Jewellery Insurance 101 – Everything you need to know
When you’re buying an engagement ring, jewellery insurance should be a “must have” on your checklist. Apart from a car or home, it will likely be one of the most expensive purchases you will make. The true beauty of jewellery extends beyond the sparkly exterior. Jewellery signifies a special moment in time and means something different to everyone.
When life’s unexpected disasters strike, having comprehensive jewellery insurance in place is a must have. An engagement ring is the only item that is worn every single day, everywhere you go, so having the correct cover is crucial.
When finding the best jewellery insurance for you, the fine print can be daunting. That’s why we’ve simplified and listed out everything you need to know about jewellery insurance!
1. Look for a jewellery insurance policy that allows you to return to your jeweller in the event of a claim.
Some insurance companies shop around for the cheapest quote to repair or replace your item in the event of a claim. Often this means having your precious jewellery replaced by lower quality workmanship.
Should you need to make a claim on your policy, Centrestone guarantees that you can return to your preferred jeweller. This gives peace of mind that you will receive the same beautiful jewellery if something was to ever happen.
2. Make sure your jewellery insurance policy covers the full value of your jewellery.
Some jewellery insurance policies have a limit on the amount covered. When shopping around, look for policies which cover up to the full value of your item. The Centrestone Jewellery Insurance policy goes above and beyond, covering you up to 125% of the insured value. Jewellery items will fluctuate in value over time as precious metals and gemstones are priced in $US.
Having 125% cover allows you to have peace of mind that should the replacement cost rise, you won’t be out of pocket to secure a like-for-like replacement.
3. Check if your jewellery is covered worldwide under your jewellery insurance policy.
Some policies state that the jewellery is only covered within the home or only in Australia. The advantage of having a policy which offers worldwide coverage, like Centrestone, is that you won’t need to add it to a travel insurance policy if you decide to go overseas with your jewellery.
Centrestone offers great flexibility, with no limits on the amount of time spent travelling. If you go travelling overseas there is no need to notify us as you are automatically covered as part of the policy.
4. Find out what excess applies in the event of a claim.
The policy PDS is the best place to look when searching for what excess applies to claims. In some policies, the excess may be termed “deductible” as opposed to an excess so be sure to check the PDS.
Be sure to look out for policies which increase the excess or policy premium after making a claim.
Centrestone has a low excess of $50 as we understand that losing your jewellery is hard enough. We don’t want to worsen the pain of losing something so special, hence why we have made our excess as low as possible.
5. Get jewellery insurance in-store.
Before picking up your ring make sure your jeweller can set up an insurance policy in-store. Getting covered in-store allows you to be protected from life’s uncertainty before you walk out of the door.
If your jeweller is not able to set you up in store, get in contact with the Centrestone Team and we can look after you.
6. Make sure you have all of your documentation ready.
Keeping records of key documentation like the tax invoice, valuation and photos of the item is essential if you are taking out insurance. Some policies require you to provide this documentation up front so that in the event of a claim there are no disputes as to the replacement item.