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Jewellery Insurance

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How Does Jewellery Insurance Work?

Q Report Team
Updated on December 13, 2022
4 min read

Buying jewellery insurance sounds like a sensible, responsible thing to do. But if you’re like many people, in the back of your mind you’re thinking, “What exactly is jewellery insurance? And how does it work?”


If these questions have entered your mind as you’ve contemplated buying an engagement ring or another expensive piece of jewellery, you’re not alone. These are common questions, so common, in fact, that we’ve put this blog post together to answer them and give you the information you need to make an educated decision on how to protect your valuable items.


So let’s start at the beginning and work our way through. If you still have questions at the end of this post, please give us a call. We’re here to help.


What is Jewellery Insurance?

You probably already have several types of insurance to protect items that you couldn’t easily replace. For example, you may have Home and Contents insurance to protect against the unlikely scenario that you lose your home and its contents to a fire or theft. In such a situation, it would be extremely difficult to replace all of your furniture and personal belongings at once without the assistance of your insurance company.


Most people carry other types of insurance as well, such as car insurance, business insurance, and even liability insurance to protect against lawsuits. With so much insurance, you may wonder if jewellery insurance is really necessary. After all, isn’t your jewellery covered under other policies?


You will find if you read your Home and Contents cover and even your travel insurance that these policies may provide some cover for jewellery. But the cover usually doesn’t provide the following benefits that you have when you obtain Q Report jewellery insurance:


  • 12 months worldwide cover
  • Immediate cover
  • Return to your original jeweller
  • Agreed value policy
  • Up to 150% cover
  • Annual revaluation


How Jewellery Insurance Differs from Home and Contents

It’s true that your home and contents policy probably includes some coverage for jewellery. But if you read the fine print, you’ll find that the coverage is usually too general to provide your jewellery with much specific protection.


In fact, most Home and Contents policies don’t cover your jewellery when it’s away from home. This exclusion is pretty significant. Most people wear their engagement rings all the time and spend a significant amount of their time outside of their homes.


The major difference between jewellery insurance and Home and Contents insurance is that jewellery insurance covers specific pieces of jewellery, no matter where the jewellery is. Therefore, you can take your jewellery with you wherever you go, knowing that it’s still covered if something should happen to it.


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What Sets Q Report Apart?

Here at Q Report, jewellery is all we do. We don’t insure homes or cars or boats or anything else; we concentrate our efforts on protecting jewellery with specialised and comprehensive cover. Because we’re focused exclusively on this one area and have a rich history within the jewellery trade, we know the industry exceptionally well.


We have a carefully selected network of certified jewellers with whom we work. Our Q Certified Jewellers take pride in high standards and excellent craftsmanship, and our relationship with the Diamond Dealers Club of Australia gives us unique insights into the industry and what it takes to protect the things you love.


Based on our focused efforts offering comprehensive coverage for jewellery, we have developed several insurance products to make sure our clients get exactly what they need:


  • Q Classic (comprehensive cover for items $5,001 and over)
  • Q Pocket (comprehensive cover for items between $1,000 and $5,000)
  • Watch Insurance (comprehensive cover for timepieces)


How it Works

When you buy a piece of jewellery from a Q Certified jeweller, you can add a jewellery insurance policy right there at the time of purchase. There’s no better way to gain peace of mind that your new treasure will be protected from the moment you walk it out of the store.


Each year, you’ll receive a free revaluation, telling you the current worth of your piece of jewellery. This will help you to know if your current cover is sufficient.


If something happens to your jewellery, all you have to do is get in touch and we’ll guide you through the process. You can return to your original jeweller for repairs or replacement, and since you have an agreed value policy with up to 150% cover, you’ll soon be reunited with your much-loved jewellery.


If you still have questions that are not covered in this blog, check out our Complete Guide to Jewellery Insurance. Then if you're ready to  can also get an instant online quote today. Enjoy your beautiful jewellery to the fullest by protecting it with Q Report jewellery insurance.


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