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Q Insights

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


Jewellery Insurance

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Portable Contents Insurance vs Jewellery Insurance

Q Report Team
Updated on October 06, 2022
4 min read

Insurance makes it possible for you to enjoy wearing your Rolex or engagement ring without fear of the unexpected. Because, let’s face it, crazy things happen sometimes. 

From dropping a vintage mechanical watch on a tile floor to losing a beloved engagement ring in the ocean, the stories are all too real, and we’ve heard many. Fortunately, insurance provides a path to restoration or replacement, whichever is necessary.

But what kind of insurance makes the most sense in your situation? This article will look at two of the most common types: portable contents insurance and jewellery insurance.


Portable Contents Insurance

Home and contents insurance is designed to cover your home and its contents in case of natural disasters, burglary and other incidents. Not all of your possessions remain fixed in your home, however, and that’s where portable insurance comes into play.

Many of your belongings remain permanently fixed at your home address. Your refrigerator, for example, is unlikely to stray very far from the kitchen. But jewellery was made to be worn out and about. So, hopefully, your diamond earrings will spend as much time in the sun as they do in their velvet box. And it would be a shame if your Breitling Navitimer never made it to a cocktail party.

To solve this problem, contents insurance providers created a product called Portable Contents insurance. You can add this cover to your home insurance policy for specific items. Typical categories include: 

  • Mobile phones
  • Jewellery and watches
  • Portable electronic devices
  • Bicycles
  • Recreational, hobby items and clothing
  • Medical and health items
  • Collections.

Advantages of Using Portable Contents Insurance for Your Jewellery

Your Coverage is Consolidated

If you already have a contents policy, adding portable cover is relatively simple. You don’t have to work with another insurance company, and you can keep your coverage details all in one place.

But before you dash off to add portable cover to your policy, you should hear the rest of the story.

The Disadvantages of Portable Contents Insurance

Value Limits

Insurers apply limits to items covered by portable contents, and these limits inhibit your ability to replace the item.

For example, typical limits on jewellery are below the amount Aussies currently spend on engagement rings. According to a comprehensive 2019 study, the average amount spent on a ring in 2019 was $5,297.50. So if your portable contents policy limits jewellery claims to $2,000 (which is not uncommon), you’ll have to compromise on the replacement or lay out an additional $3,000 or so.

Travel Limitations

An average portable contents policy covers your jewellery anywhere in Australia and New Zealand, giving you the freedom to take your Patek Philippe Nautilus on your next business trip to Brisbane. 

But what about your four-month work contract in the UK? In that case, your portable cover is invalidated. So you’ll have to decide between leaving your watch at home or taking risks with it overseas.

Replacement Limitations

If your jewellery is lost or damaged and you have to make a claim, your portable contents insurer will probably require you to use their chosen repairer for the work. Unfortunately, you won’t get to return to your original jeweller for repairs or replacement.

Also, If it’s not economical to repair the piece, or it’s been lost or stolen, your portable contents insurer will replace the item with a new one selected from a vendor of their choosing. If the sum insured is not enough to repair or replace the item to its original condition, the most they will pay is the item limit. In short, you could easily be left with an article that doesn’t live up to the original’s standards.

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Jewellery Insurance

As you can see, portable contents insurance provides some protection against theft, damage and loss. But its limitations don’t offer the peace of mind and freedom most people need to wear their jewellery and watches with confidence.

Jewellery insurance is explicitly designed for engagement rings, luxury watches and other treasured pieces.

Advantages of Specialised Jewellery Insurance

Agreed Value Policy

Q Report Jewellery Insurance provides coverage for the agreed value shown on your policy, not “up to” that amount. So in the unfortunate event that you have to make a claim, you’ll know that your policy will completely cover repairs or replacement. And the reason you’ll have such confidence is that you know how much it’s worth.

Complimentary Annual Revaluations

Jewellery values fluctuate over time due to a variety of market forces. Style trends, supply of precious metals and gemstones, and even currency exchange rates can cause your jewellery to change in value. 

We provide free annual revaluations of your piece, so you always know you have enough cover for a complete replacement.

Additional 50% Cover

Sometimes, however, a replacement costs more than expected. Maybe the stone is hard to come by, or perhaps labour costs have risen sharply. Whatever the reason, If we can’t put you back in the same position as you were before the loss, there is an additional buffer of 50% of the insured value available to pay towards your claim.

Low, Fixed $100 Excess

The last thing you need after a loss is another discouraging surprise. No ifs, no buts – we pride ourselves on providing absolute transparency.

No Impact Claims

It’s not your fault when a thief breaks into your home and steals your grandmother’s vintage necklace, and we don’t think you should be punished. If you have to make a claim on your jewellery, your future premiums will not be impacted.

Worldwide Coverage

Are you planning a surprise proposal in Bali? Planning on an extended work trip to Japan? You can take your favourite pieces of jewellery with you, knowing they’ll be fully covered no matter how far you roam.

Return to Your Preferred Jeweller

We don’t want to choose the jeweller who provides repairs or replacements after a loss. That’s personal. You will always be in the driver’s seat. If you want to return to your original jeweller, we hope you do.

The Disadvantages of Jewellery Insurance

When you use specialised jewellery insurance to protect your jewellery and timepieces, you have one more company to work with. But we pride ourselves in providing world-class service. If you need to make a claim, we won’t pass you on to another department or company, and we’ll be there for you when you need us.

We’re confident that you’ll be satisfied. But if you change your mind, you’ll receive a full refund of the premium if you cancel within the first 14 days.

Your engagement ring or favourite watch is not just another household item like a laptop or chair. It carries with it memories and special meaning, and it requires its own bespoke protection.

Q Report insurance provides comprehensive protection against life’s uncertainties. And if disaster strikes, you can be confident that your insurance is tailored to provide the best cover possible for your jewellery.

Get your own personalised jewellery insurance quote today!

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