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Fine jewellery and watches are made out of earth’s hardest substances: diamonds, platinum, sapphires, gold and rubies, for starters. But just because they rank high on the Mohs Hardness Scale doesn’t mean they can’t be damaged.
We’ve heard all the stories, from shattered faces on Philippe Pateks to mangled engagement rings bent out of shape at the gym. Even cautious jewellery wearers occasionally run into snags that put their bling in peril. What happens then?
Ask a friend about her most prized possessions, and she’s likely to describe her favourite jewellery. Why? Not only is bling fun to wear and admire, but it usually carries significant emotional value. An engraved luxury watch might represent years of hard work and sacrifice. A lady might think of her sweet grandmother every time she wears her heirloom cameo pendant.
When a treasured piece of jewellery is damaged, the distress is real. Fortunately, insurance can step in and provide a way to fully restore the item, even if the harm is extensive.
But when it comes to protecting your precious jewels, what options can you consider? And what cover works best for you?
You probably have home and contents insurance to preserve your home and household belongings, and this cover typically provides a limited level of protection for your jewellery. Some people choose to pay a higher premium to list specific pieces of jewellery on their policy, adding to their cover.
Even with this method, however, most people find that their benefit doesn’t cover the entire cost of repairs.
Your home and contents insurance provider will set a limit on the amount you may claim for a piece of jewellery. For instance, if your Tiffany engagement ring sustains $5,000 in damage, you might only be covered for up to $1,000 for the sparkler.
Some home and contents insurers also place a total limit on the amount you can claim for sets or multiple pieces of jewellery. So, if you have a house fire and your watch, bracelets and earrings were all damaged, you might only be able to claim a total of $6,000 for all items combined.
Standard home and contents insurance usually covers mishaps that occur at home, but if you’re like most people, you enjoy wearing your bling out and about. Jewellery can indeed fall prey to accidents at home (we know one lady whose platinum engagement ring spent more than 7 months in a washing machine hose before it was finally found and taken to the jeweller for repairs). But calamities can happen anywhere: at the beach, in a restaurant, at the office or the airport. If you want cover for locations outside your home, you’ll need to see if your insurance offers portable contents insurance, also known as personal effects insurance.
Some people lean on travel insurance to protect their bling while they’re on holiday. But how often is your engagement ring or luxury watch away from home while you’re not travelling? It’s also important to recognise that travel insurance typically imposes the same kinds of per item limits that you find on home and contents policies.
Home and contents insurance is perfect for safeguarding your refrigerator and roof. And travel insurance is ace when it comes to protecting your baggage and flights. But neither of these types of insurance is focused on your precious jewellery.
That’s why specialised jewellery insurance is hands-down the preferred method for insuring your bling.
Here at Q Report, all we do insure is jewellery. We don’t know about electrical wiring or house foundations or Fijian itineraries. But we know all about sparkling diamonds, luxury watches and precious metals. And we aim to restore our clients’ treasures to them no matter how catastrophic the damage sustained in a mishap.
When it comes down to it, Q Report jewellery insurance provides peace of mind. You can wear your favourite pieces without worrying about the possibility of accidental damage. Here’s why.
We don’t have verbiage in our policy like “up to the sum insured.” If your bracelet is insured at $6,500, then that’s the amount of your benefit. We don’t shop around to find a less expensive replacement.
Diamonds and other gemstones and precious metals are traded in US Dollars, and currency fluctuations sometimes impact our ability to replace your item of jewellery.
That’s why our Q Classic policy provides up to 150% cover. In the event of a claim for a total loss, at our discretion, we may recommend that an additional amount up to 50% of the insured value could be applied to your claim. This is at no additional cost to you, to put you back into the same position you were before your loss.
Market conditions and trends influence the value of jewellery. Your luxury watch may fluctuate from year to year, depending on the popularity of the model or the labour costs associated with repairs.
To make sure you always have appropriate cover, we offer a complimentary revaluation each year when it’s time to renew your policy.
When something catastrophic happens to your precious piece of jewellery, you should be able to return to your original jeweller for repairs. Instead of dictating where to take it, we leave that personal decision up to you.
If you’re ready to safeguard your treasured jewellery from knocks, bangs and scrapes, get your instant online quote here. Or, if you have further questions, ring us at 1300 882 018. Don’t take chances with your most prized possessions; protect them with a Q Report policy, and wear them with pleasure and peace of mind.
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