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Q Insights

Jewellery insurance info, helpful guides, resources and industry-leading insights.


Jewellery Insurance

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Replacing an engagement ring that’s been lost, stolen or damaged can be expensive and upsetting. Insuring your investment can protect you against financial loss and allow you to quickly replace what you’ve lost without stress and worry.

Jewellery such as an engagement ring can be insured under a specialised jewellery policy or in some cases added to your home and contents insurance policy at an additional cost. A home and contents insurance policy without this additional coverage often won’t cover jewellery or will cover only a small portion of its value.

The costs vary according to the amount of coverage provided, and although comparing costs is a wise decision, there’s more to consider. For example, will your claim be handled quickly and to your satisfaction by people who know and appreciate jewellery? Or will you have to fight for satisfaction every step of the way?

The following information will help you decide how to insure your engagement ring.


How Much Does Jewellery Insurance Cost?

If you already have a home and contents policy, call your current insurer to ask about adding coverage for your engagement ring. Finder.com.au checked with three different home insurance companies in Australia to find out what it would cost to add insurance for a $6,000 engagement ring to a $60,000 home and contents policy. The monthly cost ranged from an additional $15.29-$17.44 per month, or $183.48-$209.28 per year.

The price of specialised jewellery insurance with Q Report depends on the agreed value of your engagement ring. If you fill out a very short online form, we’ll provide you with a straightforward quote for how much it would cost you to insure your ring with us.


Is Home and Contents Insurance Good For Jewellery?

Price is a consideration when you’re buying insurance coverage, but it’s far from the only one. The last thing you want is to pay premiums and then when it’s time to make a claim, you’re turned down or are dissatisfied with what you’re offered.

Home and contents insurance coverage often has the following limitations when it comes to lost, stolen, or damaged jewellery:

1. You can’t choose your own jeweller

If your engagement ring is lost, stolen, or damaged, many home and contents insurance companies will insist that you go to one of their recommended jewellers for a replacement or repair so the work is done more cheaply. With Q Report, we know you have a jeweller whose work you may trust and appreciate, and you’re free to use whichever jeweller you’d like if you’re filing a claim with us.

2. You may not get the money you expect

With our jewellery insurance, you’ll receive the full agreed value shown on your policy when you file a claim. Other types of insurance will sometimes insure an engagement ring or other piece of jewellery for an amount “up to” a stated value, so there’s no guarantee that you’ll receive its full value. We also have an additional buffer of 50% to pay toward your claim in case your piece is now worth more since we understand that the cost of gems, metals, and workmanship fluctuates.

3. You may not be covered everywhere

Some home and contents policies have specific circumstances under which your engagement ring is covered. For example, it may be covered only while you’re at home. If coverage extends outside your home, your policy may require you to be wearing your jewellery or storing it in a safe in order to be covered. And it may not cover overseas trips or might only cover them for a short duration. Q Report’s jewellery insurance covers you overseas, and if needed, our staff members will help you by communicating with a jewellery store of your choice abroad.

4. You’re not talking to jewellery experts

Let’s face it - home and contents insurance companies aren’t experts in jewellery. Our in-house staff are jewellery experts and appreciate not only its monetary value but also its artistry and sentimental importance.


Get a Jewellery Insurance Quote Now

When you’re buying insurance, the money you pay is only as good as the policy and company that stands behind it. Our service is top-tier, and our policies are underwritten by world-leading insurance company Chubb Insurance Australia Limited. Contact us by filling out a short online form or calling us at 1300 882 018 to get a Q Report quote for engagement ring insurance.

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Engagement Ring Budget Calculator

What you need to save to meet your timeframe and budget is:

This has not taken cut, colour, clarity or carat, your financial situation or your partners taste into account. There are many factors that can reduce or increase the value of an engagement ring.

Not sure where to start?

Speak with one of our Q Certified Jewellers to find out what you can afford, what your partner is looking for and what will financially work best for you.

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