How to insure your jewellery

Jewellery often has both sentimental and monetary value, making it important to cover against unforeseen situations. Insuring your cherished items will give you peace of mind that they're covered.

Read through our steps below on how to insure your jewellery.

Get your jewellery valued

Before insuring your jewellery, it's important you know each piece's individual value. This includes its purchase price, or you can engage with a professional appraiser to determine its market value. Documenting these prices will help ensure your jewellery has the right cover.

Provide documentation

Your insurance provider will want documented evidence of your jewellery's worth. This can include:

• Purchase receipts
• Proof of ownership
• Certificate of authenticity
• High-quality photos or videos.

Taking photos or videos of your jewellery is really helpful at claim time and will be useful when we need to replace those unique items. Make sure to keep these in a safe place, such as a fire-safe box, or online in the cloud.

As the value of jewellery can change over time, it's important that you regularly update your documentation, including appraisals and photos. This ensures your insurance accurately reflects the current value of your pieces.

Choose the right policy option

Insurance for jewellery typically falls into two categories. Either cover under the single item limit or cover as a specified item. To choose which cover suits you best, you need to look at the value of the item. If the value is higher than the single item limit, then you should specify it on your policy for its full value. If the value is lower than the single item limit of your policy, you don't need to specify it.

At Tower, we offer our customers three different Contents insurance policies: Standard, Plus, and Premium.

Our Standard cover provides you with up to $1,000 per individual item or set of items (such as a pair of earrings), with a limit of $5,000 from any one loss. Items over $1,000 should be specified separately.

On our Plus policy, jewellery, including watches, is covered up to $2,500 per item, with a limit of $15,000 from any one loss. Items over $2,500 should be specified separately.

And lastly, our Premium cover is most suited for customers with those high-value pieces, giving them cover of up to $10,000 per item, and a limit of $30,000 from any one loss. Items over $10,000 should be specified separately.

Because of these different limits, it pays to take a look at what you own and find the policy that works best for you.

Understand your policy

Make sure you thoroughly read and understand your policy wording. Pay attention to things like cover limits, and any exclusions that may apply. 

Insuring your jewellery is an important step to safeguarding your valuable possessions. By following these steps and keeping track of your items and their values, you will have peace of mind that your cherished pieces are covered.