Understanding Specialist Jewellery Insurance

A diamond ring is expensive, sure. But it probably holds considerable sentimental value as well. Items like laptops and refrigerators are easy to replace. Most of us don't get too attached to appliances or electronics; we use them until they wear out, and then we replace them.

But it's different with jewellery. Understandably, people associate their bling with the people who were thoughtful enough to gift it to them. Also, we tend to think about specific memories when we glance down at our jewellery: the night he proposed, the day you graduated from university or the birth of your baby.

To lose a treasured piece of jewellery is heartbreaking. That's why it's so important to understand your insurance and ensure you have the right cover. In this article, we'll look at what specialised jewellery insurance provides and how it can support your treasured pieces. 

Understanding Cover for High-Value Jewellery

Specialist jewellery insurance is designed to cover valuable pieces on their own merits. It focuses on the items that matter most to you, such as:

• Engagement and wedding rings

• Diamond and gemstone jewellery

• Luxury watches

• Precious metals and heirloom pieces

• Earrings, necklaces and bracelets

Whether you own your home or rent, specialist jewellery cover can be arranged for your individual pieces, subject to policy terms and exclusions.

Since you're here to learn about jewellery, let's look at how specialist cover values and insures your jewellery items.

Valuing High-Value Jewellery

With specialist jewellery insurance, each item is insured for a nominated amount based on a valuation, known as the "sum insured". This means your cover reflects the value of the individual piece. Keep in mind that individual items include pairs and sets. For instance, your earrings would count as a single item for insurance purposes.

Specialist cover generally offers two ways to insure your jewellery: 

Unspecified Items

Lower-value pieces can sometimes be covered together as part of a general amount, without listing each one individually, subject to policy terms and exclusions.

Specified Items

Higher-value pieces are individually listed on your policy, each with its own sum insured, so your cover reflects each item's value. You then pay a premium based on this cover. 

Where Your Jewellery is Covered

Specialist jewellery insurance is designed to cover your pieces inside the home, out and about, and while you travel, subject to policy terms and exclusions. That means you can wear and enjoy your jewellery at the office, at a restaurant or on holiday, knowing it is insured.

Cover can extend overseas as well, so you can take your engagement ring with you when you travel, subject to the terms, conditions and exclusions of your policy.

It's worth checking your home and contents PDS, as terms vary by insurer.

Specialised Jewellery Insurance

Here at JewelCover, we do one thing: we insure jewellery and luxury watches.

Our laser focus allows us to create a policy that covers jewellery beautifully. We want our clients to enjoy wearing their bling as often as they like. That's why it was created. Here's what we designed our policy to do:

Cover Theft, Loss and Damage

Thieves love jewellery because it's small, valuable and challenging to trace. And, unfortunately, earrings, rings, watches and necklaces get lost sometimes because we wear them out and about. Our policy covers your favourite jewellery for these contingencies, subject to the terms of the policy.

Allow You to Travel with confidence

When you have specialised jewellery insurance, you can travel with confidence, knowing your luxury watch is covered, subject to the policy terms. Want to propose overseas? Make sure you start your policy before you head to the airport. Then, no matter how far you roam, you can wear your bling with confidence.

Let You Return to Your Original Jeweller

Just for a moment, let's imagine that you've lost the engagement ring that was custom-designed for you by your favourite jeweller. Will a standard replacement from a random jewellery store suffice? No. That's why we ensure that you can choose the jeweller that manages your repairs or replacement. You chose your jeweller for reasons of your own; we respect and accommodate your wishes.

Provide a Complimentary Annual Revaluation

Jewellery prices fluctuate over time, depending on various factors like exchange rates, labour costs and supply and demand. We never want our clients to have insufficient cover or pay for more insurance than they need. That's why we provide free annual revaluations, so you always know you have the just-right amount of cover.

Have a Replacement Policy

We're all about confidence, and we know our clients are most confident when they understand exactly how their cover works. Our policy is a replacement policy: if your item is lost or damaged beyond repair, we arrange repair or replacement of a like-for-like piece up to the sum insured shown on your policy, rather than an agreed cash payout, subject to policy terms and exclusions. While surprises are wonderful with marriage proposals, they're not appealing when it comes to insurance.

As you can see, specialist cover is designed around your jewellery. If you want cover designed to help you repair or replace your ring, subject to policy terms and exclusions, reach out to us at JewelCover. You can opt for an instant online quote, or if you're more of a talker, give us a ring at 1300 522 808. Talk soon!