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Jewellery insurance: A claiming and record keeping guide
We’ve all heard horror stories of engagement rings disappearing down drains. But what happened next – after the unlucky ring bearer admitted the mishap to their spouse? Hopefully, after a quick call to their insurer, they were able to replace the ring, and live happily ever after.
Would you be able to cover the cost of your engagement ring if something were to happen to it? Or the necklace you received on that special birthday?
Sometimes, the things we own mean more to us than their dollar value. And that’s why getting cover for for them can offer peace of mind.
If you’re considering engagement ring insurance, or jewellery insurance in general, AAMI can help you get cover in two ways:
- Home and Contents Insurance, if something goes awry at home, and
- Portable Valuables Cover, as a Home and Contents Insurance Optional Cover, for coverage while you’re out and about.
Add your jewellery to a home inventory list
A home inventory list is just a fancy name for a list of the things in your house, along with proof of their value. It’s a good way to organise important documents like warranties and receipts.
If you’re an AAMI customer, you’ll need to specify items worth more than $1,000 on your Home and Contents policy. If you don’t, each item will only be insured for up to $1,000, meaning that’s the most you can be paid out if you ever make a claim for them – even if they’re worth a lot more.
To add items of jewellery to your policy – just give us a shout on 13 22 44 or log into My Account. Or if you’re a new customer, complete a Home Insurance quote online, note down your Quote Number, call 1300 727 452, and ask us to insure the specified item.
Record important details
Keep track of important info for each item by adding these details to your home inventory list:
- the time and date you bought it
- where you bought it, and
- how much it cost.
If you’ve inherited jewellery, or bought an antique piece, take it to a jeweller or a professional valuer for a certificate of valuation. A certificate of valuation will provide a detailed description of the item and how much it’s worth. If it’s a special piece, you'll want to have it assessed every few years given the costs of precious metals and stones can change.
Having photos, short videos or 3D scans of unique items can be useful for insurance purposes. Make sure the images are clear and that you’ve recorded any distinct features or markings.
How to store your home inventory
Whatever media you’ve chosen for your home inventory, it’s essential to keep backups. If you’ve opted for paper, keep your backup with a trusted family member or friend. You could even take photos of it on your smartphone. If, on the other hand, your home inventory is digital, keep it on an external hard drive (and keep it off-site) or store it via a cloud-based storage service.
Keep proof of ownership and value
If you’re claiming an item of jewellery that’s been damaged, lost or stolen, you’ll need to provide your insurer with proof of ownership and value documents. If you’re an AAMI customer, the Home and Contents Product Disclosure Statement (PDS) sets out the minimum proofs required for a jewellery claim:
- If the item is valued up to $500, you’ll need to provide a receipt or bank statement detailing how much you paid for it and when and where it was purchased.
- If the item is valued between $500 and $1,000, you’ll need to provide proof of purchase that identifies the item; or a clear, close-up photograph; or a valuation from a jeweller put together before the loss.
- If the item is valued over $1,000, you’ll need to provide proof of purchase and a valuation from a jeweller or professional valuer put together before the loss. A close-up photograph of the item isn’t a requirement, but it is useful, particularly if it’s bespoke.
For more details, check out pages 48 to 51 of the PDS.
Know your cover for accidental loss and damage
For AAMI customers, Senior Claims Assessor Shirley Golden suggests adding extra cover for portable valuables to your policy. ‘Extra cover portable valuables covers your jewellery for loss or damage anywhere in Australia and for up to 30 days overseas*. However, it does cost more to purchase.’
But if you’ve noticed an item of jewellery has gone missing, rather than being damaged or stolen, you’ll need to be able to prove that you’ve lost it. Shirley says, ‘In this instance, we would ask questions to determine when you last had the item to try and substantiate your loss.’ These questions might include:
- When did you last wear it?
- When was the last time you saw it?
- Did you have it in a bag (like a gym or swimming bag)?
Your jewellery insurance claim checklist
So, you’re ready to claim? Here’s a recap of what you’ll need:
- a description of what occurred, including the time, date and location of the insured event
- a copy of a police report if the item you’re claiming has been stolen, and
- proof of ownership and value, as defined by your policy’s PDS.
- A guide to your jewellery insurance options
- How do I insure my engagement ring?
- What does my AAMI Home and Contents Insurance cover?
* You can choose a sum insured from the options we offer for unspecified items ranging from $1,000 to $5,000. The most we will pay for all extra cover unspecified items is the sum insured shown on your certificate of insurance.
** Jewellery is covered for up to 30 days overseas, but only while being worn by you or while in a secure safe.
Insurance is issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI. Any advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Disclosure Statement before making any decision regarding this product. The Target Market Determination is also available.