Can my jewellery be covered by insurance?

Who doesn’t love a bit of bling? Getting a new piece of jewellery is always exciting, whether it’s something new and special like an eternity ring or a sentimental piece that’s been handed down like your grandmother’s engagement ring. If you’ve splashed out on a new necklace for yourself for Christmas, it’s also precious. What we often don’t think about, is if it’s damaged, lost or even stolen.  You do need special jewellery insurance to cover them properly, so the team at Pacific Prime Singapore discusses some options.

So, there’s an insurance policy only for 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 does it cover?

While the specific terms and conditions differ between different insurers, you should consider 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.

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.

Do I need an appraisal for my jewellery collection?

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.

Pacific Prime Singapore
18 Cross Street, China Square Central, #14-05
6346 3781 | pacificprime.sg

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Lindsay Yap

Living in Singapore all her life, Lindsay loves finding out what's on and fun around town. Besides binge-watching sitcoms and pigging out on her favourite hawker food, she enjoys exploring new places and is constantly adding to her travel wish list!