How to insure your engagement rings, wedding rings, watches and other jewellery items
How do I insure my jewellery?
With RACV Contents Insurance, you will receive automatic cover of $2,500 in total for jewellery in the home.
This cover could include engagement rings, wedding rings, necklaces, chains, watches, bracelets, earrings, cufflinks and other items of jewellery.
The insurance coverage offers peace of mind for if your jewellery suffers loss or damage or is stolen from your own home.
Insurance cover can vary depending on the item, its value, the type of cover taken out and any policy limits.
How much should I insure my jewellery for?
This will depend on the valuation of your individual jewellery items and your policy. It is best to do research and have your jewellery valued by an expert with provided documentation.
The amount you insure your jewellery for can help to repair or replace the item if you were buying it new today.
If you underinsure your jewellery, you may be caught short if you need to totally repair or replace it.
If you insure your jewellery for more than it costs to repair or replace it, you’ll only be able to claim the actual cost to do so, minus your excess.
Am I covered if I leave the house with my jewellery?
It is important to check your insurance policy covers jewellery items outside the home, as you may need to specifiy the jewellery items on your policy.
With RACV Home and Contents Insurance, a jewellery item is only covered outside of the home if RACV Portable Items Cover for jewellery has been added onto the RACV Contents Insurance policy.
"Portable Items Cover should be considered for jewellery items you regularly wear outside the home, or before a holiday," says Hayes.
Portable Items Cover helps cover the item(s) both inside and outside the home.
Am I covered if I go overseas with my jewellery?
if you have taken out Portable Items Cover for your jewellery, the most RACV pays is $10,000 for all items while you are overseas.
Are there any optional add-ons I can get for extra protection for my jewellery?
With RACV Contents Insurance, you can also choose for the options below for extra cover:
- Valuable Items Cover in your home: With this optional extra, you can choose to insure the jewellery items inside your home for more than the $2,500 we normally pay under General Contents.
"Generally you can increase this limit, however this may need to be noted on your insurance policy," says Hayes.
- Portable Items Cover: This optional extra covers the jewellery item(s) listed on the policy anywhere in Australia and New Zealand, and up to a maximum of $10,000 overseas.