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Although this level of protection covers a wide range of your possessions, some valuables like your jewellery might be a very different story. In fact, even if your policy does cover your hugely sentimental wedding ring, it will most likely fall very short of covering the face value of the actual pieces.
Why won’t my home insurance cover my jewellery?
Many of these policies operate in such a way that they will cover your possessions for up to half of your total coverage. That means your $100,000 policy will usually only cover $50,000 worth of furniture and other home possessions. When it comes to some of the more valuable items in your home, such as jewellery, most insurers impose strict limits on what can and cannot be claimed.
These limits can come in the form of a monetary cap on what you can recover when you claim for lost jewellery—be it $100, $500 or $1000. This will almost always leave you with a rather large amount to pay on your own, which is the last thing you need to deal with after losing your possessions. Accidental loss is usually not even covered, so don’t even bother trying to claim a lost wedding ring or favourite watch. Even worse, if you do decide to claim, then you can expect your premiums to skyrocket next year; even though you’re still out of pocket.
What should I do to instead?
It’s pretty clear that relying on home insurance to protect your jewellery is really not a safe option. One of the best ways to protect your jewellery is to get separate coverage in the form of specialised jewellery insurance. By focusing these policies primarily on jewellery, insurers such as Q Report fix all of the problems associated with using home insurance.
Also, unlike home insurance, Q Report will annually revalue your jewellery free of charge. This helps guarantee that your coverage will be sufficient to fully protect you. If you do have to claim on your jewellery insurance, you’ll be given the peace of mind in knowing that your premium will not change the following year. Better yet, Q Report in particular offers up to 150 per cent coverage.
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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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