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Written by
Jewelcover Team

 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:

  1. 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.
  1. 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).
  1. 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 About Travel Insurance?

 Travel insurance can also fall short in certain areas:

  1. 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.

  1. Depreciation

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.

  1. 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.

 

Popular Jewellery Insurance Companies Compared

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.

  

JewelCover

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.

 

JewelCover Benefits

Our benefits include:

  1. 12 months worldwide cover
  2. Cover inside and outside the home
  3. An agreed value policy
  4. Return to your chosen jeweller for replacement and repair
  5. Free annual revaluation of your jewellery
  6. Low, fixed excess of $100 if you need to claim

 

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, have built up an incredible reputation in the industry and are undoubtedly the leaders in specialised jewellery cover in Australia. 

They offer three policies; Q Classic (covering items $5,001 and over), Q Pocket (covering items $5,000 and under) and Watch insurance. Their benefits include:

  1. 12 months worldwide cover
  2. Return to your chosen jeweller for replacement and repair
  3. Complimentary annual revaluation
  4. Agreed value policy
  5. Low, fixed excess of $100

Q Report also goes as far to offer 125% cover, which means that if it costs you more to replace your jewellery, they’ll cover you up to 125%. Pretty neat, huh?

 

Budget Direct

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

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. They also have a low excess of $50 if you need to claim.

  

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 provider’s websites. 

If you’re looking for a bit more peace of mind, looking through some customer reviews on Google is always a wise decision.

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.

 

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