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Everything You Need to Know About Home and Contents Insurance

March 13, 2023

Insurance is a crucial consideration that offers endless benefits for your peace of mind. Whether you want to protect your family home, personal belongings, or a precious heirloom like a piece of jewellery–keeping them safe can be challenging.

Many believe home and contents insurance policies are enough to safeguard their valuables, but that's only sometimes true. Jewellery, for example, may not be adequately covered under such policies. In this article, we'll walk you through everything you need to know about home and contents insurance. 


What Is Home and Contents Insurance?

Home and contents insurance is a type of insurance policy that protects your home and the personal belongings kept inside it. It should not be confused with ‘home’ insurance, which covers your house, permanent fixtures, and other structures on your property, but not the contents inside your home.

What Does Home and Contents Insurance Cover?

Policies typically cover the cost of repairs or replacement of the physical structure of your home. They also provide liability protection if someone is injured while on your property, and you are held responsible. Home and contents insurance may also cover your personal belongings in certain events, such as; furniture, appliances, and clothing.

Is Jewellery Covered Under Home and Contents Insurance?

When protecting your jewellery, it's essential to be aware of the limitations of your home and contents insurance policy. If you rely on this policy for coverage, ask about specific instances your jewellery will be covered, such as accidental damage outside your home.

You should also inquire about any circumstances in which your jewellery may not be covered. Confirm the terms for the replacement value of specific items and any deductible required when making a claim.

It's worth noting that some insurance companies may only accept claims on jewellery if there has been a significant break-in or theft. Don't be afraid to ask your insurer as many questions as you need to feel confident about your coverage and ensure you have the protection required for your valuable possessions.


Factors That Affect the Cost of Home and Contents Insurance

One of the main factors that can affect the cost of your policy is the value of your belongings. The more valuable items you own, your policy will likely be more expensive. Other factors that can impact the cost of your policy include the location of your home and the level of coverage you choose.

Home and contents insurance often includes coverage "up to" a certain amount, but this does not necessarily mean that you will be fully covered for that amount in case of a claim. The amount paid out in a claim is largely dependent on the nature of the event and the level of damage or loss.

It's important to carefully review your policy and understand its terms and conditions, including any limitations on coverage or exclusions. Reviewing these details will help you determine whether you have the right level of coverage for your valuable possessions and ensure that you know what to expect in case of damage, loss, or theft.


Should You Include Your Jewellery Under Your Home and Contents Policy if You Have Standalone Coverage?

Specialised jewellery insurance is a policy designed to protect your jewellery from loss, theft, and damage. It provides coverage tailored to your jewellery collection's unique needs and value.

Unlike home and contents insurance, which may have limitations on the amount of coverage provided for jewellery, specialised jewellery insurance can offer higher levels of coverage with lower deductibles. Specialised jewellery insurance typically covers a broader range of scenarios, such as loss or damage while travelling or if you accidentally misplace your jewellery.

You will not have to cover your jewellery under your home and contents policy, depending on your standalone coverage, as the specialised coverage usually goes beyond what is offered by home and contents insurance. 


Can I Add Travel Insurance When I Travel Away From Home?

While travel insurance can cover lost or stolen items while travelling, including jewellery, it may not provide adequate protection for high-value items. Many travel insurance policies have coverage limits, exclusions, and deductibles that could leave you underinsured or unable to recover the total value of your lost or stolen jewellery.

Check the T&Cs of your travel insurance policy before assuming that your jewellery is fully covered. In many cases, purchasing additional specialised insurance coverage may be necessary to protect your jewellery while travelling.

With JewelCover, you don’t have to worry. If you are insured with us, you can enjoy worldwide coverage with the confidence to wear and enjoy your jewellery no matter how long you travel.


Specialised Jewellery Insurance

Jewellery deserves insurance that caters specifically to its unique requirements. That’s where JewelCover comes in. We specialise in jewellery and luxury watch insurance, offering a policy that’s focused on protecting your valuable items.

Our policy covers theft, loss, and damage, ensuring your favourite jewellery is always protected. Knowing your jewellery is fully insured, you can enjoy wearing it wherever you go with peace of mind. And if anything happens to your precious items, don’t worry – you can choose the jeweller of your choice for repairs or replacement.

While your home and contents insurance policy may provide some coverage for your jewellery, it is often limited. It may not offer the protection your sentimental and valuable items deserve. Contact us today for an instant online quote, or call us at 1300 522 808 to learn more.

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