Insurance for jewellery: How to cover engagement and wedding rings, watches and heirlooms

Woman with diamond rings on hands

Jessica Taylor Yates

Posted June 19, 2023

From how to insure an engagement ring to whether you’re covered if you leave the house with your jewellery on, here’s some important information about insuring engagement rings, wedding rings, watches and other jewellery items.

Jewellery items are precious. As well as being items of significant financial value, jewellery can have sentimental meaning, whether it is a luxury watch being passed down through generations, or a diamond engagement ring from a magical proposal.

Neighbourhood Watch Victoria has found that jewellery is one of the top items that burglars look to steal.

Kirsty Hayes, Head of Home & Business Insurance at RACV, says its always important to check your contents insurance policy.

"The last thing you need after an incident is to find out you are underinsured for your jewellery, so it's a good idea to check what you are covered for and consider if you need to increase any limits," she says.

woman putting pearl necklace on daughter

Jewellery you  can include previous heirlooms. Photo: Getty. 

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. 
watch and rings on night stand

Watches can be insured with RACV Contents Insurace. Photo: Getty. 

Can I add a jewellery item like an engagement ring on my Contents Policy later?

"Most insurers understand that your needs can change over time, and generally you can add additional cover to your policy when you need it and don’t need to wait until renewal," says Hayes. 

"A trigger to check or add cover to your contents insurance policy could be after a big purchase, such as an engagement ring or a new watch," she says. 

Hayes also adds to do an annual check of your policy to help ensure it is right for you, stating that "an annual check on your contents coverage helps to ensure your sum insured is enough to replace items in your home brand new at today’s prices - in particular with collections that can increase in value over time."

Does Contents Insurance cover for theft or damage? 

Under the general RACV Contents Insurance policy, your jewellery can be covered inside the home for theft or damage from a listed event in the product disclosure statement, up to the value of $2,500.

You can increase your valuable items coverage on your policy if you require coverage over $2500 for a valuable item. Any change to your policy may result in a change to your premium. 

If you have Portable Items Cover, this can cover if the jewellery item is lost, stolen or unintentionally damaged with a limit of $10,000 outside of Australia and New Zealand. 

Any change to your policy may result in a change to your premium. 

Are there any types of jewellery that aren’t covered?

Most types of jewellery, including watches and medals, can be covered under RACV Contents Insurance if they are damaged or destroyed by an incident that is covered and up to the sum insured. 

Loose gems and unset gemstones are not considered jewellery under this policy.

What happens if I need to make a claim? What information is needed?

RACV Insurance claims can be made online or by calling 13 19 03.

When an insurance claim is made, you may be asked to supply proof of ownership and value for an item, such as (but not limited to) a receipt, valuation or photograph.


Keep your precious jewellery items protected.
Discover more about RACV Contents Insurance

Terms, conditions, exclusions and limits apply - see your PDS for details.  The information provided is general advice only. Before making any decisions, please consider your own circumstances and the Product Disclosure Statement and Target Market Determinations. For copies, visit  RACV Home Buildings and Contents Insurance, RACV Buildings Insurance, RACV Contents Insurance, RACV Landlord Insurance and RACV Renters Insurance are all issued by Insurance Manufacturers of Australia Pty Limited ABN 93 004 208 084 AFS Licence No. 227678. As a distributor, RACV Insurance Services Pty Ltd AFS Licence No. 230039 receives commission for each policy sold or renewed.