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Explore Q Report's Content Centre for expert advice on jewellery insurance. You can also read e-guides and blogs, watch videos and more.

Explore Q Report's Content Centre for expert advice on jewellery insurance. You can also read e-guides and blogs, watch videos and more.

Jewellery, engagement ring & watch advice, plus insurance tips & industry insights. 

Watch expert tips, discover insurance benefits & hear real customer stories. 

Find answers to common questions about jewellery, engagement ring & watch insurance. 

Click here to access important policy documents - Product Disclosure Statement, Financial Services Guide, and Policy Wording.

Click here to access the Target Market Determination (TMD) document.

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Engagement Ring Insurance: 10 Facts You Need To Know

Q Report Team

Updated on March 19, 2025
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When you first start shopping for an engagement ring, you might feel that you’ve gone back to school! Between researching the 4C’s and learning a whole new vocabulary (bezels, pavé stones, tension settings, etc.), it’s all a bit much.

And then, when you finally find the sparkler of her dreams, it’s time to start learning about another topic: insurance

We’ve made learning simple for you. With the following ten facts, you’ll learn everything you need to know about diamond ring insurance. By the end of this article, you can carry on your merry way, enjoying the bliss that your true love inspires.

1 - Your Home and Contents Insurance Falls Short

You can indeed add jewellery to your home and contents policy, but what kind of protection will you receive?

Most home and contents policies put a per-item limit on high-value possessions like jewellery, so you probably won’t receive enough of a benefit to replace an engagement ring. And since this type of insurance is designed to cover appliances, roofs and refrigerators, it’s perfect for stationery items but not so great for a ring you wear everywhere you go. Your home and contents insurance probably won’t cover your ring when you wear it outside of your dwelling.

2 - Insurance Fills the (Huge) Gaps Left by Warranties

Your jeweller will probably offer a warranty with the purchase of an engagement ring. But a warranty only covers manufacturing defects. If your ring is fundamentally flawed, you’ll make the discovery within a few weeks or months. A stone will fall out, or a claw will bend out of shape. Your warranty will take care of repairs or replacement.

But what happens after the warranty period expires (most warranties last several months or up to a year)? And even while the ring is under warranty, you’ll need some protection for accidents, theft and loss. That’s where insurance comes in.

3 - Specialised Jewellery Insurance Saves the Day

Wearing a brand new engagement ring can feel like tending a newborn baby. It’s so much responsibility, and the fear of losing or damaging it can cause severe stress. Specialised jewellery insurance offers peace of mind because it protects your engagement ring everywhere you go, even while you’re travelling overseas.

4 - Insurance Protects You from Theft

Thieves love jewellery because it’s difficult to trace and incredibly easy to sell. Furthermore, millions of dollars in jewels can be discreetly hidden in a pocket! You can protect yourself from theft by insuring your engagement ring with specialised jewellery insurance. 

5 - Insurance Covers Damage

Engagement rings are made of hardy substances like platinum and diamonds, but that doesn’t mean their immune to damage. Prongs bend out of shape, stones fall out of their settings, and scratches can mar your ring’s shine. When you have specialised engagement ring insurance, damage like this is not a tragedy. You can return to your jeweller for repairs.

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6 - Insurance Protects You from Loss

Losing a treasured engagement ring is a nightmare, but fortunately, specialised jewellery insurance will replace your lost sparkler. With Q Report insurance, you can even return to your original jeweller for your replacement ring.

7 - An “Agreed Value” Policy Pays the Full Amount Shown on Your Policy

Agreed Value means that in the case of an approved claim for a total loss, we pay the full sum insured amount on your policy (minus the $100 excess). Some types of policies don’t pay the full amount shown on your policy if they can replace your engagement ring for less. Insist upon an Agreed Value policy.

8 - Jewellery Values Change Over Time

Your receipt only shows how much you paid for the ring; it doesn’t tell whether you paid more than the market value or got a good deal. Your jewellery insurance policy will be based on how much it would cost to replace the piece, given current market conditions.

Jewellery values fluctuate based on supply and demand of precious metals and gemstones, labour costs and even currency exchange rates. Each year, your engagement ring will be revalued to make sure you have sufficient coverage.

9 - You Still Need to Care for Your Jewellery

Just because you have insurance doesn’t mean you should be careless with your engagement ring. Jewellery is not indestructible. And while your insurance covers theft, loss and damage from accidents, it doesn’t cover normal wear and tear over time.

You can keep your engagement ring looking shiny and new by developing good habits and cleaning it regularly. Remove your ring when using heavy tools and sports equipment like racquets and dumbbells. Avoid slathering it with lotions, creams and cleaning chemicals. Finally, check in with your jeweller every year or so for a closer inspection and a professional cleaning.

10 - You Can Receive an Instant Insurance Quote Online

If you’ve already purchased the engagement ring, fill out this form to receive an instant quote. If you’re still in the market for a ring, consider shopping with a Q Certified jeweller. These fine establishments facilitate the insurance process, so your piece will be covered from the moment you walk it out of the store.

To learn more about our Q Report engagement ring insurance, give us a call at 1300 882 018. We’re here to protect the things you love, and we look forward to speaking with you.

