I recently wrote about insurance for jewellery; and I thought it would be worth doing a little online research to get some more information and to see how much insurance companies differ with respect to this kind of cover.
Some important points / caveats: I have only looked at a couple of insurers (there are many more); I’ve only looked online; I’ve only considered the particular aspect of valuable jewellery cover (not any other features); and I’ve done no pricing comparison.
There are many more insurers out there, and if you’re going to make a decision about insurance you are best to do your own research (especially as coverages can change over time) – I am by no means an insurance broker or advisor or expert!
Summary of limits for jewellery / valuables (for the insurers I looked at):
research done between 29Sep10 – 01Oct10
The premiums for special valuables cover do have a reputation for being expensive though … and yes, per dollar of the value of the insurance sum insured, this cover is more expensive than general contents insurance (though you are also covered for out-of-the-home loss or theft, which is extra) … but as I’ve had all my jewellery stolen before, I personally consider the cost of the special insurance worth it.
Some friends of mine consider what they call the ‘pay-back period’ … how many years would they pay for insurance before the premiums add up to more than the cost of the item to start with. If the premium is expensive, then it may not be many years, and they probably wouldn’t bother insuring. For example: if they have something worth $3000 and the special insurance premium is $300 per year (for argument sake, this is not a real quote, I’m just making up numbers!): then if they paid for the insurance for over 10 years then they’d have paid more than the piece was worth in the first place … and they weigh that up against their personal view of the possibility of theft or loss etc within that time. Some friends would they’re not likely to need to claim and therefore think that’s too much to pay; some wouldn’t.
More details, links and screen shots below…
Disclaimer: it is important that you make your own decision about insurance by reading all details on the insurers websites (especially the Policy Disclosure Statement (PDS)). Insurers are ordered alphabetically, not by any other order.
AAMI [link]
- Limited Cover, Unspecified Items: $5,000 in total; $1,000 for each item; $1,000 in total for each pair, set or collection.
- “Extra Cover at and away from your home is available for valuable, portable contents items such as clothing and jewellery.”
screen shot 29th Sept 2010, 20:15
CGU [link]
- covers under various (sourced from PDS on 29th Sept 2010 21:15):
NRMA (not in Victoria / Queensland) [link]
- limit for jewellery within general insurance: $1000 in total
from Home and Contents PDF (extracted on 29th Sep 2010 21:00)
- options for extra insurance cover for jewellery
from Home and Contents PDF (extracted on 29th Sep 2010 21:00)
RACV (Victoria) [link]
- limit for jewellery within general insurance: $1000 in total
from Policy Disclosure Statement (accessed 29th Sept 2010 21:00)
- alternative for more valuable pieces is called Specified Items
Suncorp / GIO [link]
- “Uncut and unset gems, gold or silver nuggets and ingots (not jewellery)”:
Classic / 55UP Home and Contents Cover: up to $500 in total
Platinum Home and Contents Cover: up to $1000 in total - “Jewellery and watches**”: covered under general contents
Classic / 55UP Home and Contents Cover: up to $1,000 for each item or set, but no more than a total of $4,000
Platinum Home and Contents Cover – Essential: up to $5,000 for each item or set, but no more than $20,000 in total
Platinum Home and Contents Cover – Essential Plus: up to $10,000 for each item or set, but no more than $40,000 in total - “**options for insuring jewellery” -> if you want to specify more expensive items than covered on the policy you choose, then it’s called Portable Cover
screen shot 29th Sept 2010, 20:15
- there are some requirements for proof of ownership when you claim:
screen shot 29th Sep 2010, 20:15
As per disclaimer above.
Melbourne Jeweller 