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Your ring may be listed under your home insurance policy, but you’re not actually covered outside the home - unless you take extra note of the fine print and specify it on a personal valuables add-on policy - so if something should happen to your ring while you’re out and about, chances are you're not going to be covered.
And while we’re talking about fine print, most home policies say things like “you’re insured UP TO a certain value”. So really, that means if you’ve got a ring that’s valued at $5,000, that’s what it’s insured at… your insurance may replace it with something similar they find that’s a whole lot cheaper.
That $5,000 is not an agreed value, it’s the maximum.
And lets say that if you need your piece replaced, you may not be able to go back to your original jeweller - the person you trusted to buy your ring from in the first place. Most insurers have special deals with their own jewellers, and could make you play by their rules.
Also, did you know you can’t just sign an insurance policy, put it in the bottom draw and forget about it? You actually need to keep your own jewellery values up to date. That means keeping an eye on the exchange rate and knowing how it affects the value of your stone, and who has time to do that?
You have to look after that little baby. If for example the claws get a little loose, the insurer could make a note of it on your quote. And if the diamond on your ring then falls out, you may be out of luck. The fact that the claws were worn could be grounds for the insurer to deny your claim altogether.
You can’t really rely on your insurance company to keep all the details of your piece, they’ll probably just attach a couple of lines to your policy to describe your ring. So, the details are your job. You should always have photos and the diamond certificate in the case of your engagement ring, that’s your own form of insurance against getting something mediocre to replace your special piece.
Remember, this is your precious piece, your memories and it's something you want to keep forever.
If you want more advice on how to treasure the one you love, visit qreport.com.au.
This article is advisory in nature and is offered as a resource to be used together with your professional insurance advice. It is an overview only and is not intended as a substitute for consultation with your insurance advisor or other professional advice.
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