When it comes to insuring what's inside your home, your most valuable and sentimental items, like jewellery, deserve careful thought. This guide looks at how specialist jewellery insurance works and what it can provide for pieces such as rings, watches and heirlooms, subject to policy terms and exclusions. 

Specialist jewellery cover can be valuable for anyone who owns treasured pieces, as it is designed around the individual item and its value. The cost of cover varies, depending on the value of your jewellery and the sum insured you choose.

If you also hold home and contents insurance, it is worth checking your PDS, as terms vary by insurer. For high-value or frequently worn pieces, many people choose specialist jewellery cover designed specifically for those items.

What Does Specialist Jewellery Insurance Cover?

Specialist jewellery insurance is designed to cover your pieces for a range of events, subject to policy terms and exclusions. There are two broad approaches to how cover can apply:

• Named events
• Broader (open) cover

Named events cover applies to specific incidents listed in your policy, such as fire or theft.

Broader cover applies to any damage not specifically excluded in your policy document, such as certain accidental damage, subject to policy terms and exclusions. 

There are also two ways a claim can be settled:

• Cash settlement
• Replacement

Cash settlement pays an amount based on the value of the item, which may take depreciation into account. 

Replacement arranges repair or replacement of the item itself. A replacement policy, like JewelCover's, arranges 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.

How Does Specialist Jewellery Insurance Work?

With specialist jewellery insurance, each valued piece is insured for a sum insured based on a valuation. You can insure a single ring or an entire collection. 

Because jewellery is worn out and about, specialist cover is designed to insure your pieces both inside and outside the home, and while travelling, subject to policy terms and exclusions.

If you experience a covered loss, such as theft or accidental damage, your policy responds by arranging repair or replacement of the affected piece, subject to policy terms and exclusions. This leads us to a common question: how should you insure high-value jewellery?

Insuring Your Jewellery 

Whether you're buying a diamond engagement ring, a pair of diamond stud earrings or a gold necklace, you're making a significant investment.

So, how can you best insure that investment? For treasured, high-value or frequently worn pieces, many people choose specialist jewellery cover designed specifically for those items. Let's look at what specialist jewellery insurance provides.

Choosing Your Sum Insured

With specialist jewellery insurance, each item is insured for a sum insured based on a valuation. So, if you have an engagement ring valued at $5,000, it can be insured for that amount, subject to policy terms and exclusions. If you have a collection, each piece can be insured on its own merits. 

There are a few things to keep in mind with specialist jewellery cover:

• First, specialist cover is designed to insure your pieces both inside and outside the home, and while travelling, so you can wear and enjoy your jewellery wherever you go, subject to policy terms and exclusions.

• Second, higher-value pieces are individually listed on your policy, each with its own sum insured, so your cover reflects each item's value.

• Also, your excess is set out clearly in your policy, so you know what applies if you need to make a claim.

Jewellery Insurance

Specialist jewellery insurance is designed for insuring jewellery. It provides cover for loss, theft or damage to your jewellery, no matter your location, subject to policy terms and exclusions.

Specialist jewellery insurance is designed around your pieces, with each item insured for its own sum insured, and no need to list every low-value item separately, subject to policy terms and exclusions. So if you have a large and valuable collection, specialist cover gives you confidence that each piece is insured for its value. 

If you're thinking of getting specialist jewellery insurance, JewelCover has rich features like:

• Replacement policy based on your item's insured value
• The choice to return to your preferred jeweller
• Dedicated in-house claims consultant
• No impact claims
• Annual revaluation
• Worldwide coverage
• Natural disaster coverage
• Theft coverage
• Damage coverage
• Loss coverage

and much more. All to give your jewellery extensive cover, subject to policy terms and exclusions.

Frequently Asked Questions

Is Specialist Jewellery Insurance Right for You?

It depends on what you're looking to achieve. 

If you wear your jewellery out and about, travel with it, or own high-value or sentimental pieces, specialist jewellery insurance is designed with those needs in mind. It is built to insure your pieces both inside and outside the home, subject to policy terms and exclusions.

If you also hold home and contents insurance, it is worth checking your PDS, as terms vary by insurer.

No matter where you are, specialist jewellery insurance travels with you. 

What Should I Look for in Jewellery Insurance?

There are a few things you should look for when comparing jewellery insurance policies:

• Where you're covered: Look for cover that applies inside and outside the home, and while travelling, subject to policy terms and exclusions.   
• How claims are settled: A replacement policy arranges repair or replacement of a like-for-like piece up to the sum insured, rather than an agreed cash payout. 
• Choice of jeweller: Look for the ability to return to your preferred jeweller for repairs or replacement.

Conclusion

Choosing the right insurance is an important consideration for any jewellery buyer. Whether you're insuring a brand new piece or an heirloom passed down through generations, it's important to understand how insurance works and what it covers.

Take the time to assess the value of your jewellery and the risks associated with not having it insured adequately. If you do decide that insuring your jewellery is well worth it, then specialist jewellery insurance can provide confidence for you and your jewellery, subject to policy terms and exclusions.

At JewelCover, we go the extra mile to support your jewellery cover. Get a free online quote to start, or contact us to learn more.