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Choosing the best jewellery insurance provider for your policy will allow you peace of mind should things go wrong. Your engagement rings, wedding rings and other jewellery aren’t just of monetary value, but of sentimental value too; as such, it really pays to have an insurance provider that understands the finer nuances of jewellery insurance.
Unfortunately – like any industry – there are some jewellery insurance providers that simply aren’t up to standard and can leave you with high premiums, low payouts and poor service. Thus, it’s important to do your research before you decide which jewellery insurance company is going to be in charge of your policy.
Here are some things to consider when finding the perfect match:
There are a few characteristics that you should look for in your jewellery insurance provider that will indicate whether they are the company for you. Here is a checklist of what to look for in your jewellery insurance provider:
Many of the insurance companies in Australia include jewellery insurance in their regular home contents policies. However, it is imperative to make sure that you are covered for the actual value of your jewellery if you have such a policy. Discuss with your insurer the exact amount that will be paid in the event of a claim.
If you don’t specify your jewellery, you will often be subject to limits of $500 or $1000, which may not be enough to replace your precious jewellery. If you do specify your jewellery, insurers often cover you up to the specified value. This doesn’t necessarily mean that they will pay the amount covered, especially if they are able to get a similar item of jewellery from one of their suppliers at a discount.
Also keep in mind that very few home contents insurance policies cover you for loss outside of your home (let alone when you travel abroad) and as such, you won’t have peace of mind when wearing your jewellery. Check with your home contents policy insurers to iron out these details. We highly recommend that you add specialised insurance for jewellery to your policy through them or an independent party.
There are a number of important questions that you need to ask before deciding on a jewellery insurance provider. These are the aspects that you should clear up with your provider before signing the dotted line:
Can I choose the jeweller that replaces/repairs my stolen, lost or damaged jewellery?
Can I have a breakdown of what I am covered for and the exact amount?
Do you have accidental coverage for my jewellery?
Is my cover international?
What is the claims process?
Do you have jewellery specific knowledge and experience in processing jewellery claims?
Do you offer free revaluation?
Choosing the right jewellery insurance provider ensures that should something happen to your precious pieces, you are fully covered. At Q Report, our specialised insurance for jewellery ensures that you are comprehensively covered for loss, theft and damage worldwide. At Q Report, we know jewellery; we love jewellery, and we believe that if you love your jewellery, you should Protect the things you love.
To get an accurate insurance quote, please provide the amount from your purchase receipt.
Don't have the receipt?
If you don't have the receipt, you can provide the most recent valuation amount instead.
