Is your jewellery properly insured?

What Singapore residents should know about jewellery insurance

As someone who lost all her ‘proper’ rings – old engagement and wedding rings, and a beautiful sapphire ring from my grandmother – jewellery insurance is a hot topic. They were hidden in the top drawer in a box… and then they weren’t anywhere! They weren’t specified in my home contents, and I had no valuation certificates or proof I had them. I also had some rings stolen in a house break-in in London years ago – I should have learnt! So, if you have some jewellery that’s of any value, please read these pointers from the team at Pacific Prime Singapore.

What jewellery insurance covers

Whether it’s lost, stolen or damaged while travelling, specific terms and conditions differ between insurers. You should ideally have a comprehensive jewellery insurance plan that includes cover for the following situations:

• Accidental damage
• Loss
• Theft
• Loss or damage while travelling
• Loss of market value (if a covered piece of jewellery has been damaged and loses value, you will be compensated for any loss in its agreed value)
• Market appreciation
• Mysterious disappearance (for example, petty theft that you didn’t notice and therefore didn’t report straight away)
• Newly purchased pieces that have not yet been listed under your policy (usually up to 90 days)

Many jewellery insurance providers also offer “pair” or “set” cover. This means that if you lose or damage part of a pair or set of jewellery (one earring, for example), the insurance company can offer to take the remaining part of the set and reimburse the full agreed value of the entire jewellery set.

Don’t remember exactly how, where and when the loss occurred? Don’t worry: jewellery insurers classify this as “disappearance” and you can still expect to be covered. 

Whether your existing home insurance provides enough cover for high-value jewellery

While your jewellery collection can be covered as part of your home insurance policy, jewellery is often considered a non-essential household item, which means there is often insufficient cover. This is where jewellery insurance comes in handy – it’s specially designed to protect jewellery from a variety of losses.

What type of jewellery and valuables can be insured, and when you might need it 

Any piece of jewellery that is valuable to you either sentimentally (like a family heirloom) or monetarily is insurable. This can mean anything from your grandmother’s brooch or a brand new Tiffany necklace to gemstone rings and wedding bands. Jewellery insurance can be tailored to protect individual pieces or an entire collection.

Why jewellery valuations should be kept up to date

You can’t protect the value of your jewellery if you don’t know how much it is worth. Most insurance providers will require appraisals for high-value items, while an invoice or receipt is sufficient for less costly items. If you have a piece of jewellery that has been passed down from generation to generation (for example, a family heirloom), you’ll likely need to pay for an appraisal. There are a number of jewellery appraisal specialists in Singapore, each offering different price points.

What to consider when insuring engagement rings, watches, family heirlooms, or newly purchased pieces

• ‘All Risks’ coverage: Protects you against theft, loss, damage, disappearance, fire, and natural disaster.
• Sets and pairs coverage: Lost only one item in a set or pair? Get full coverage anyway.
• No excess or deductibles: That just means you don’t have to pay out-of-pocket.
• Coverage for new items: Get automatic coverage for new items up to 25% of sum insured.
• High replacement value: Replacement value covered is up to 125% of jewellery value.
• Worldwide coverage: Travel abroad often? Your items are covered across the globe.

What types of jewellery can be insured

Any piece of jewellery that is valuable to you either sentimentally (like a family heirloom) or monetarily is insurable. This can mean anything from your grandmother’s brooch or a brand-new Tiffany necklace to gemstone rings and wedding bands. Jewellery insurance can be tailored to protect individual pieces or an entire collection.

To insure your jewellery, get a quote across a range of insurance providers through Pacific Prime.

Pacific Prime
18 Cross Street, #09-02
6346 3781 | pacificprime.sg