Understanding All-Risk Coverage for Jewellery and Valuables in Spain
When it comes to protecting your most precious belongings, the insurance landscape in Spain can feel a bit different than in the UK or the US. At Expat Home Cover, we frequently receive inquiries from clients looking for a standalone, individual “All-Risk” policy specifically for their jewellery.
While this is a common request, the reality of the Spanish market is more nuanced. Here is everything you need to know about securing All-Risk protection for your jewellery, art, and home.
Why Can’t I Buy a Separate Jewellery Policy in Spain?
In many countries, you can easily “schedule” items on a separate policy. In Spain, however, insurance companies—both local and international—prefer to wrap All-Risk jewellery coverage into a comprehensive Home Insurance policy (covering both building and contents).
There are two primary reasons for this:
- Low Competition: There are very few specialist insurers in Spain willing to take on the high-concentration risk of a jewellery-only portfolio.
- Market Demand: Historically, there has been less demand for standalone products, leading insurers to focus on “Multi-Riesgo” (Multi-Risk) home packages that offer broader protection.
What Does “All-Risk” for Jewellery Actually Cover?
Standard home insurance usually covers “named perils” like fire or water damage. All-Risk is much broader, but it is important to read the fine print regarding what is—and isn’t—included.
- Territorial Range: A high-quality All-Risk add-on should offer Worldwide coverage. This is a critical distinction; some policies restrict coverage to Europe. If your engagement ring is lost during a holiday in the Americas or Asia, a Europe-only policy will leave you unprotected.
- Theft and Loss: These policies are designed to cover the theft of the item or its accidental loss.
- The Exclusion of Accidental Damage: It is important to note that while “loss” is covered, accidental damage (such as a cracked gemstone or a snapped gold chain) is typically excluded from jewellery All-Risk clauses in Spain.
The Importance of the Safe
If you are not currently wearing your high-value items, Spanish insurers generally require them to be stored in a certified safe.
To ensure a smooth claims process, we recommend a proactive approach:
- Documentation: Send the make, model, and weight of your safe to your insurer.
- Visual Proof: Provide a photo of the safe installed in your home. By doing this, you eliminate any potential disputes regarding the quality or “security rating” of the safe in the event of a burglary.
All-Risk for Art and Collections
Interestingly, the rules change when it comes to Art and Collections. Unlike jewellery, there are individual policies available for fine art.
- Cost-Efficiency: It is often significantly cheaper to insure art on a standalone specialist policy than to add it to a general home policy.
- Tailored Valuation: These policies often account for “agreed value,” which is more beneficial for items that appreciate over time.
Expanding All-Risk to Building and Contents
Beyond jewellery, “All-Risk” can be applied to the structures and everyday items in your home.
1. All-Risk for the Building
This is particularly vital for new builds. The most significant benefit here is coverage for subsidence or land movement. If a new house settles and cracks appear, a standard policy may exclude it, but an All-Risk building policy will typically cover the repairs.
2. All-Risk for General Contents
This is one of the most affordable and “value-for-money” add-ons you can choose. It covers those “oops” moments that happen in every household—such as a child knocking over a high-end TV or spilling a tin of paint over an expensive designer sofa.
Final Thoughts
While you might not find a “jewellery-only” policy easily in Spain, you can still achieve world-class protection by structuring your Home Insurance correctly. At Expat Home Cover, we specialise in navigating these local market quirks to ensure your valuables are protected no matter where you are
