Is your Jewellery Insured?
Jewellery Insurance: Are You Fully Covered?
We often assist customers during the insurance claim process after they've lost a precious piece of jewellery. Unfortunately, not all claims go smoothly—and many aren’t settled in full due to lack of documentation, underinsurance, or policy fine print. We’ve written a helpful blog post to raise awareness and help you prepare before it’s too late. Please take a moment to read it—and feel free to share it with friends and family.
Why You Might Be Underinsured!
With gold and precious metal prices climbing, many of our customers are now discovering that their jewellery is worth far more than it was just a few years ago.
| Real Example: Underinsured and Out of Pocket An 18ct white gold wedding band we made in September 2019 originally cost $1,620. At today's retail value, that same ring would cost $2,515 to replace. However, because the customer's insurance limit was only $2,000, they not only had to cover the $515 shortfall, but also pay their policy excess—adding even more out-of-pocket expense. |
If your jewellery valuation is out of date, your policy may not cover its full replacement cost!
What to Check in Your Policy
Item Limits: Many policies cap claims at $1,000–$2,000 per item unless listed separately.
Total Jewellery Limits: Make sure your total coverage matches your collection’s value.
Type of Cover: Full Replacement – Replaces the item, new. Indemnity / Market Value – Pays what it’s worth second-hand.
How to Protect Yourself
• Keep receipts and valuation reports up to date.
• Take photos of your jewellery and record when/where you
bought it. Note material, gemstone details, sizes, or serial numbers. Store a digital copy of your records.
• Check with your insurer to see if you're allowed to replace your lost jewellery through a jeweller of your choice—some policies restrict you to their preferred high street jewellery stores. After all, a bespoke Jewel Beetle creation isn't quite the same as a generic voucher from Michael Hill!
• If you want to choose a trusted jeweller like us, check if your policy allows it.
| 👉 Tip: Most insurers won’t cover damage caused by wear and tear—so regular checkups are essential. One of the most common issues we see is worn diamond claw settings, which can loosen over time and lead to lost stones. To avoid a heartbreaking (and expensive) surprise, have your jewellery checked regularly by a qualified manufacturing jeweller. Re-tipping claws before they wear down completely can save you from a denied insurance claim later. |
Don’t Wait Until It’s Too Late Take a few minutes to review
your insurance policy—and let us know if you need an updated valuation.
