Whether it’s an engagement ring, a family heirloom or a vintage Rolex, most of us share a special connection with our jewellery. Most of us would be devastated if it fell into the hands of a thief, was lost on the beach or damaged beyond repair.
So it’s surprising that not all of us give our jewellery the right level of protection.
Some of us assume it's covered under home and contents insurance. Others think that travel insurance cuts it when it comes to taking jewellery overseas. And some of us simply don’t know that a better option exists; specialised jewellery insurance like JewelCover.
In this ultimate guide to jewellery insurance, we dive into the differences between tailored jewellery cover and other insurance options, compare some of the most popular providers on the market, and give some pointers on choosing the right policy for you.
What is Jewellery Insurance?
Jewellery insurance protects you if your item is lost, stolen or damaged due to an unexpected event. It’s specially designed to cover jewellery, so includes benefits like the ability to return to your chosen jeweller if your item needs to be repaired or replaced.
But Wait, Isn’t My Jewellery Included Under Home and Contents?
We hear this question all the time: “why get jewellery insurance if it’s covered on my home and contents insurance?” There are a few answers to this question:
- Home and contents insurance is designed to cover things within the home. So if you’re like us and enjoy wearing your jewellery outside in the big wide world, it’s unlikely that you’re covered.
- Your jewellery isn’t always covered, especially if you haven’t specified it as a high-value item on your policy (which increases your premium).
- A lot of people have had trouble when it comes time to claim for stolen jewellery on home and contents. Like this article from Choice reveals, some Aussies have been caught out because they failed to specify their items, or couldn’t prove an agreed cover value to the Insurance Ombudsmen.
How Does Jewellery Insurance Compare to Travel Insurance?
Travel insurance can also fall short in certain areas:
- Difficult cover conditions
Travel insurers are notorious for enforcing strict cover conditions, which can be hard to abide by. For example, if your jewellery was stolen from your hotel room and you hadn’t used the room safe provided, you might be refused cover.
Likewise, if your jewellery was stolen while riding in a taxi and you weren’t wearing it at the time, you also might be refused cover.
Travel insurers might also apply depreciation to your jewellery when it comes time to make a claim. Jewellery insurance like ours, on the other hand, is an agreed value policy, so there are no hidden surprises when it comes to making a claim.
- They choose where it’s replaced or repaired
Whenever you claim for high-value items, you’ll probably need to provide several quotes to the travel insurer. This means that your travel insurer has the final say of where your jewellery is repaired or replaced - unlike our policy which allows you to return to the jewellery you choose.
Is Jewellery Insurance Worth It?
When you're spending thousands of dollars on a sentimental piece of jewellery, which you, your partner and potentially your children will cherish for a lifetime, it should be protected with quality insurance.
You only have to hear some of the jewellery horror stories to know that insurance can be a financial (and emotional) lifesaver. Lost engagement rings, stolen watches, damaged diamonds - there's a lot that can go wrong.
Having quality cover in your back pocket gives you the peace of mind to wear and enjoy your jewellery with confidence, knowing you're protected if the unexpected happens.
So, biased opinion, but YES - jewellery insurance is worth it!
Jewellery Insurance Comparison: Q Report, Centrestone, JewelCover & More
So by now, you’ll see how specialised jewellery cover trumps home and contents and travel insurance. However, not all jewellery insurers are created equal. There are some great options on the market so it pays to do your research and find the right policy for you. Let’s compare some of the most popular jewellery insurers in Australia.
Let’s start with us. We’re an Australian insurer, were created by jewellers, and are supported by the Jewellers Association of Australia (JAA). We’re a sister company of Q Report - another leading Australian jewellery insurer. This means that our policies are underwritten by the same professional insurer, Chubb Insurance Australia. We also share a building and regularly beat them in Friday afternoon ping pong.
We pride ourselves on providing straight-talking, no-nonsense, quality cover at an affordable price.
Our benefits include:
- 12 months worldwide cover
- Cover inside and outside the home
- An agreed value policy
- Return to your chosen jeweller for replacement and repair
- Free annual revaluation of your jewellery
- Low, fixed excess of $100 if you need to claim
As mentioned, Q Report is our sister company; sharing the same insurance underwriter and location in Sydney. They’ve been around for a long time, have built up an incredible reputation in the industry and are undoubtedly the leaders in specialised jewellery cover in Australia. Their 1,000+ 5-Star Google Reviews speak for themselves!
Q Report benefits include:
- 12 months worldwide cover for loss, damage, theft, natural disasters and more
- Return to your chosen jeweller for replacement and repair
- Complimentary annual revaluation
- Agreed value policy
- Low, fixed excess of $100
Q Report also goes as far as to offer 150% cover, which means that if it costs you more to replace your jewellery, they’ll cover you up to 150%. Pretty neat, huh?
Budget Direct is one of the biggest insurers in the country, and offer engagement ring insurance for an additional premium on your home and contents policy. This Personal Effects Cover means that your jewellery isn’t just covered while it’s inside the home; it’s also covered outside.
The maximum amount that Budget Direct provides for jewellery and watches is $1,000 per item if they aren’t specified separately on your policy. So remember to specify your high-value jewellery, but be prepared to pay an additional premium.
Budget Direct has won some impressive awards, including the 2018 Canstar Award for Outstanding Value Home and Contents insurance. So if you’re not convinced by the whole specialised jewellery insurance thing, these guys might be an option worth considering.
Centrestone is another option that is underwritten by a US company. They also provide some of our benefits, like the ability to return to your jeweller and cover overseas. Compared to Q Report, Centrestone is not as popular or well-established.
How to Choose the Right Jewellery Insurance
As you may have noticed, many of these policies look pretty similar. So what do you base your decision on? If you’re shopping on price and are just looking for the cheapest policy, you can get a quick online quote on all of these providers’ websites.
If you’re looking for a bit more peace of mind, looking through some customer reviews on Google is always a wise decision.
JewelCover Jewellery Insurance Reviews
We're always happy to see our customers sharing their experiences, so here are three recent JewelCover jewellery insurance reviews! You can read all of our reviews on Google here.
"Efficient, professional and personable service. Amazing representative was supportive all the way through the process. Would highly recommend." - Josh Bamford
"Just insured my new watch with JewelCover and everything was a breeze. Josette was very helpful and made everything easy, also great value for the cover you get! Would recommend and will continue to use in the future!
Update: after several years of cover and never needing it, I accidentally damaged my watch and had to make a claim. The whole process was very streamlined and Susan was extremely helpful. Cannot recommend high enough and so glad I had insurance this whole time! 😁" - Harry Lewer
"Thank you Raff for arranging our ring insurance policy! We appreciate your efforts in finding the most comprehensive policy for us. Your friendliness and genuine care made the process easy and enjoyable :) Highly recommend JewelCover! Thank you again, Claudia and Jonathan." - Claudia Brusco
If you’re happy to give JewelCover a try and want to see how much your policy might cost with us, you can get an easy online quote here.