Contents insurance for engagement rings & jewellery

Does home and contents insurance cover jewellery?

The answer is, it depends. Many home and content insurance policies provide some level of cover for your jewellery. So, depending on your policy, if you lose it, accidentally damage it or some mean person pinches it, you might be able to stress a little less. But in saying that, it’s important to check exactly what you’re covered for. If you decide you want more cover, you might be able to apply for additional cover for a higher premium.

How do I know how much jewellery is covered by my contents insurance?

So your home and contents provider will generally set a limit on the amount you can claim for a piece of jewellery. The actual amount will depend on the provider and the policy you purchase. You’ll find some policies don’t always cover the cost of the full item.

Some insurers might also put a limit on the amount you can claim back on a collection or set of jewellery. Let’s say you’ve insured your watch, engagement ring and diamond-encrusted dog collar. If all of these items were to get damaged in a fire, you may only be able to claim back a set figure.

If you don’t like the sound of these limits, you can take out additional cover and specify the amount you want covered for each piece with most policies. This is likely to increase your premiums.

Do I have to list specific jewellery items on my policy?

Two of the possible options when it comes to insuring your jewellery on a contents policy include; specified and unlisted items.

• Unlisted items: if you don’t tell your insurer about specific pieces of jewellery you want covered, they’ll usually be treated as general contents under your policy. Most insurers will limit the amount you can claim for unlisted items such as jewellery. You should check the limits and terms of your policy.

• Specified or listed cover: these are items that you’ve specifically requested to be covered by your insurer for a set amount. So, if you have a piece of jewellery that’s worth more than your insurer’s limit, like your engagement ring, you may consider listing this item for a higher premium. In many cases, insurance companies will ask for a valuation certificate to identify the item you want insured and to work out the value of the insurance and premiums. In some cases, you may be able to specify “portable” items which could be insured in some scenarios away from the home. You should check the limits and terms of your policy.

Does travel insurance cover jewellery?

In some cases, comprehensive travel insurance policies may help cover some jewellery items when you’re on holiday. Make sure you check what’s included before you jet off, as there are a number of common exclusions you should look out for.

What is not typically covered by contents insurance in relation to jewellery?

Ultimately, this depends on your provider and the level of cover you choose. Some common exclusions to look out for include:

• General wear and tear: Insurers generally don’t cover deterioration, rust, corrosion or bacteria. So you still have to look after your jewellery!
• Inherent defects and mechanical failure: You’ll find most insurers won’t cover you for faulty design or poor craftsmanship.
• Illegal Ownership: Let’s say you’ve stolen the Queen’s crown. You’re not going to find an insurer that’ll cover your stolen goods. If a piece of jewellery has been illegally aquired, it’s a no go.
• Lawful Confiscation: If the government, or any public authority, seized or confiscated your jewellery, most insurers won’t be able to cover you.
• Intentional Acts: If it becomes clear that you’ve lost your jewellery on purpose or someone in your family has lost it for you, most insurers will deny these claims. Lost Jewellery: Some insurers may not cover a piece of jewellery that’s been lost, with no identifiable event. That’s why it’s really important to make a claim as soon as it happens.

What records should I keep safe in case I need to make a claim?

To make a claim, you may need the following information:

• Proof of ownership: You’ll usually need to prove you actually own the piece of jewellery. So make sure you save your receipts. Some insurers might also ask for photographs of the pieces in your home.
• Proof of value: In some cases, You’ll need to get a jewellery valuation certificate, which describes an item of jewellery in detail as well as the value of the piece. You can get these from many jewellers. Sometimes they’ll charge a fee for this service.
• Police report: If an item of jewellery has been stolen, you’ll need to provide a police report. Contact the police as soon as possible to report the theft.

How can I compare contents insurance for my engagement ring and/or jewellery?

First, look at what’s included in your Home and Contents insurance. Is your jewellery included? If you don’t have home and contents insurance or you want to compare your policy against others from iSelect’s range of policies and providers, you’re in the right spot! Just call 13 19 20 and speak to one of our friendly consultants.

Last updated: 22/02/2021