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With all the excitement of finding that perfect stone and proposing to that special someone, insuring your ring can be the last thing on your mind. Your jeweller might recommend you protect your investment with insurance, but you may assume it’ll be covered under your home and contents policy as you leave the store.
While most home and contents insurance policies include some cover for jewellery, it’s essential that you read the fine print to avoid being shortchanged or stuck with insufficient protection.
In this article, we outline what you should look for in home and contents insurance and look into some of the benefits of specialised jewellery insurance.
Home and contents policies usually include some level of cover for jewellery. The amount of this cover depends on your provider, and whether or not you’ve specified individual pieces on your policy.
If you currently have a contents policy, we recommend you read the fine print in the product disclosure statement and pay close attention to the sub limits and exclusions applying to this cover. The last thing you want when losing or damaging your jewellery is learning that your cover doesn’t apply, or won’t insure you for the expected amount.
If you rely on your home and contents insurance policy to cover your jewellery, it’s likely that you:
Even if you’ve specified your valuable jewellery under a different section of your home and contents policy, you won’t always be paid for the full amount stated. For example, if your home and contents insurance says your jewellery is covered for “Up to $10,000” and your insurer finds they can replace your lost item for $5,000, they will do so.
With home and contents insurance, you can pay high premiums for cover “up to” a certain amount, but won’t always be covered for that full amount in the event of a claim.
Hear insurance expert and Q Report founder Rami Baron discuss this difference between specified and unspecified jewellery in more detail below:
Like contents policies, travel insurance usually includes some cover for jewellery. But again, this coverage can be limited (even when high-value items are specified), and subject to restrictive terms and conditions.
Again, these policies advertise cover for “up to” a certain amount; they do not guarantee that cover in the event of a claim.
If you’ve invested significant time, money and emotion into your jewellery purchase, it only makes sense to protect that investment with specialised jewellery insurance. Not only do policies like ours provide comprehensive cover that you can be confident in (regardless of whether you’re inside or outside the home), they’re written by people passionate about jewellery and protecting your unique piece.
This video explains the benefits of specialised jewellery insurance over relying on home and contents policies:
So when it comes to protecting your jewellery, whether it’s an engagement ring, family heirloom or valuable timepiece, it’s clear that home and contents policies often fall short in providing adequate cover.
To see how little it can cost to give your jewellery the level of cover it deserves, get an instant jewellery insurance quote with Q Report today.
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