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Jewellery Insurance

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Why You Should Insure Your Heirloom Jewellery

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

When a loved one dies and leaves heirloom jewellery to you, its sentimental value can far surpass any monetary amount. Perhaps you’ve been entrusted with caring for family heirlooms, which will later be passed down to the next generation. Maybe you’re expected to divide them up among other family members. Heirloom jewellery may even be collected to be sold at a later date for paying for, say, a deposit on a home.


Whatever your situation, it’s imperative that you safeguard heirloom jewellery against theft, loss and damage. Some people are surprised to find that their family’s jewels are worth more or less than they anticipated. Heirloom jewellery may be highly coveted by collectors. Alternatively, it may fetch a lower price because it’s out of style or demonstrates poor workmanship.


You won’t know how much a piece of jewellery is worth until you have it appraised. Armed with an accurate valuation, you can answer these questions:

  • If this jewellery disappeared, would I be devastated because of its sentimental value?
  • If it were damaged, would I feel crushed because I couldn’t afford to repair or replace it?
  • Would the loss of this jewellery cause me to be reluctant to wear or buy good jewellery in the future?

If you answered yes to any of these questions, you should look into insuring your heirloom jewellery. Let’s further explore the reasons why.


Clasps Break

Did you know that Lady Gaga wore a vintage 128-carat diamond necklace to the Oscars that is valued at $30 million USD? Charles Lewis Tiffany himself purchased the canary-yellow centre diamond in 1878. The last time the necklace left the Tiffany vault was in 1962, when Audrey Hepburn wore the piece for a promotional Breakfast at Tiffany’s shoot. 


The highly-insured jewellery is safe and sound, back in the Tiffany vault. But what about your most-prized jewellery? What if the clasp broke on your heirloom necklace, and it was lost or damaged? You’d be surprised how many people lose treasured jewellery simply because an old clasp doesn’t stand up to the rigors of wear.


Pieces Get Lost (Often) and Stolen (Not as Often)

More often than not, jewellery is misplaced or lost. It’s tragic to lose a piece of heirloom jewellery simply because it was lost and uninsured. 


It’s true that thieves may target heirloom jewellery. You can reduce your chances of theft by keeping it locked up when you’re not wearing it, especially when staying at hotels. Hotel room safes may not be the best option because too many people have keys to them. The establishment’s central safe may be a better idea.


If your jewellery is stolen despite your best precautions, your family jeweller can recreate it using the payout from your jewellery insurance claim. Because Q Report jewellery insurance covers up to 150% of the value of the item, your jeweller will be able to use the most appropriate metals and gemstones, even if they’re hard to come by.


Contents Policies Don’t Cut It

“But I already have jewellery insurance included with my contents policy.” All too often, we’ve heard from people who realise too late that their home and contents insurance covers just a portion of their jewellery--not enough to repair or replace it.


When you read the fine print, you learn that most contents policies only cover your heirloom jewellery while it’s inside the walls of your home. If you wear it out for a night on the town, you do so at your own risk. If something happens to your heirloom jewellery, you may not receive enough of a benefit to replace or restore it to its original condition. 


For full coverage tailored to your jewellery, protect it with Q Report insurance. Every year, we provide a complimentary valuation, so you’ll always know your piece is fully covered according to its current value.

Get a free estimate to find out how affordable it is to protect your family heirlooms. Your peace of mind will allow you to enjoy your sentimental treasures, knowing you can securely pass them down to the next generation when the time comes.


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