Unlike many other assets, much of the pleasure of owning jewellery comes from wearing it. The last thing you want is to be too cautious to wear it for fear of having it lost, stolen, or damaged. Jewellery’s monetary value needs to be protected with insurance so you can easily pay for repairs or a replacement piece that’s the next best thing to having your original ring, watch, or family heirloom.
So if you're thinking about protecting your items with jewellery insurance, what do you need to consider? Ask yourself the following 10 questions as a start.
1. Is insuring your jewellery under your home and contents insurance enough?
You might assume that because you have home and contents insurance, your jewellery is also covered. While it’s true that this type of policy may provide some coverage, it’s likely to be quite limited and you’ll probably be left with out-of-pocket expenses after you file a claim.
If your jewellery is considered to be part of the general contents of your home, most insurers will limit the per-item payout, put a cap on the overall amount they’ll pay, or a combination of the two. In addition, your home and contents policy may only cover your jewellery when it’s in your home. Even if it’s covered outside the home, the coverage will probably apply only to limited situations.
2. How do I compare jewellery insurance companies?
If you’ve decided to cover your jewellery with a policy from a specialised jewellery insurer, consider the following to compare one company’s coverage with another:
3. Where is your jewellery covered?
Jewellery isn’t meant to be tucked away and hardly ever worn or to be worn only at home. In order to freely wear and enjoy your jewellery no matter where you are, you’ll need jewellery insurance that provides coverage inside as well as outside the home.
4. Is your jewellery covered overseas?
Your jewellery should ideally be covered anywhere worldwide and with no time limit restrictions. Some companies offer overseas coverage but only for a limited period of time. With JewelCover, your jewellery is covered wherever you travel in the world while you're insured with us.
5. When does your coverage start?
Make sure you understand exactly when coverage will start. You’re looking for coverage that starts immediately rather than forcing you to wait until the start of the next month or another date in the future.
6. How much do you receive if you file a claim?
You should be able to know exactly what you’ll be paid if you file a claim. Look for the words “agreed insured value” to know that you’ll be getting a specific amount rather than “up to” the insured value, which could be much lower than you expect or need.
7. How are revaluations handled?
The price of your jewellery pieces can go up and down over time according to changes in the cost of metals, gemstones, labour, and other factors. That’s why you need to have your jewellery frequently revalued on a yearly basis. Your jewellery insurance company may provide this service for free.
8. Can you use your own jeweller to make repairs or replacement pieces?
If you have a trusted jeweller, you’ll want to pay them a visit for any repairs or to create replacement pieces. Your jewellery insurance should allow you to go to a jeweller of your own choosing other than one provided by the insurance company. With JewelCover, you can return to your chosen jeweller for replacement or repair.
9. How knowledgeable is your jewellery insurer?
It’s important to insure your jewellery with a company that knows and appreciates jewellery. Unlike many items you own, such as electronics or appliances, your jewellery can have great sentimental and emotional value, and you need an insurer that understands this. JewelCover was founded by jewellers who are members of the Jewellers Association of Australia (JAA) in an effort to meet the needs of jewellery customers.
10. Can you trust your insurer?
Your insurance is only as good as the company that stands behind it. If you pay your premiums only to run into problems when it’s time to file a claim, you’re not getting what you paid for. Work with a jewellery insurer that is a recognised and well-regarded company with a trustworthy underwriter.
To get a quick quote from JewelCover, fill out an online form or call us at 1300 522 808. We’re happy to answer any questions you have and look forward to giving you the peace of mind to wear your jewellery knowing that its value is protected.