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Can I cover my jewellery with contents insurance?

Yes, you can cover your precious jewellery under a home and contents insurance policy.

What is jewellery cover?

Jewellery cover as part of a contents insurance policy can help to cover the cost of repairs or replacement for your household’s most precious items whilst they’re in the home:

  • lost,
  • stolen, or
  • accidentally damaged.

So, whether it’s necklaces, rings, or a 100-year-old heirloom, you can insure them.

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How is my jewellery covered under my Contents Insurance?

Simply put, jewellery can be insured under a contents insurance policy for when it’s at home, it can also be covered as a ‘personal effect’ when it’s carried on your person outside the home. Typically, contents insurance policies insures these items up to a limit – but all policies vary in coverage and cost, unless you specify the value of each individual piece.

For example, you may be able to claim up to (for example) $2,000 on unspecified personal effects in the event of a burglary.

What if my jewellery is worth more than the claimable limit?

Great question: say you can claim $2,000, but your watch is worth $2,500. What then?

If your precious jewellery is worth more than the coverage limit set by your insurer, you may have the option of specifying the coverage amount for each item to avoid being underinsured for these items. Known as specified cover, this can help you avoid out of pocket costs should you be underinsured if something happens, though it may incur higher premiums.

Can I insure items that I don’t list on the policy?

Yes! You absolutely can. This is called ‘unspecified cover’, which provides cover for different types of items. It may only be up to a certain dollar amount – it’s up to you to ensure this figure can cover the replacement costs.

Cover for wearing your jewellery outside

Got a few jewellery items that you love and constantly wear? You may need portables cover (also known as personal effects cover). Keep in mind, however, this might cost extra to add.

It’s recommended to read through the Product Disclosure Statement (PDS), so you know exactly what is and isn’t covered.

Young girls playing with jewellery

Frequently asked questions

Is jewellery cover worth it?

Our personal heirlooms can be expensive, but also hold great sentimental value. Jewellery cover provides peace of mind as it protects you against unexpected events like accidental damage, theft and losing your jewellery whilst they’re in the home.

With home and contents insurance, however, you can get cover for your jewellery and all your other belongings under one policy. You may have the opportunity to tailor your cover to receive higher amounts back when making a claim, or to cover items you take out of the house. As such, it can be a simpler solution for anyone who wants to protect all their belongings.

To find policies quickly and easily, compare your options with Compare the Market’s free comparison tool.

How do I make a jewellery insurance claim?

If your jewellery is damaged, lost or stolen in an event that is covered by your policy, you’ll need to contact your insurer to make a claim. You may need to provide evidence, which can include police reports, receipts, valuation certificates or photographs of your collection. Details on making a claim can be found in your Product Disclosure Statement (PDS).

When making claim on my jewellery cover, is there a maximum amount I can receive back?

Yes, there will be limits to what you’ll receive in the event of a claim on your insurance, which will vary from policy to policy. You might have the option of increasing this limit at additional cost each month in premiums. When comparing insurance through Compare the Market’s free comparison tool, you’ll be able to view the PDS of each available policy and see what limits apply.

What if my jewellery is one of a kind?

If you have a bespoke piece that’s a one-off, it’s essential to make sure you aren’t underinsured in case it needs to be repaired or replaced. Alternatively, you could get cover for replacing it with another piece of equal value, even if it won’t be the same. When comparing insurance with Compare the Market, you’ll have the option of choosing to specify the amount your valuables covered for.

Are there exclusions to what is covered?

General wear and tear that lowers the value of your jewellery is typically not covered by jewellery insurance. Additionally, you won’t be covered if the item is easy to steal (such as by leaving the doors unlocked with the jewellery in plain view), lawfully confiscated by authorities, or if it was defective at the time of purchase. When comparing results on Compare the Market’s free comparison tool, you’ll be able to see what is and isn’t included.

Will my jewellery be covered when I go overseas?

Some contents insurance policies cover your belongings while overseas, though only for a limited time. If you’re taking some special items from your collection on your travels, be sure to check the Product Disclosure Statement (PDS) for details. Alternatively, you can compare travel insurance policies through Compare the Market to find coverage for your belongings while on holiday.

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