Jewellery Insurance

After purchasing your jewellery, it is highly recommended to secure insurance as soon as possible. Jewellery insurance is essential for providing peace of mind when owning a valuable luxury item. Numerous companies specialize in jewellery insurance, so take the time to research and find one that caters to your specific state or country.

For Australian customers, there are three primary options available for insuring your engagement ring, each with its own advantages and considerations. These options include adding cover to your home contents insurance, purchasing specialized engagement ring insurance, or obtaining single-item insurance.

Contents Insurance

If you already have contents insurance for your home, you can choose to add coverage for your engagement ring to your existing policy. This option is typically the most cost-effective, particularly if you already have contents insurance or are planning to purchase a policy.

However, if you decide to include coverage for your engagement ring in your contents insurance, it's crucial to ensure that you are also protected against loss outside of your home. This may require additional coverage, such as portable contents insurance or personal effects cover.

Specialized Engagement Ring Insurance

Certain insurance companies specialize in providing coverage specifically for jewelry, including engagement rings. This option is ideal for individuals who do not have contents insurance or possess high-value items that may not be adequately covered by their home insurance policy.

Some specialized insurers even offer valuation services as part of their package, allowing you to accurately assess the value of your jewelry. Brands such as Jewelsure and QReport are known for providing this service.

Single Item Insurance

Single item insurance is designed for those who wish to insure specific items within their home rather than insuring the entire contents. This option is particularly suitable if you only have a few valuable pieces that you want to protect, and it is often cost-effective as well.

If you choose single item insurance, it may be necessary to upgrade your policy to ensure that your item is covered outside of your home. This extension of coverage is important if you frequently wear your engagement ring outside the confines of your residence.

A good place to start once you have decided to insure your jewellery, is to do a comparison on the market by using a comparison website such as finder.