Contents insurance for jewellery
Tips on jewellery cover from our home insurance expert, Adrian Taylor
Adrian Taylor
Executive General Manager – General Insurance
Check your policy covers jewellery
If you have some valuable or sentimental pieces, first check the PDS to see if they’re covered and if the policy’s sub-limit is sufficient for your needs. If the value of an item exceeds the sub-limit, consider listing these items separately on your contents policy so you can insure them for a higher value.
Make copies of important paperwork
Keep your receipts and certificates of valuation from your preferred jeweller or a professional valuer somewhere safe. Consider taking photos and storing them digitally on an external hard drive or cloud-based storage. This can make it easier to prove ownership and get the missing or damaged jewellery valued in the event of a claim.
Keep your jewellery in a safe place
When you’re not wearing your jewellery, keep it locked away in a safe place. That way, you can limit the chances of it being stolen, damaged or lost.
The basics of jewellery cover
Can I cover my jewellery with contents insurance?
Whether it’s an engagement ring, gemstones or a 100-year-old heirloom, your precious jewellery can be covered by:
- A contents-only insurance policy
- A combined home and contents insurance
The following cover may also be available for an additional premium:
- Accidental damage cover for mishaps that happen around the home
- Portable items cover for the jewellery you wear outside your home
- Specified cover for valuable items that are worth more than the policy’s sub-limit.
Do I need contents insurance for jewellery?
No one is legally required to have contents insurance. However, jewellery items can be expensive and may also hold great sentimental value. Contents insurance could provide peace of mind as it’s there to protect your precious jewellery against damages and theft. Without it, you’d have to pay for the cost of replacing or repairing these items in full.
Another advantage of having contents insurance is that your belongings and jewellery can be covered under one policy. It can be a more straightforward solution for anyone looking to protect all their belongings, not just the most valuable ones.
Always read the Product Disclosure Statement (PDS) and the Target Market Determination (TMD) to understand the cover, any limits and sub-limits within the policy and whether the policy is suitable.
How much does contents insurance for jewellery cost?
There are several factors your insurer will consider when calculating the cost of your contents insurance. Some things that might affect your premiums include your:
- Policy’s sum insured amount (i.e. your level of cover)
- Insured address and type of home (e.g. freestanding home, townhouse, apartment)
- Home’s security features
- Items listed for specified cover (if applicable).
Inclusions and exclusions
What does contents insurance for jewellery cover?
What is covered by contents insurance will depend on the insurer issuing the policy. Here’s a guide of typical inclusions and exclusions found in contents insurance policies.
| Insured event | Is it usually covered? |
|---|---|
| Storm damage | ✓ |
| Fire damage | ✓ |
| Flood damage | ✓/Optional extra |
| Earthquake | ✓ |
| Movement of the sea | ✗ |
| Vandalism | ✓ |
| Theft | ✓ |
| Impact damage (excluding deliberate damage) | ✓ |
| Portable contents | Optional extra |
| Motor burnout | Optional extra |
| Damage from vermin (including rodents and insects) | ✗ |
| War and uprising | ✗ |
| Accidental damage | Optional extra |
|
Escape of liquid (excluding the leaking item, e.g. burst pipe) |
✓ |
| Removing debris | ✓ |
| Damage from renovations | ✗ |
| Temporary accommodation | ✓ |
Always read the PDS for the full details of a policy before you buy, including what’s covered, excluded and policy limits. The Target Market Determination (TMD) will also help you figure out if the product is right for your situation.
Will my jewellery be covered when I go overseas?
You may need to purchase portable contents cover if you’re taking jewellery overseas with you. However, while portable contents cover can provide financial protection for these items in Australia and New Zealand, it may only cover them in other overseas locations for a limited period.
Make sure to check the PDS for details on whether you will have worldwide cover and for how long it may last.
What’s not covered by jewellery cover?
When it comes contents insurance policies, insurers will generally deny claims based on:
- Existing damage and general wear and tear
- Illegal activities
- Uninsured flood damage
- Uninsured accidental damage
- Defective workmanship
- Deliberate damage
- Your home being unoccupied for an extended period.
Learn more about general exclusions in home insurance policies.
Cover for high value jewellery
What if my jewellery is worth more than the policy’s limit or sub-limit?
If your precious jewellery is worth more than the sum insured set by your contents insurance policy, you could have the option of specifying certain items for a higher amount. Depending on your insurer, the following options may be available:
- Specified contents cover provides cover for specific items for an amount above the policy limit. This cover is for items that mainly stay at the insured address.
- Specified personal effects cover also provides cover for specific items valued above the policy limit. However, this cover is for items that you regularly take with you outside the insured address.
Please note that adding specified contents cover or specified personal effects cover will typically incur an additional premium.
What if my jewellery is one of a kind?
If you wish to insure a bespoke piece that’s a one-off, it’s essential to make sure you have it insured for its full value to avoid being underinsured in case it needs to be repaired or replaced. To better understand what it’s worth, consider getting a valuation from a registered jewellery valuer.
How do I make an insurance claim for jewellery?
If a piece of jewellery is damaged, lost or stolen, you’ll need to contact your insurer to make a claim. You can typically start the claims process through your insurer’s online portal or by phone.
You may need to provide supporting evidence with your claim, which can include:
- Police reports
- Receipts
- Valuation certificates
- Photographs of your collection.
Meet our home and contents insurance expert, Adrian Taylor
As a General Insurance expert with over 13 years’ experience in financial services, Adrian Taylor works to make it easier for homeowners, renters and landlords to protect their home and contents. He believes it’s important for all residents (whether they rent, own or lease) to have adequate financial cover for their property and belongings in case the worse should happen.