From Engagement Rings to Family Heirlooms: Insurance Options for Jewellery of All Types

Jewellery holds a special place in our hearts and our lives. Whether it’s an engagement ring that signifies a lifelong commitment or a cherished family heirloom passed down through generations, these precious pieces are not only valuable but often carry sentimental value that is priceless. 

Considering the significance of jewellery, it’s essential to protect them from unforeseen circumstances. That’s where jewellery insurance comes into the picture. In this blog post, we will explore the different insurance options available to safeguard your jewellery.

Home Contents Insurance

Many homeowners are under the misconception that their standard home contents insurance policy covers all their valuables, including jewellery. However, it’s important to note that home contents insurance typically has coverage limits for jewellery. This means that if your jewellery exceeds the coverage limit, you may not receive full reimbursement in case of loss, theft, or damage. To ensure adequate protection, consider obtaining additional coverage specific to your jewellery, such as Portable Possessions Insurance – but make sure you specify your items.  

Specified Portable Possessions Insurance

If you have a prized jewellery collection or possess valuable pieces, specified Portable Possession Insurance might be the best choice for you. It’s important to understand that Portable Possessions Insurance typically offers two options that you should be aware of: unspecified coverage and specified coverage. 

Unspecified coverage provides general protection for items that may not hold significant individual value but have value as a group. This category includes items like clothing, inexpensive accessories, or lower-value gadgets. However, when it comes to insuring your jewellery collection, we highly recommend considering specified coverage instead of opting for unspecified coverage.

Specified coverage allows you to list individual items along with their appraised value, ensuring that they are fully insured.  This specialised coverage is designed to protect high-value items, such as rare gemstone or antique jewellery, and covers any valuables a homeowner might carry or wear outside their home – even extending worldwide coverage for those who frequently travel with their jewellery.  This option requires you to provide detailed information about each item, such as their description, value, and sometimes even supporting documentation like appraisals or receipts. By providing detailed descriptions and appraisals, you can receive coverage for the agreed-upon value of each piece. 

This insurance typically covers these possessions against risks like theft, loss, accidental damage, and even damage caused by natural disasters or fire. It offers financial protection by reimbursing you for the repair, replacement, or cash value of the insured items in case of covered events.

Signature High Net Worth Insurance

Safeguard your valuable assets with Signature High Net Worth Insurance customised to meet your specific needs. Take advantage of the comprehensive Assets Out coverage (All Risk), which eliminates the need to itemise individual items like jewellery or watches. With the “Assets Out” extension, there’s no need to specify loose items worn and taken away from your primary residence, and this coverage extends globally – ideal for frequent travellers. Only items exceeding 30% of the total contents value require specific declaration. Please note that valuations are required for jewellery and watches over R25,000 in value and items over R75,000 when not being worn must be kept in a locked safe.

Standalone Jewellery Insurance (Note for Zingi – this is not specific to RBS).

In some cases, you may opt for standalone jewellery insurance. This type of policy focuses solely on your jewellery collection, offering comprehensive coverage tailored specifically to your needs. Standalone policies often have more flexible coverage options, including coverage for repairs, stone replacements, and even coverage for newly acquired pieces. If you want specialised protection and greater peace of mind for your jewellery, standalone jewellery insurance is worth considering. 

Understanding Policy Terms and Conditions

When choosing any insurance policy for your jewellery, it is crucial to carefully read and understand the terms and conditions. Pay attention to coverage limits, deductibles, exclusions, and any specific requirements, such as regular appraisals or security measures. Make sure you have a clear understanding of what events are covered and the process for filing a claim.

In conclusion, insuring your jewellery is an important step in protecting your investment and preserving the sentimental value they hold. From homeowner’s insurance to standalone jewellery policies, several options are available to suit your specific needs and collection. By choosing the right insurance coverage, you can have peace of mind knowing that your precious jewellery will be protected from unexpected loss, theft, or damage. Remember to consult with insurance professionals, compare quotes, and carefully evaluate the terms and conditions to make an informed decision. Safeguard your jewellery treasures today and ensure their beauty and significance endure for generations to come.