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TL;DR Jewellery insurance often provides cover for accidental damage, loss and theft of valuable pieces like engagement rings, watches and heirlooms, subject to policy terms and exclusions. Specialist cover is purpose-built for jewellery and typically includes features such as cover while travelling, support if something happens outside the home, and the option to work with your preferred jeweller for replacement or repair. It can help provide some clarity around what's covered and offers a tailored option for people who want to insure significant pieces. |
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 cover.
Some of us assume it's automatically covered under our other insurance policies. And some of us simply don't know that a specialist option exists: jewellery insurance like JewelCover.
In this ultimate guide to jewellery insurance, we look at what tailored jewellery cover offers, walk through the JewelCover and Q Report options, and give some pointers on choosing the right policy for you.
What is Jewellery Insurance?
Jewellery insurance covers you if your item is lost, stolen or damaged due to an unexpected event, subject to policy terms and exclusions. It’s specifically 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.
Do I Still Need Jewellery Insurance?
We hear this question all the time: "Why get jewellery insurance if I already have home and contents cover?" Terms vary by insurer, so it’s worth checking your home and contents PDS to see how jewellery is treated. There are a few reasons people choose specialist cover:
- Specialist jewellery insurance is purpose-built for jewellery, so your pieces are considered individually, subject to policy terms and exclusions.
- You can read more about insuring valuable jewellery in this article from Choice, which looks at what to consider when specifying valuable items.
Read more about jewellery and home and contents cover here.
Jewellery Insurance and Overseas Travel
If you have travel insurance, it’s worth checking your policy for how jewellery is treated, as terms vary by insurer. Specialist jewellery cover is designed to travel with you, subject to the policy’s terms, conditions and exclusions. Here’s what our cover is built to do:
- Set out its conditions clearly
Our policy sets out its terms in the PDS, so you know what applies when you take your jewellery away from home, with cover inside and outside the home, subject to policy terms and exclusions.
- Settle claims as a replacement policy
Our cover is a replacement policy, with the terms set out clearly in the PDS, so you know what to expect when it comes to making a claim.
- Let you return to your chosen jeweller
With our policy, you can return to the jeweller you choose for repair or replacement, where possible, subject to policy terms.
More on jewellery cover and travel here.
Is Jewellery Insurance Worth It?
Having quality insurance in your back pocket gives you the confidence to wear and enjoy your jewellery, knowing you're covered if the unexpected happens.
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's worth considering quality insurance cover.
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.
So, in our view, jewellery insurance is worth considering.
Jewellery Insurance Options: JewelCover and Q Report
So by now, you’ll see how specialist jewellery cover is built around your pieces. Not all jewellery insurers are the same, so it pays to do your research and find the right policy for you. Here’s a closer look at two specialist Australian options.
JewelCover
Let’s start with us. We’re an Australian insurance provider, were created by jewellers, and are supported by the Jewellers Association of Australia (JAA). We’re a sister company of Q Report, another specialist 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, subject to policy terms and exclusions.
JewelCover Benefits
- 12 months worldwide cover
- Cover inside and outside the home
- A Replacement Policy
- Return to your chosen jeweller for replacement and repair
- Free annual revaluation of your jewellery
- When you make a claim with JewelCover, JewelCover pays the excess on your behalf, where the claim is otherwise not excluded in part or in full.
Q Report
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 and have built up a strong reputation in the industry for specialist jewellery cover in Australia. They have over 1,000 5-star Google reviews from customers.
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
- Replacement policy
- Low, fixed excess of $100
Q Report’s replacement cover includes a buffer of up to 150% of the insured value, subject to the terms of the policy, if replacement costs more.
How to Choose the Right Jewellery Insurance
Policies may seem similar, so what do you base your decision on? If price is your main consideration, you can request an online quote from each provider and compare for yourself.
It also helps to compare features on their own merits. Look at how long cover lasts and whether it applies worldwide, whether the policy is a replacement policy, whether you can return to your chosen jeweller for repair or replacement, and whether annual revaluation is included. All cover is subject to policy terms and exclusions.
If you’re looking for a bit more confidence, 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 extensive 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.
