Expert Tips on How to Keep Your Rings Safe

Posted on Bride to Be

Just the thought of losing your sparkler sends shivers down your spine… Not to mention that beautiful heirloom bracelet passed down to you through the generations. That’s why we turned to jewellery insurance expert Kim Ridley from Q Report Jewellery Insurance to share her tips on protecting your most precious pieces.

Why is it a good idea to insure specific items of jewellery, rather than simply putting it under your home and contents cover?

Insurance companies see your home like a box with things in it, and while that might be fine for a fridge and a TV, we don’t believe you can use this approach for your jewellery. We take in to account craftsmanship and quality. Most jewellery owned is received as a gift, and, if we had a loss, we wouldn’t want to be sent to some random jeweller to replace it!

How does Q Report provide a competitive solution to existing jewellery insurance options?

Home insurance covers everything in your home. Jewellery is not what they do well because they are not jewellers. A lot of people do not read the fine print on their home insurance - sometimes they are only covered for $1000 per item, up to a total of $5000 in some cases. We have a near perfect description and photo of your item before we insure it, and then we only charge a 2.5% + GST premium to cover it for loss damage, anywhere in the world, for 12 months. This is dramatically less than home insurance policies.

How does this type of specific ring insurance work?

Either you ask your jeweller if they are Q certified, or speak to us directly via a phone call or email. We ask for either a receipt or any documents you have, and a picture. Then we are ready to organise cover, which normally takes about three minutes. What you paid is what you will have in the event of a loss; you will be able to return to your jeweller, and not a jeweller chosen by the insurance company. and you’ll have worldwide cover - and the confidence to wear your engagement ring knowing it is protected.

If the jewellery is not new (for example, a heirloom piece), is it worth insuring? What is the process for insuring such pieces?

It’s all about making it simple. You might have an existing valuation, and if you do, we can work with those. If not we will direct you to someone nearby who can help. Once we have the specifications, we can determine insured values. Add a few pictures and you’re covered!

We hear lots of stories of grooms-to-be who leave the ring at home when proposing on holiday because they’re worried about losing it. Can a groom insure the ring before it leaves the shop?

This just makes us shake our heads! It’s all about the moment. If the groom-to-be has gone to the effort of crafting an engagement ring, he needs to be able to go anywhere he wants to propose. He has enough worries just doing it - let’s not add the fear of losing it! We work with 300 of the top jewellers across Australia. The Q certified jeweller can definitely cover the item before the groom leaves the store. If he does not go to a Q Certified jeweller, he can call our head office and our team can look after him with ease, issuing him with a cover note number.

Do insurance costs go up after a certain amount of time if the item is re-evaluated to be worth more than the original purchase price?

No. Jewellery doesn’t go up automatically, it is dependent on the price of the gemstone, metal, labour, inflation and exchange rates. In many cases it stays the same year after year. The idea that an heirloom piece will go up is not necessarily true. It all depends on the quality and rarity of the item. Q Report Jewellery Insurance ensures that you are covered in all aspects. Jewellery needs to be re-valued each year due to the market changes – we capture all the item specifications at the time of taking out the policy so we can offer you the renewal at the market price each year without you having to think about this. Our agreed value policy leaves no question to what you will be paid if you have a complete loss. We pay the full amount, less the $100 excess, and ensure your chosen jeweller is the one you want to be directed to, once the claim is approved.

What is the best way to protect your jewellery from loss and damage while travelling?

It’s about sticking to a set routine. When we travel, we are out of our normal routine and our own home where we are used to just dropping things next to our beds! The biggest problem is you come back to your room exhausted from sightseeing and you just drop things whenever you are standing. When you travel with expensive jewellery, wear the items as much as possible, it’s always safest on you. If you are in a country or place where you sense a little unease turn your ring around so no showy stones are visible. You should have one place where you take off your jewellery every night and place it either in the safe with your passport, or again in the same place that you keep your passport. Never leave jewellery just sitting on a cabinet in a hotel room, it’s asking for trouble. Last but not least, before you walk out of your room to checkout, take count of your jewellery, passport and money. A good trick is to count how many items you took away with you and then do the count again! In terms of taking care of jewellery, the same rules apply as at home. Keep hairspray and nail polish remover away from coloured gemstones especially emeralds and pearls.

What are some of the other simple ways you can protect your ring?

A well-made item of jewellery should not need physical protection, it should be made to be worn and enjoyed. Obviously if you are not careful, however, you will damage it. Rings should not be worn when going to the gym or doing renovation work or gardening. Fine chains and earrings should not be worn in the surf. If it’s a delicate item, than treat it accordingly. Harsh chemicals can coat, and even corrode, some jewellery, and nail polish remover is a killer. So use common sense and take reasonable care: forewarned is forearmed! We would always suggest an annual visit to your family jeweller, to make sure the claws are secure, and that the jewellery hasn’t been damaged or compromised in terms of its structural integrity.

Are couples able to continue protecting their jewellery with Q Report if they decide to relocate outside Australia?

If you are an Australian resident you can continue to insure your jewellery with us. If you are a tourist, we can only insure you for 12 months. Our insurance cost is 2.5% +gst if the agreed value is on the policy. If the market moves up at time of renewal the cost of the policy is calculated again by 2.5% +GST.

How can couples ensure that they are getting value for money when purchasing jewellery insurance?

Easy - ask whoever you use for the terms they cover! Is it worldwide for 12 months or just 30 days? Is it an agreed value policy or do they determine the settlement figure? Can they direct you to a jeweller of their choice? We all have an expectation of what our insurance should cover. Write your own list and then ask your insurer, or even go online and find out questions others have asked. Value for money is determined on the basis of whether the policy did what you expected it to do at a reasonable price. We don’t assume that ours is the right policy for everyone.