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’re protected with the right cover. In this article, we’ll look at the essential differences between specialised jewellery insurance and your home and contents policy.
Home and Contents Insurance For Jewellery
Home and contents insurance is designed to cover the cost of replacing your home and belongings in the case of loss. Designed for in-home property, you a policy will typically cover:
Jewellery and precious metals
Electronics like computers, televisions and phones
Carpets and furniture
Property of guests and live-in employees
The building itself.
Renters don’t typically have to carry a policy on the building in which they live, but they can purchase a Contents policy, which covers the cost of replacing their items if a flood or fire causes a loss.
Since you’re here to learn about jewellery, let’s look at the fine print on a home and contents policy that affects your jewellery items.
Limits on High-Value Jewellery
Yes, your home and contents insurance probably provides some cover for your jewellery, but the chances are good that you’ll be left with out-of-pocket replacement expenses.
When you insure the contents of your home, you nominate an amount it would cost to replace everything, called the “sum insured.” For valuable items like jewellery, however, the overall amount or individual item cover is typically limited. Keep in mind that individual items include pairs and sets. For instance, your earrings would count as a single item for insurance purposes.
Most home and contents policies provide two options for covering jewellery:
Unspecified or Unlisted
With this option, you treat your jewellery as part of your general contents. Most insurers limit the cover for unspecified jewellery, either by capping the per-item payout, limiting the overall amount, or combining the two.
Specified or Listed
Most insurers allow you to nominate items to be covered for a set amount. You then pay an additional premium for this cover.
Limits on Where Your Jewellery is Covered
Since home and contents policies focus on items located in your home, your jewellery probably won’t be covered when you’re at the office or a restaurant or hotel. To offer additional protection, some insurers provide a Portable Contents option.
For an additional fee, you may be able to add portable contents to your policy. However, keep in mind that the limits for mobile contents might be lower than the regular jewellery limits.
Even if your portable valuables are covered while you’re away from home, you may face limits regarding where and for how long you can travel with them. For example, you might have anywhere from 30 to 120 days cover if you travel overseas with your engagement ring. And some Australian insurers will only cover jewellery and watches while you’re wearing them or they’re stored in a safe.
As you can see, it’s essential to fully understand your home and contents policy before you rely on it to protect your jewellery.
Specialised Jewellery Insurance
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 protects your favourite jewellery from all of these contingencies.
Allow You to Travel with Peace of Mind
When you have specialised jewellery insurance, you can travel in peace, knowing your luxury watch is fully protected. 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 peace of mind.
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 fully 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 an Agreed Value Policy
We’re all about peace of mind, and we know our clients are most confident when they understand exactly how much cover they have. That’s why we provide coverage for the sum insured shown on your policy, not “up to” that amount. While surprises are wonderful with marriage proposals, they’re not appealing when it comes to insurance.
As you can see, it’s possible to insure your jewellery in several ways. Your home and contents policy probably provides a modest amount of cover. But if you want complete protection that allows you to restore your sparkler to its current glory, 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!