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How to be ready for a jewellery insurance claim
AAMI can help you cover your jewellery in two ways:
- Home and Contents Insurance, if something goes awry at home, and
- Portable Valuables Cover, as a Home and Contents Insurance optional extra, for coverage while you’re out and about.
If you ever need to make a claim for an item of jewellery, there are a few things worth knowing. So, we’ve put together this guide to make it easy!
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.
With jewellery, you’ll want to check what your insurance covers. 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, they may 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.
Record important details
Keep track of important info for each item (and for any potential claims!) 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 might also find it useful to have it assessed every few years so the certificate reflects its true value 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 like Dropbox or Google Drive.
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; 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
Cover for accidental loss and damage will depend on your policy, and you’ll be able to see the finer points of it in your PDS.
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?
Insurance is issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI. Read the Product Disclosure Statement before buying 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.