Jewellery Insurance

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Is my jewellery covered under contents insurance?

What types of jewellery can be covered?

What if my jewellery is worth more than my policy’s standard limit?

What can affect the cost of jewellery insurance?

Is my jewellery covered when I’m away from home?

How can I make a claim for jewellery?

Protect your precious pieces today

Long story short

Jewellery often has coverage limits under standard policies

Basic contents insurance has fixed limits, often $1,000 per item or $5,000 total, but limits can vary depending on the insurer. Extra coverage is required for high-value pieces.

Add-ons like portable items cover offer broader protection

With portable items cover, your jewellery can be safeguarded outside your home – even on an overseas trip or a night out.

Exclusions can leave you unprotected without proper planning

Everyday wear and tear, intentional damage, or unlisted valuables that exceed policy limits aren’t usually covered.

Easy claims start with valuations and documentation

Accurate valuations, receipts, and a police report help streamline the claims process for lost or stolen jewellery.

Is my jewellery covered under contents insurance?

Yes, it can be. Many bling lovers choose to cover their little sparkly trinkets through their contents insurance but some opt to take out standalone jewellery insurance. 

For example, insurers often cap claims for jewellery at a fixed amount say, $1,000 per item or set, or up to $5,000 in total – unless you’ve opted for additional coverage. 

If you’re wearing an engagement ring worth $10,000, it’s worth revisiting your policy to ensure adequate coverage as you’ll likely need to specify (or list) its value. In that case, you might also have to pay a higher premium. 

And if you tend to take your bling with you wherever you go, you can add portable items cover to your contents insurance. It offers protection to your timeless gems and luxury timepiece even when you’re not at home. If you’re a jetsetter or partial to a night out, this could be a great option for you.   

Now if you think that either standard contents insurance or add-on portable contents cover won’t quite cut it, then you can also look into getting standalone cover from a specialist jewellery insurer.

Helpful tip

Think your jewellery is fully covered under your contents insurance? Think again. Policies often have standard limits for jewellery, and they may fall short of what your precious sparkly collection is actually worth. That’s a risk no one wants to take with prized or sentimental possessions. 

It’s worth going through your policy with a fine-tooth comb. Do you have high-value items? Does your contents insurance list each of them? If not, itemizing your jewellery in your policy could be a great way to ensure that its real value is recognised. This is especially crucial if you own vintage or rare pieces, which often hold a value far beyond their weight in gold (literally). 

Don’t ignore those optional extras your insurer offers. Coverage for accidental damage or loss outside the home may feel like overkill until the day your wedding ring tumbles down a sink or goes missing on holiday.

Adrian Bennett

General Manager for General Insurance

What types of jewellery can be covered?

What if my jewellery is worth more than my policy’s standard limit?

For your pricey gems and fancy watches, there’s specified contents cover. This lets you list your gem stash and snag extra coverage beyond your policy’s standard limit. All you’ve gotta do is give your insurer a description and value for each item. 

You can sort this out up-front when getting a quote and buying your policy. 

What can affect the cost of jewellery insurance?

The premium you pay will depend on a few factors:

Item value

More glitter means more bucks. High-ticket items also come with higher premiums.

Level of coverage

If your only coverage is through unlisted or unspecified items, it’ll cost less than if you have listed or specified items.

Your location

Big cities or areas with high crime rates tend to attract higher costs.

Insurance add-ons

Optional extras like portable items cover can come with added cost.

Deductible or excess

A higher deductible or excess – the out-of-pocket cost you pay when you claim – usually means lower premiums.

Is my jewellery covered when I’m away from home?

Let’s consider two scenarios here.

You’re away, and so is your jewellery

You’re at the airport restroom, washing your face. Half-asleep from your red-eye flight, you take off your ring and forget to put it back on. The horror hits you mid-flight, just as the plane’s about to take off.   

We’ve got some good news and some bad news. 

The bad news is that most standard contents insurance policies only protect your jewellery when it’s at your insured address.   

The good news is that if you’ve got portable items cover, you’re covered for accidental loss or theft anywhere, whether you’re at a café or travelling overseas.   

It’s always worth checking your policy details, as some insurers might have specific limits or conditions for overseas travel. 

You’re away, but you left your jewellery at home

If a group of pesky thieves pulls a Bling Ring on your place while you’re basking under the Tuscan sun, you’ll be glad your jewellery insurance can help cover the loss and get your precious items replaced or reimbursed. 

And if some of them are high-value items – yes, we’re referring to that Rolex Submariner – you can thank your past self for getting it listed in your watch insurance (or contents insurance) policy. 

How can I make a claim for jewellery?

Here’s what you’ll likely need to do: 

1. Report the incident: If your jewellery was stolen, file a police report immediately. This documentation is often required by insurers.
2. Gather documentation: Have pertinent items ready. Think anything that proves value (like a purchase receipt or valuation certificate), proof of ownership (again, receipts, credit card statements, and photos), any evidence of loss or damage, and a police report. Don’t forget to have all details of your policy handy, too.  
3. Collect all the details on the incident: Provide details on the time, date, location, and exactly how things unfurled in the lead-up to the incident. 
4. Lodge a claim online: Go to your insurer’s website and look for the claims page where you can provide details. If you like the old-school way, you can also give them a call. 
5. Sit tight: If you lodged an online claim, wait for your insurer’s claims team to contact you. Also, be ready to pay the excess (the out-of-pocket cost you pay every time your claim is accepted by your insurer).  

Insurance claims generally take some time to process, but having all your documentation ready can typically speed things up. 

Protect your precious pieces today

Whether it’s a luxury watch or a vintage ring that’s been passed down for generations, knowing your jewellery is insured can provide some serious peace of mind. While we can’t help you with standalone jewellery insurance, we can help you compare options to cover your jewellery collection under a contents insurance policy.  

If you think your precious pretties deserve protection, you can start a comparison of contents insurance and portable contents cover today.