A Quick Guide on How to Insure Jewellery

Protecting your most precious jewellery so that it is adequately protected against damage, loss and theft can be a minefield to navigate.

It is common for most people to simply add some of their most valuable assets to home and contents insurance policies without actually knowing what the policy covers and importantly, what it does not cover. Jewellery items such as a diamond engagement ring, a vintage Rolex, or a pearl necklace can often hold significant monetary and sentimental value, but usually, homeowners’ or renter’s insurance policies cover your contents up to a certain limit which may not be enough to replace the items if they are damaged, lost or stolen.

Insurance policies that are not jewellery insurance specialists may have coverage limits for certain types of events and have limits on the maximum settlement figure for claims. This level of coverage can be significantly inadequate, especially if you want to replace the sort of item that has substantially appreciated in value since its purchase.

In this quick guide on how to insure jewellery:

KEY TAKEAWAYS

• Most home and contents insurance policies require that jewellery items are listed as specified items to have adequate cover
• Jewellery is often not directly replaceable, so be sure to discuss appreciation and replacement rules when considering a policy.
• If the item is particularly valuable, having it valued is a smart idea.
• Insuring jewellery doesn’t mean that it should be locked in a safe. Make sure the cover includes portable contents cover so you can wear your jewellery anywhere with confidence

What You Need

If you have jewellery items that have significant monetary and sentimental value, specialised jewellery insurance is essential to ensure that in the event of a claim you will receive a like-for-like replacement. Specialised jewellery insurance policies are tailored for the protection of jewellery items and will typically cover jewellery against fire, flood, damage, loss, or theft. Crucially, specific jewellery cover will also allow the wearer to be covered anywhere in the world which will protect your items overseas where travel insurance policies will only generally cover up to a few thousand dollars per item.

Most major insurers do not offer jewellery coverage as a stand-alone product (an underlying Home & Contents insurance policy is required). However, owners of valuables can purchase coverage as an add-on to their existing Home & Contents insurance policy. In fact, most of the better-known insurers require additional handling for high-end valuables if the user wishes for them to be covered. 

Centrestone Jewellery Insurance covers all jewellery valued above $500 per item or set. So a jewellery item worth tens of thousands or even hundreds of thousands of dollars would be covered for its full value. This cover would also cover you for, 

• like-for-like replacement; 
• worldwide cover; 
• up to 150% cover up to a maximum increase of $50,000 to protect from replacement cost increases; 
• cover against damage loss and theft; 
• return to the jeweller of your choice, not the insurers preferred jeweller;

Find out all Centrestone policy features here

What to Ask

When you look around for the best jewellery insurance policy, keep these questions in mind:

A few questions you should be asking are:

• Does the coverage cover accidental damage, loss, and theft?
• Is the coverage covered worldwide?
• Does the coverage include a revaluation every year?
• Are you covered for the total replacement cost of the jewellery?
• Are you able to go back to the jeweller of your choice in the event of a claim?
• Are you covered for a like-for-like replacement?

Additional Tips

Before buying your policy: 

• Have your items professionally appraised to determine their value for insurance purposes.
• Take photos of the items.

Once your policy is in place:

• Keep all your items’ receipts, appraisal paperwork, and photos locked away in a safe (but easily accessible) place.
• Store items securely when you aren’t wearing them.
• Avoid travelling with irreplaceable or extremely valuable jewellery.

Read more in our Guide to Jewellery Insurance

The Bottom Line

Most insurance providers offer discounts to customers who purchase multiple policies. If you purchase your home, auto, life, and property insurance from a single provider, you will likely get a better deal overall.

Purchasing stand-alone specialised coverage from a provider specialising in insuring jewellery will give you many benefits. Over 1,000 jewellers in Australia trust Centrestone Jewellery Insurance to insure their customers jewellery items.

Last but not least: Protecting your property doesn’t mean you can never wear it. Jewellery is made to be worn! On the contrary, if you insure your valuable pieces, wearing your jewellery with confidence comes from knowing that they’re adequately covered.