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Wedding jewellery does not come cheap. Not only is it a symbol of love and commitment, but it holds a lot of sentimental and monetary value.
So if these precious symbols of love are lost, stolen or damaged – are you covered by the right jewellery insurance?
For example, it’s important to take photos, videos or get valuation certificates done for your precious pieces of jewellery. If you lose or damage your jewellery, having photographic evidence will help make sure your claim is successful. Without adequate records of your jewellery, you might only be covered for a small percentage of what your jewellery is actually worth – or worse, not at all. A complication with your insurance is the last thing you want during such a stressful time. Amazingly home insurance rarely demands these pics upfront, but hassle you if you don't have them in the case of a claim.
Your home insurance policy will most likely cover unspecified jewellery items up to a total value of about $5,000 and a maximum value of each item of approximately $1,500. If a piece of jewellery is lost or stolen, your insurance company might request proof of purchase and proof of the value. This could come in the form of a sales docket with a detailed description of the piece, as well as the price. If you can’t provide proof of purchase and value, you might not be covered when you claim.
A home insurance policy will only cover you if something happens to your ring inside of your home. If anything happens to your jewellery when you’re out and about, you won’t be covered. For example, if you were parked in front of your home, and your handbag with your jewellery in it was in the car and it was stolen, you won’t be covered with a general home content cover.
Another thing to note is that most insurance companies have special deals with their own jewellers, so if you need a piece of jewellery replaced, you might not be able to go back to your preferred or original jeweller.
The price of gold and diamonds fluctuates all the time, so it’s up to you to keep your jewellery values up to date if you want a replacement that’s just as valuable. It may seem like a lot of work, but it’s your responsibility to keep all the details of your piece. An insurance company doesn’t have a sentimental attachment to your ring, so they’ll probably just add a couple of lines to your policy to describe your ring. So make sure you keep the photos and certificate to back up your claim.
Getting engaged or married is such a special time in your life, and it shouldn’t be burdened with the worry of insurance.
Find out more about Q Report’s specialised insurance for jewellery. Q Report offers a jewellery insurance policy created by jewellers for people who really care about their jewellery, and want to know if they are insured for the fair amount.
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.
