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A guide to your jewellery insurance options

By  AAMI

Jewellery often carries a lot of significance for us. Your favourite piece might be an antique engagement or wedding ring, or a token from a special occasion like your graduation – it could even be something you bought for yourself just because.

Whatever the reason, having the right insurance can cover you in the event of accidental loss, damage or theft (at home or away). Today, we’ll look at your jewellery insurance options – what you need to know, what insurance you need and the ins and outs of bespoke replacement.

Before you start: know the value of your jewellery

If you ever need to make a claim on your insurance policy for an item of jewellery, you’ll need to be able to prove that it’s yours and its value for replacement. This means supplying proof of ownership and proof of value documents to your insurer, such as:

  • A receipt from purchasing the item
  • Photographs of the item in your home
  • A valuation certificate from a jeweller

Don’t forget to notify the police if you think a jewellery item has been stolen and include their report with your claim.

Insuring your jewellery at home and away

At home

Home and contents insurance will cover your jewellery if it’s damaged, lost or stolen from the property that’s insured. Most home and contents insurance policies will also specify a limit related to some types of jewellery per claim or item. For example, if you accidentally damaged a ring with a value of $2,500 and required a replacement, you may only be insured to the value of $1,000 for that item. You can usually ask your insurer to increase the limit on specific items if necessary, though doing so will affect your premiums.

Away from home

If you’d like to cover your jewellery for accidental loss or damage while you’re out and about, you could consider portable contents insurance. With AAMI’s Home and Contents Insurance, you can add Portable Values Cover as an optional extra. This lets you specify items that’ll be covered for their full value if they’re lost or damaged anywhere in Australia or New Zealand, or if it’s an item of jewellery it will be covered anywhere in the world. Be sure to read the Product Disclosure Statement carefully, so that you’re aware of what’s covered and what’s not.

Explore AAMI Portable Valuables Cover

Because AAMI is a part of the Suncorp Network, you can use the Suncorp App to lodge claims from your mobile. Suncorp Claim Tracker also gives you in-app notifications and updates on your claims.

Bespoke replacement

Most insurers will offer bespoke replacement for jewellery items that are one of a kind, provided their value is specified on your policy. What this means is that your insurer can allow a jeweller to assess an item and put forward a solution for replacement. If they can make the item bespoke, it will either be reproduced using pre-existing moulds or completely from scratch.

It’s useful to keep photographs (or even a 3D scan!) of all of your jewellery items for insurance purposes, but especially if they’re unique pieces. These images will assist the jeweller to replicate the item to the best of their ability.

Though you can’t insure jewellery for its sentimental value, covering it so it can be replaced in the event that it’s accidentally damaged, lost or stolen will mean that you can have the next best thing.

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Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Consider the Product Disclosure Statement before making a decision about this insurance. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.

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