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A guide to your jewellery insurance options

By  AAMI

Jewellery carries a lot of significance for us. Your favourite piece might be an antique wedding ring, or gift from a special event 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 – including the ins and outs of insuring what’s precious to you.

Before you start: know the value of your jewellery

If you ever need to make a jewellery-related claim on your insurance policy, you may need to prove a couple of things: the item’s value for replacement and that it’s yours. This means supplying proof of ownership and proof of value documents to your insurer, which may include:

  • 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. There may be minimum proof requirements for your specific claim, so read the Product Disclosure Statement to be in the know!

Insuring your jewellery at home and away

We know your jewellery collection is unique—that’s why AAMI Home Contents Insurance offers different types of cover to suit your needs. The best part? You don’t need to own a home to protect your beloved items. Renters can get in on AAMI Contents Insurance too!

At home:

Think about that gorgeous necklace sitting in your jewellery box. Even if you don’t wear it out often, you shouldn’t skimp on the protection! AAMI Contents Insurance can help protect your valuables from insured events like fire, flood, storm and theft that occur in the home.

Discover AAMI Contents Insurance

Jewellery under $1000

These items don’t need to be specified under AAMI Contents Insurance. If an uninvited intruder nicks your $500 watch (or you lose it in any other insured event), you’ll be covered even if it isn’t listed specifically on your policy. But remember, there’s a $1000 limit, so a watch worth $5000 wouldn’t be covered for the full amount.

Jewellery above $1000

If you have a special item valued over $1000, you should specify it. We’ll cover it for the full specified value listed on your policy.

Though, be careful not to misplace it—our Contents Insurance doesn’t cover that. To be covered for accidental loss or damage, you’ll need to add Portable Valuables Cover as an optional extra.

Away from home:

Have a jewellery piece you can’t leave home without? Perhaps it’s a family heirloom or your best pearl earrings. Be sure to get AAMI Portable Valuables Cover before you walk out the door. We’ll cover your items for loss and accidental damage, as well as insured events like fire, flood, storm and theft. And because we’re talking jewellery—you’re covered anywhere in the world for up to 30 consecutive days, as long as the items are on you or in a secure safe.

Explore AAMI Portable Valuables Cover

When you take out extra cover for portable valuables

Portable jewellery under $1000

If you have an unspecified item under $1000, it will be covered under AAMI Portable Valuables Cover when it follows you out of your home. This would include an unspecified $900 bangle lost outside of your house. All items worth over $1000 will only be covered up to the value of $1000.

Portable jewellery above $1000

With AAMI Portable Valuables Cover, you can rest easy when you take your expensive bling around the block. Just remember: if it’s over $1000, you should specify it. All you need to do is provide a value and full description when you insure the item. How do you prove the value of your fave accessory at claims time? It all depends on the specific item—the level of proof you need to provide varies for different jewellery values. But for most items, simply show a receipt or valuation certificate along with photo proof of the item when you make a claim.

A note on excesses: an excess will generally apply to all jewellery claims. Remember, AAMI’s Portable Valuables Cover excess is $100 (for specified and unspecified items). So, if it costs $5000 to replace a stolen engagement ring you specified on your plan, your claim will be $4900, after the $100 excess is removed. To learn more about your excess, read the Product Disclosure Statement. You’ll also get the lowdown on what’s covered and what’s not.

Explore AAMI Portable Valuables Cover

Bespoke replacement

Most insurers will offer bespoke replacement for one of a kind jewellery items, 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 photos (or even a 3D scan!) of all your jewellery for insurance purposes, especially if they’re unique pieces. These images will help the jeweller to replicate the item to the best of their ability.

You may not be able to insure a jewellery piece for sentimental value, but covering it may get you a replacement in the event of a claim—and that, is the next best thing.

Read more:

Insurance is issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI. Read the Product Disclosure Statement before buying AAMI Home Contents 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.