Will my home insurance policy cover lost jewellery?

If your jewellery is lost or damaged in an insured event (such as a burglary, for instance), you may be able to file an insurance claim and recover the jewellery’s cost, up to your policy’s coverage limit.

However, you may not be able to make an insurance claim if the specific incident where you lose your jewellery is not an insured event. For example, if you’ve simply misplaced your jewellery and can’t find it again, your insurer may not treat it as an accidental loss. Similarly, the value of jewellery that is lost or damaged intentionally will not be compensated by the insurer.

If your jewellery has been stolen, you may need to file a complaint with the police and submit the report as part of your insurance claim, along with proof that you own the jewellery and proof of its value. If your claim is approved, the insurance provider may only cover repairs or replacement undertaken by a jeweller from their network.

If your jewellery is not adequately covered by your home and contents insurance policy, you could consider purchasing additional coverage, though this would mean paying higher premiums. The alternative is agreeing to your insurer’s coverage limits and bearing out of pocket costs later.

To minimise your risk of underinsurance, you can make sure your insurer includes the full value and details of your jewellery in your insurance policy. This way, you can be confident that the sum insured through the policy covers the full cost of replacing your jewellery. There may also be separate standalone insurance policies available, specifically for covering high-value jewellery.

You’ll want to accurately assess your jewellery’s value before taking out any extra cover, as you likely won’t be able to change the insured sum after an incident has occurred. Consider getting your jewellery assessed by a jeweller of your choice from time to time, and keep a record of these assessments. You can also document the jewellery’s condition using high-resolution photographs when purchasing the insurance policy, as this can help you make quick comparisons when filing an insurance claim. 

Keep in mind that if you lose your jewels while wearing them outside the home, your home and contents insurance policy may not help you recover their cost. Anyone in the habit of wearing jewellery regularly or needing to travel with jewellery may want to consider buying a portable contents or personal effects insurance policy. You may want to check if the policy you buy is valid for travel outside Australia, as loss during an international trip may not be eligible for a claim.