Jewellery Insurance for Theft: Are You Covered?

Three years ago, Michelle Quadara of Melbourne returned home to find that her home had been burglarised. The thieves had pinched perfume, a TV, computers and other random items. Worst of all, they’d taken off with her grandmother’s ring and an inscribed pendant.

“To Michelle, Love Nana,” the pendant said. Quadara told The Age journalists she was devastated. She’d inherited the sentimental jewellery from her grandmother and knew it was irreplaceable.

Fortunately, police used the inscription to track Michelle down, and she was happily reunited with her precious jewellery. But not every jewellery theft ends so well.

In this article, we’ll look at the ins and outs of jewellery insurance for theft. Are you covered?

Where Jewellery Theft Happens

Thieves broke into Michelle Quadara’s home and stole her jewellery, among other items. Burglars know that you’re not likely to wear all of your jewellery at the same time, so you’ll store some of it at home.

At Home

Jewellery is one of the most commonly stolen items during home burglaries. Since jewellery pieces are small, they fit easily into pockets, and yet, their value can be substantial. Also, jewellery can be melted down or resold for quick cash.

The following precautions can help you outsmart jewellery thieves:

• • Install security cameras to deter burglars.

  • Keep valuable jewellery in a safe.

  • Display security system decals prominently.

  • Hide your jewellery where thieves won’t think to look.

Home and Contents insurance may cover some of your jewellery, but per-item limits could hamper your ability to replace it entirely.

On Holiday

Another common site for jewellery theft is on holiday.

Some thieves focus their efforts on tourist attractions, especially in places where crowds are plentiful, and they can snag a luxury watch or bracelet and then slip unnoticed into the masses. When you find yourself in such spots, turn your engagement ring around, so thieves can’t see the diamond.

Burglars may also target hotel rooms, which are notoriously unsecure. You never know how many people have key access to your room, and it’s difficult for management to monitor all traffic in and out of the hotel.

If you must leave jewellery during your hotel stay, talk to the concierge about using a safe. Ideally, you won’t take much valuable jewellery with you on holiday, but if you must, take extra precautions.

Never store precious jewellery in checked baggage. Again, you can’t know every person who will be handling your luggage, and items do disappear during travel. 

Travel insurance may cover your jewellery while you’re on holiday, but these policies typically have per-item limits that fall well below the cost of an average engagement ring.

What Kind of Cover Should You Seek?

Clearly, jewellery theft is a problem. The smartest way to protect your jewellery is to secure specialised insurance. With a JewelCover policy, you’ll enjoy the following benefits:

International Cover

No matter where in the world you roam, your jewellery will always be protected against theft. Some policies limit the places covered under their umbrella, but we think you should have peace of mind everywhere you go.

Return to Your Jeweller

If you experience a loss from theft, you can return to your original jeweller for replacement. You chose your jeweller for specific reasons, and in a time of trauma, we want you to feel free and easy.

Excellent Customer Care

When you’ve experienced a loss, the last thing you want to do is go to battle with an insurance company. When you call us to report a loss, we’ll put your mind at ease and get to work. Before long, you’ll be reunited with your jewellery.

Agreed Value

JewelCover customers pay their premiums on an agreed insured value. If your piece of jewellery is stolen, your approved claim will be paid in the amount of the agreed value--not a value “up to” the insured value.

Don’t let thieves steal your memories. Protect your jewellery with specialised insurance from JewelCover. Learn how affordable it can be to protect the things you love by obtaining a free, instant quote today.