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Purchase Amount

To get an accurate insurance quote, please provide the amount from your purchase receipt.

Don't have the receipt?

If you don't have the receipt, you can provide the most recent valuation amount instead.

OK
Related Posts
Featured Posts
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Jewellery Insurance

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Listen to article
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When you first start shopping for an engagement ring, you might feel that you’ve gone back to school! Between researching the 4C’s and learning a whole new vocabulary (bezels, pavé stones, tension settings, etc.), it’s all a bit much.

And then, when you finally find the sparkler of her dreams, it’s time to start learning about another topic: insurance

We’ve made learning simple for you. With the following ten facts, you’ll learn everything you need to know about diamond ring insurance. By the end of this article, you can carry on your merry way, enjoying the bliss that your true love inspires.

1 - Your Home and Contents Insurance Falls Short

You can indeed add jewellery to your home and contents policy, but what kind of protection will you receive?

Most home and contents policies put a per-item limit on high-value possessions like jewellery, so you probably won’t receive enough of a benefit to replace an engagement ring. And since this type of insurance is designed to cover appliances, roofs and refrigerators, it’s perfect for stationery items but not so great for a ring you wear everywhere you go. Your home and contents insurance probably won’t cover your ring when you wear it outside of your dwelling.

2 - Insurance Fills the (Huge) Gaps Left by Warranties

Your jeweller will probably offer a warranty with the purchase of an engagement ring. But a warranty only covers manufacturing defects. If your ring is fundamentally flawed, you’ll make the discovery within a few weeks or months. A stone will fall out, or a claw will bend out of shape. Your warranty will take care of repairs or replacement.

But what happens after the warranty period expires (most warranties last several months or up to a year)? And even while the ring is under warranty, you’ll need some protection for accidents, theft and loss. That’s where insurance comes in.

3 - Specialised Jewellery Insurance Saves the Day

Wearing a brand new engagement ring can feel like tending a newborn baby. It’s so much responsibility, and the fear of losing or damaging it can cause severe stress. Specialised jewellery insurance offers peace of mind because it protects your engagement ring everywhere you go, even while you’re travelling overseas.

4 - Insurance Protects You from Theft

Thieves love jewellery because it’s difficult to trace and incredibly easy to sell. Furthermore, millions of dollars in jewels can be discreetly hidden in a pocket! You can protect yourself from theft by insuring your engagement ring with specialised jewellery insurance. 

5 - Insurance Covers Damage

Engagement rings are made of hardy substances like platinum and diamonds, but that doesn’t mean their immune to damage. Prongs bend out of shape, stones fall out of their settings, and scratches can mar your ring’s shine. When you have specialised engagement ring insurance, damage like this is not a tragedy. You can return to your jeweller for repairs.

New call-to-action

6 - Insurance Protects You from Loss

Losing a treasured engagement ring is a nightmare, but fortunately, specialised jewellery insurance will replace your lost sparkler. With Q Report insurance, you can even return to your original jeweller for your replacement ring.

7 - An “Agreed Value” Policy Pays the Full Amount Shown on Your Policy

Agreed Value means that in the case of an approved claim for a total loss, we pay the full sum insured amount on your policy (minus the $100 excess). Some types of policies don’t pay the full amount shown on your policy if they can replace your engagement ring for less. Insist upon an Agreed Value policy.

8 - Jewellery Values Change Over Time

Your receipt only shows how much you paid for the ring; it doesn’t tell whether you paid more than the market value or got a good deal. Your jewellery insurance policy will be based on how much it would cost to replace the piece, given current market conditions.

Jewellery values fluctuate based on supply and demand of precious metals and gemstones, labour costs and even currency exchange rates. Each year, your engagement ring will be revalued to make sure you have sufficient coverage.

9 - You Still Need to Care for Your Jewellery

Just because you have insurance doesn’t mean you should be careless with your engagement ring. Jewellery is not indestructible. And while your insurance covers theft, loss and damage from accidents, it doesn’t cover normal wear and tear over time.

You can keep your engagement ring looking shiny and new by developing good habits and cleaning it regularly. Remove your ring when using heavy tools and sports equipment like racquets and dumbbells. Avoid slathering it with lotions, creams and cleaning chemicals. Finally, check in with your jeweller every year or so for a closer inspection and a professional cleaning.

10 - You Can Receive an Instant Insurance Quote Online

If you’ve already purchased the engagement ring, fill out this form to receive an instant quote. If you’re still in the market for a ring, consider shopping with a Q Certified jeweller. These fine establishments facilitate the insurance process, so your piece will be covered from the moment you walk it out of the store.

To learn more about our Q Report engagement ring insurance, give us a call at 1300 882 018. We’re here to protect the things you love, and we look forward to speaking with you.

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Table of Contents

Introduction
Understanding the 4 Cs of Diamonds
Diamond Shapes
Choosing a Ring Style
Selecting a Ring Retailer

Understanding Mechanical Movements

Rolex-super-precision

Unlike their battery-powered quartz counterparts, luxury watches have a beating heart – the mechanical movement. First created in the 14th century, large, weight-driven tower clocks with verge escapements and foliot balances marked the dawn of mechanical timekeeping.

