Your favourite piece of jewellery might be a family 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, the right insurance can provide cover for your items in the event of damage, accidental loss, or theft. You may also be able to get cover for when you take your jewellery out and about (at home or away). Explore the specifics of what’s covered in this guide.
Can I insure my jewellery under my home insurance?
Yes, jewellery is covered under AAMI Contents or Home and Contents Insurance. But the amount you can claim depends on the value of each item, the cover and limits you’ve chosen, and whether it’s listed or specified on your policy. Applicable conditions and exclusions apply.
Insuring your jewellery at home and away
We know your jewellery collection is unique. That’s why AAMI 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. If you’re a renter, you can still insure your items under AAMI’s Contents Insurance for peace of mind.
It’s important to note that where your jewellery is kept (and worn) makes a difference to your cover. We go over the specifics below.
Insurance for jewellery at home
With AAMI Contents Insurance, jewellery and watches are covered up to $2,000 per item or set at your insured address.
That means, if a thief steals your $500 watch — or your $1,800 ring is damaged in an insured event — it will be covered under your policy (subject to terms and conditions).
Items worth more than $2,000 may not be fully covered unless we agree to insure them specifically.
Insuring jewellery valued under $2,000
If your jewellery item is valued at $2,000 or less, you typically won’t need to list it separately on your policy.
These items are generally covered automatically under AAMI Contents Insurance.
However, if you have more than $5,000 worth of jewellery in total, you may need to specify individual pieces over a certain amount.
Insuring jewellery worth more than $2,000
If you own jewellery valued over $2,000, you can choose to specify it on your policy by increasing the item limit for an additional premium. Once listed, your jewellery can be covered up to its specified value in the event of an insured incident.
This is especially useful for high-value items such as engagement rings, luxury watches and heirloom pieces.
Insurance for jewellery at and away from home: Extra Cover Portable Valuables cover
If you regularly leave your home with your jewellery, AAMI’s optional Extra Cover Portable Valuables can help protect you when you’re out and about.
This cover applies if your jewellery is lost, stolen or damaged while away from your home (subject to limits and conditions).
Is my jewellery covered when I’m on holiday overseas?
AAMI’s Extra Cover Portable Valuables may also cover specified jewellery while travelling overseas, subject to the conditions on your policy.
If you plan to travel with high-value jewellery, don’t forget to check your policy and PDS before you leave to make sure your items are properly insured.
Know the value of your jewellery
Knowing what your jewellery is worth helps you choose the right level of cover. This is especially the case for gold, diamonds (as part of a piece or set) and custom items, because replacement costs may be higher than expected.
How to get a jewellery valuation
To specify higher-value jewellery on your policy, you’ll need a professional valuation. This can be done by a qualified jeweller or registered valuer.
A good valuation should include a clear description of the item, gemstone details, metal type, replacement value, and supporting photos where possible.
How often should I get my jewellery valued?
Jewellery prices can change over time. As a general guide, it’s a good idea to update valuations every two to three years, or sooner if market prices shift or your item has been altered.
Need to make a claim for lost or stolen jewellery?
If your jewellery is lost, damaged or stolen, you can lodge a claim with AAMI online.
You may be asked to provide proof of ownership, valuation documents, and a police report for theft claims. Having these documents on hand will help make the claims process quicker and easier.