How Much Does Jewellery Insurance Really Cost?

The Cost of Specialist Jewellery Insurance with JewelCover

Jewellery insurance is sometimes more affordable than many people realise. While replacing a lost or stolen piece of jewellery could cost thousands of dollars, insuring it usually costs a fraction of that amount.

With JewelCover, premiums are calculated based on the insured value of your item. This cost can be paid annually or broken into bite-sized monthly payments, so you could easily slip it into your budget. 

Example Premiums:

• $5,000 engagement ring → Approx. $137.50 per year (or around $11.46 per month)
• $10,000 luxury watch → Approx. $275 per year (or around $22.91 per month)
• $20,000 diamond necklace → Approx. $550 per year (or around $45.83 per month)

For a relatively small yearly investment, you can ensure that your cherished jewellery is covered in case of theft, loss, accidental damage, and mysterious disappearance. Please note: the above are just estimates. For a quick and easy indicative quote for your precious jewellery items, click here.

But what happens if you don't have insurance and need to replace your jewellery? Keep reading to find out.

The Cost of Replacing Jewellery Without Insurance

When you lose a prized piece of jewellery or luxury watch, it can have an emotional cost. Perhaps it was a gift from a loved one, a family heirloom or something you purchased to commemorate a meaningful milestone.

The feelings of guilt or sadness don't need to be further compounded by financial burdens on you and your family. Still, the reality is that you have two choices:

1. Pay out of pocket to replace the item - which could cost thousands. It could take a while to save enough or find a worthy replacement.
2. Go without - leaving the piece in the past because you cannot afford to replace it.
   
   

Did you know: A 2023–24 national crime survey by the Australian Bureau of Statistics found that “personal items (such as jewellery and clothing)” were stolen in roughly 27% of household break-ins, by far one of the most common categories of items taken. The average value of stolen items is $4,642, according to a Crime Statistics Agency (Victoria) report.

Could you afford to replace a $4,000 item out of pocket without insurance?

When Lost Jewellery Becomes a Tough Conversation

There's the emotional reality that you've lost a priceless piece of jewellery, and then there's the sometimes dreaded conversation with your partner about what to do next. Do you dip into savings? Put off other financial goals? Or simply go without?

Jewellery often carries profound sentimental value, symbolising personal milestones, relationships, and cherished memories. Losing such items can evoke intense emotions, including grief, nostalgia, and a sense of identity loss. According to an article on Neurolaunch, sentimental items like jewellery contribute significantly to our psychological well-being, and their loss can be emotionally devastating.

A Conversation Worth Having

Jewellery is often tied to life's most memorable moments, but it's easy to overlook practical questions like:

• What would we do if a treasured piece were lost or stolen?
• Would replacing it be financially feasible, or would it be a strain?
• Should we consider jewellery insurance as part of our budget?
• How are we caring for and storing our jewellery? Would a home safe or security system be a worthy investment?

These are conversations worth having—not just to safeguard valuable jewellery but also to honour the memories and meaning behind it. While some things can be replaced, the stress and regret of losing them don't have to be part of the story.

Why Specialist Jewellery Insurance May Be Worth Considering

Many assume their home and contents insurance or travel insurance covers their jewellery in every situation. Some policies may not always adequately cover high-value jewellery and luxury watches.

If you haven't reviewed your policy, now is the time to check the fine print. Be sure to ask your provider: What happens if someone steals your engagement ring or you lose your luxury watch overseas? 

The JewelCover Difference

JewelCover is explicitly designed for jewellery and luxury watches, offering unique benefits:

• Worldwide cover: If your jewellery is lost or stolen overseas, you remain covered, subject to policy exclusions and conditions.
• The option to return to your original jeweller: Your replacement will match the original craftsmanship and care, instead of possibly being forced to go to a jeweller chosen by an insurer.
• Up to 125% cover for market fluctuations: If the value of your jewellery has increased, you should not be left underinsured or expected to cover the difference. At the discretion of the insurer, JewelCover could cover up to 125% of the insured value in the event of a claim.
• Cover for accidental loss and damage: Beyond just theft or burglary.

A policy built specifically for fine jewellery and luxury watches is worth considering for those who want flexibility, reassurance, and the ability to replace their jewellery with something equally special.

Making an Informed Choice

Losing a treasured piece of jewellery or a luxury watch could be a financial and emotional setback. Whether it's an engagement ring, a family heirloom, or a timepiece that marks a milestone, replacing it isn't always simple or affordable.

While some people assume their home and contents insurance or travel insurance will cover them, it’s crucial to check the fine print on your cover as these policies can have limitations, exclusions, and payout caps that may not reflect the true value of a lost item. JewelCover’s specialist jewellery insurance offers coverage explicitly tailored for high-value jewellery pieces, ensuring a seamless replacement process with minimal stress. Plus, most of our team are skilled and experienced jewellery experts, trained to assist you during your claim and able to communicate with your jeweller to facilitate repairing or replacing your treasured item.

Only you can decide what's right for your unique situation. Whether you choose jewellery insurance or not, it may be worth weighing up your options and discussing them with your partner. Being informed means being prepared—whatever you decide.

Curious about what jewellery insurance would cost for your piece? Get an instant indicative quote today so you can make an informed choice.