Today, the core concept of mechanical movements remains unchanged from its original conception. It involves an intricate arrangement of gears, springs, and an escapement powered by a wound mainspring. This precision engineering allows for smooth operation and precise timekeeping.

Manual watch movements require the wearer to wind the crown periodically. Automatic watch movements, on the other hand, utilise the wearer's movements to keep the mainspring wound, offering a convenient everyday solution.

The Patek Philippe Calatrava, with its ultra-thin manual movement, exemplifies the elegance of traditional watchmaking. On the other hand, the Rolex Oyster Perpetual, with its self-winding mechanism epitomises practicality and durability.

Whether manual or automatic, a mechanical movement imbues a luxury watch with a soul, a testament to human ingenuity and a treasured heirloom for generations to come

Luxury Watch Complications: Exploring Hidden Features & Functionality

Luxury watches often boast 'complications,' intricate mechanisms that add layers of sophistication, style and utility. Here, we explore some of the most fascinating complications created by the best luxury watch brands.

Statistic Heading

Rolex-super-precision

Unlike their battery-powered quartz counterparts, luxury watches have a beating heart – the mechanical movement. First created in the 14th century, large, weight-driven tower clocks with verge escapements and foliot balances marked the dawn of mechanical timekeeping.

Today, the core concept of mechanical movements remains unchanged from its original conception. It involves an intricate arrangement of gears, springs, and an escapement powered by a wound mainspring. This precision engineering allows for smooth operation and precise timekeeping.

Manual watch movements require the wearer to wind the crown periodically. Automatic watch movements, on the other hand, utilise the wearer's movements to keep the mainspring wound, offering a convenient everyday solution.

The Patek Philippe Calatrava, with its ultra-thin manual movement, exemplifies the elegance of traditional watchmaking. On the other hand, the Rolex Oyster Perpetual, with its self-winding mechanism epitomises practicality and durability.

Whether manual or automatic, a mechanical movement imbues a luxury watch with a soul, a testament to human ingenuity and a treasured heirloom for generations to come

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Common Diamond Alternatives
for Engagement Rings

Tanzanite

Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.

Aquamarine

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Sapphire

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Luxury Watch Complications: Exploring Hidden Features & Functionality

Luxury watches often boast 'complications,' intricate mechanisms that add layers of sophistication, style and utility. Here, we explore some of the most fascinating complications created by the best luxury watch brands.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

“Knowing your engagement ring is insured brings peace of mind. Accidents can happen, and insurance coverage alleviates the worry and stress of potential loss or damage.”

Unlike their battery-powered quartz counterparts, luxury watches have a beating heart – the mechanical movement. First created in the 14th century, large, weight-driven tower clocks with verge escapements and foliot balances marked the dawn of mechanical timekeeping.

Today, the core concept of mechanical movements remains unchanged from its original conception. It involves an intricate arrangement of gears, springs, and an escapement powered by a wound mainspring. This precision engineering allows for smooth operation and precise timekeeping.

Manual watch movements require the wearer to wind the crown periodically. Automatic watch movements, on the other hand, utilise the wearer's movements to keep the mainspring wound, offering a convenient everyday solution.

The Patek Philippe Calatrava, with its ultra-thin manual movement, exemplifies the elegance of traditional watchmaking. On the other hand, the Rolex Oyster Perpetual, with its self-winding mechanism epitomises practicality and durability.

Whether manual or automatic, a mechanical movement imbues a luxury watch with a soul, a testament to human ingenuity and a treasured heirloom for generations to come

Export
Expert Tip

Budget Considerations

Diamond shapes can vary in price due to popularity and demand. Round brilliants, for example, tend to be more expensive than other shapes due to their high demand. If budget is a concern, consider alternative shapes or prioritise other aspects, such as cut quality, over the shape itself.

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Jewellery Insurance FAQ

Contents insurance covers the items within your home in case they are damaged, lost or stolen. This can include furniture, electronics, clothing and other personal.  Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.

Contents insurance covers the items within your home in case they are damaged, lost or stolen. This can include furniture, electronics, clothing and other personal.  Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.
Home Security Fortification

An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

An engagement ring is a significant financial and sentimental investment. Specialised.

Travel Savvy

An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

An engagement ring is a significant financial and sentimental investment. Specialised.

Social Media Caution

An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

An engagement ring is a significant financial and sentimental investment. Specialised.

Regular Valuations

An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

An engagement ring is a significant financial and sentimental investment. Specialised.

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Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.

Luxury Watch Complications: Exploring Hidden Features & Functionality

Luxury watches often boast 'complications,' intricate mechanisms that add layers of sophistication, style and utility. Here, we explore some of the most fascinating complications created by the best luxury watch brands.

Home Security Fortification

Contents insurance covers the items within your home in case they are damaged, lost or stolen. This can include furniture, electronics, clothing and other personal.  Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.

Purchase Amount

To get an accurate insurance quote, please provide the amount from your purchase receipt.

Don't have the receipt?

If you don't have the receipt, you can provide the most recent valuation amount instead.

OK

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