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Insurance may be a serious matter to consider, but for the peace of mind it grants, the benefits are endless. Whether it’s your family home, your worldly possessions, or an invaluable piece of jewellery passed down onto you—knowing how to keep it all safe is tricky to figure out. For a lot of people, protecting these things can seemingly be done with their home and contents insurance policies. Unfortunately, that’s not always the case. There are lots of instances, particularly with jewellery, where you might not be as covered as initially thought.
This post looks at some circumstances where your home and contents insurance policies might not fit the bill, and where insurance that’s specifically tailored for jewellery can help.
One of the biggest points of difference when it comes to contents policies in comparison to jewellery insurance is coverage for items left in the open air. A great example of this in action is if you left your valuables outside and they got stolen, vandalised or damaged. In this case, most contents policies offer you at least some level of coverage. There are usually restrictions, however. Insurance companies exclude certain items—such as electronics, money and jewellery. What’s worse, most contents policies will only insure you for a certain percentage of the lost items.
If you have valuable jewellery, it is always highly advisable to invest in insurance that’s specialised in this field. This type of policy provides a lot of benefits, should you need to make a claim. For example, if you need to get the piece repaired, a jewellery policy—such as one from Q Report—allows you to go back to the original jeweller. That way, they can repair or modify the piece using the same materials and quality of craftsmanship. Other perks that come with these policies includes worldwide coverage, which grants you peace of mind while travelling. Additionally, agreed value policies with 125 percent coverage and annual re-evaluations of the jewellery for free, are all added advantages.
If you rely on your home and contents insurance to cover your jewellery, it is vital to understand what limitations the coverage has. Ask your insurer about any instances where your jewellery will be covered, including accidental damage outside of the home. And then ask when it may not be covered at all. Some companies will only accept claims on jewellery if there has been a major break-in. So, read your policy’s fine print and ask your insurer as many questions as you can.
Looking to get started with jewellery insurance? Contact the Q Report team now on 1300 882 018.
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