date of purchase, and the name of the store where it was purchased.
• The receipt should also include all pricing info, and a full description of the item itself. For example, “14k White Gold Engagement Ring with Side Stones – £8,250” as opposed to  “Ring”.

We understand that not everyone holds on to receipts though. This is where appraisals come into play. Appraisals are a handy alternative to confirm an item’s value, and are especially useful for items that wouldn’t usually have a store receipt, or for items that rise in value over time – like the wedding ring you inherited from your great-grandmother.

 An appraisal should ideally include the following:

• Name and address of the person listed on the policy
• Date of the appraisal (ideally from within the last 5 years)
• Description of the item, which matches the photographs you’ve provided
• The appraised value of the item
• The appraiser’s signature (not an e-signature)
• Info identifying the store where the appraisal was completed, preferably on company or store letterhead. Unfortunately, we can’t accept online appraisals, so they’ll need to be done in person.

So which should I provide— a receipt or an appraisal?

That really depends on what kind of item we’re talking about. For instance, you’d likely have a store receipt for bicycles, camera equipment, or jewellery you purchased recently. But if that jewellery is a well-worn family heirloom, then you’d want to obtain an updated appraisal (even if you were able to find the original paperwork, we wouldn’t be able to accept a receipt from 1902).

What about artwork? Either a receipt or an appraisal might make sense, depending on the circumstances. We’re happy to answer specific questions and work through what documentation we need for your individual case.

That said, there are a few things to keep in mind for specific types of items.

• Jewellery: We don’t accept “summation of appraisal” reports or Statements of Value (SOV). For any jewellery setting that contains diamonds or other stones, the receipt or appraisal must indicate the total price of the entire piece itself, not just the stones.
• Bicycles and camera equipment: You probably have a receipt for these items. If not, we can also accept a screenshot or link to a retailer’s website that is currently selling the same make and model of the item. You may also have to provide that item’s serial and model numbers if they have any.
• Musical instruments: If you don’t have a store receipt for your sax or vintage jazz bass, we’ll also accept a signed appraisal from your local music shop.

Should you have any other questions about adding valuables to your cover, feel free to email us at [email protected] and we’ll be more than happy to assist you through the process.