Insuring jewellery, electronics, bikes and other valuables at home

Key rules

• Sublimits: Valuables are capped at a share of your contents cover unless you declare them.
• Undeclared items: An item you have not declared is paid only up to the cap.
• Proof: Keep invoices, valuations, photos and serial numbers so you can prove ownership.
• Theft conditions: If your home does not meet the policy's security conditions, a theft claim can be reduced or rejected.

Valuables are capped unless you declare them

A standard home policy does not cover your valuables at full value. It caps them with sublimits. For jewellery, art and collections, the cap is usually a percentage of your total contents cover. Electronics and bicycles usually have lower caps per item.

If you do not declare an item, the insurer pays only up to the cap, even if the item cost far more.

How to declare an item

Ask your insurer to list any item worth more than the cap as an objeto de valor especial. You give a description and a value for each one. The insurer may ask for a valuation. The premium goes up, but the item is then covered for its declared value.

Check this when you take out the policy and again when you buy something expensive. Ask for the exact caps in writing, because they vary between insurers.

What proof the insurer may ask for

Insurers ask you to prove you own the item and what it is worth. The documents list below shows what to have for each type of item. The inventory checklist below shows how to build the record before you need it.

Keep the record somewhere other than your home. After a theft, you also need a police report to claim.

Security conditions for theft cover

Theft cover often depends on how your home is protected. Typical conditions are:

• A reinforced or security door.
• Locks in working order.
• Shutters or bars on ground-floor windows.
• An alarm, for high-value items or second homes.

Theft is usually covered only if there was forced entry, violence or threats. Wording often says the insurer is not liable if doors and windows were not properly closed.

If you do not meet the conditions, the insurer may reduce the payment, reject the claim, or lower the cap, depending on the policy wording. Read the theft clause before you sign, and ask which security measures apply to your home. Second homes are often stricter.

Documents you need

• Purchase invoices for your valuables, from the shop where you bought them.

• A valuation certificate for jewellery, from a jeweller or appraiser.

• For art, an appraisal and provenance records, plus an authenticity certificate.

• For electronics, the invoice or warranty document, with the serial number.

• Photographs of each valuable item.

• A police report, needed after a theft to make a claim.

Contents inventory to photograph before you ever need to claim

Contents inventory

• Photograph each valuable item, plus wider shots of each room, so a loss can be proved.

• Keep the purchase invoice or receipt for each valuable item, as a paper copy or a scan.

• Write down the serial number of each electronic device and keep its warranty document with the invoice.

• Ask a jeweller or appraiser for a written valuation of each piece of jewellery and photograph it.

• Get an appraisal and any authenticity certificate or provenance records for art, and store them with your photos.

• Save the photos, receipts and serial numbers in a second place away from home, such as cloud storage, so a burglary or fire cannot destroy them.

• File a police report straight after a theft, because the insurer will ask for it with your proof of ownership.

Frequently asked questions

What happens to a valuable I have not declared?

An undeclared item is paid only up to your policy's sublimit, even if it is worth much more. To avoid that, list it as an object of special value (objeto de valor especial) with a description and value. Expect the premium to rise.

Are electronics and bikes capped as well as jewellery?

Yes, electronics and bicycles usually have their own caps, and these are often lower per item than the cap for jewellery, art and collections. Jewellery, art and collections are usually capped as a percentage of your contents sum insured. Check each cap in your policy before you buy.

Will my theft claim be paid if I left a window open?

Probably not, because theft is usually covered only with forced entry, violence or threats. Typical wording says the insurer is not liable if doors and windows were not properly closed. Insurers can also reduce or reject a claim if your security door, locks or shutters do not meet the policy conditions.

Does a second home need extra security for theft cover?

Yes, second homes are often stricter, and many policies require an alarm for high-value items or second homes. Ground-floor windows may also need shutters or bars. Ask your insurer for the exact conditions before you rely on theft cover.