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

 

Jewellery Insurance

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Helpful Resources

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The Complete Guide to Jewellery Insurance

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How would you feel if you lost your favourite piece of jewellery?

  • Crushed because of its sentimental value?
  • Inconsolable because you don’t have the financial means to replace it?
  • Hesitant to wear fine jewellery in the future for fear of losing it?

If you answered ‘yes’ to one or more of these questions, it’s time to look into jewellery insurance. With the confidence that you have complete protection for your treasure, you can wear it with peace of mind.

But what happens to your insurance premiums if you have to make a claim? This article will explain ‘no impact’ cover and what it means for your pocketbook.


Methods of Insuring Your Favourite Bling

Before we get down to the details, let’s step back and see the bigger picture. There are several ways to protect your jewellery, and each method has specific attributes.

Home and Contents Insurance

You probably already have a policy to cover your home and/or your belongings (if you’re renting). All such policies provide protections for jewellery, but most come with limits that might leave you out of pocket if you break or lose expensive pieces.

When you purchase a home and contents policy, you nominate a sum that it would cost to replace everything as new (this is referred to as ‘sum insured’). But for expensive items like jewellery, the individual item cover is typically limited. 

You have two options for protecting your jewellery through a home and contents policy:

  • Unspecified (or unlisted). With this option, you don’t specify cover for individual items; all of your belongings are treated as part of your general contents. Most insurance providers limit their cover for unspecified jewellery by capping the per-item amount or the overall sum (or both).
  • Specified (or listed). Most home and contents policies allow you to nominate certain items for additional cover. Some will also allow you to list specific items, such as your precious jewellery for accidental loss or damage when they’re away from your home. You will likely have to pay an additional premium for such protection.

If you decide to depend on your home and contents policy to protect your jewellery, be sure to read the fine print. In most cases, your jewellery will not be protected when it’s away from your home, and this is problematic since most of us like to wear our sparklers when we’re out and about. Also, the benefit you receive from a claim might not be enough to cover the total replacement cost, leaving you with hefty out-of-pocket expenses. 

Additionally, many home and contents policies will raise your premium after you’ve made a claim. This can have a long-term impact on your monthly budget. But home and contents insurance isn’t your only option.

Specialised Jewellery Insurance

Designed exclusively for fine jewellery and luxury watches, specialised jewellery insurance protects your favourite pieces from theft, damage and loss. Regardless of how far you travel, you will know your engagement ring or Rolex or diamond earrings have full value cover.

If you make a jewellery insurance claim with Q Report, your premiums will not increase, and you can rest assured that none of your other insurance policies (such as your contents or auto insurance) will be affected in any way.


How Claims Impact Insurance

If you’ve ever made a claim on your contents policy, you know that it can impact your premiums’ cost (the amount you pay an insurer for cover).

Premiums reflect what the insurance provider believes is the likelihood you’ll make a claim. Additionally, it includes the insurer’s business costs and any discounts or bonuses offered to you. 

Making a claim on your home and contents insurance could affect your ability to get insurance later as well as the cost of future premiums. That’s why people talk about the ‘impact’ of claims and sometimes fail to make a claim at all if the damage is minor.

 

A ‘No Impact’ Claim with Jewellery Insurance

Home and contents insurance is designed for protecting your home and its contents. It’s ideal for covering your roof, refrigerator and rugs because these items stay in your home and are subject to certain risks.

Jewellery doesn’t stay put, however. You wear it to work and out on the town. It’s also expensive and subject to specific dangers like theft, loss and damage. In short, jewellery needs its own particular protection, designed especially for its unique perils.

When you have to make a claim, you shouldn’t have to deal with increased premiums or reverberations on other types of insurance you hold.


Easy Claims

With Q Report jewellery insurance, making a claim is quick and easy. As soon as you notice the loss or damage, all you have to do is call us. We’ll jot down the details and explain what documents we need. 

Since Q Report is an Agreed Value policy, meaning that you are covered for the sum insured on your policy (not up to that amount), there’s no haggling over how much it costs to replace the item. We’ll pay the actual amount shown on your policy minus a flat $100 excess if you lose your jewellery. If your piece has sustained damage, you can return to your original jeweller for repairs or replacement. And you’ll be covered no matter how far away from home you roam.

Don’t let a jewellery claim impact your home and contents premiums or decimate your budget. Secure the peace of mind that accompanies a specialised Q Report policy for your favourite pieces. Start with an instant quote today!


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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.


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