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 can be insured 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 insuring your jewellery, what do you need to consider? Ask yourself the following 10 questions as a start.
Jewellery holds both financial and sentimental value, so it's worth thinking about cover designed specifically for it. Specialist jewellery insurance is built around your individual pieces and can cover them for loss, theft and damage, subject to policy terms and exclusions.
Because jewellery is often worn out and about, specialist cover is designed to insure it both inside and outside the home, so you can enjoy wearing it wherever you go, subject to the terms of your policy. If you also hold home and contents insurance, it is worth checking your PDS, as terms vary by insurer.
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:
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 cover inside as well as outside the home, subject to policy terms and exclusions.
Ideally, your jewellery should be covered wherever you travel, with no time-limit restrictions. Some companies offer overseas cover only for a limited period. With JewelCover, your jewellery can be covered wherever you travel in the world, subject to the terms, conditions and exclusions of your policy.
Make sure you understand exactly when cover will start. You're looking for cover that starts immediately rather than forcing you to wait until the start of the next month or another date in the future.
You should be able to know exactly how a claim will be settled. Look for a replacement policy, where the insurer arranges repair or replacement of a like-for-like piece up to the sum insured shown on your policy, subject to policy terms and exclusions, rather than paying only "up to" an amount that could be lower than you expect or need.
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.
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.
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.
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 confidence to wear your jewellery knowing it's insured, subject to policy terms and exclusions.