With Valentine’s Day just around the corner, discerning romantics will be familiar with the four C’s of the perfect diamond – cut, clarity, colour and carat.

However there’s an important fifth C that’s often overlooked when it comes to buying jewellery – ‘Cover’ – meaning your sentimental items may not be adequately covered under your insurance.
Our Home Insurance Product Manager Brad Warren lists his top tips to make sure you have the right cover:

  • Regularly review your level of insurance for your jewellery and valuable items to make sure you are properly covered
  • Remember your contents insurance will only cover jewellery inside your home and up to a certain collective value
  • Adding personal valuables cover to your existing insurance will protect your jewellery outside your home from theft, damage or accidental loss
  • Have your jewellery valued to make sure it is insured for the right amount and provide a copy of your valuation to your insurer
  • Keep a copy of any valuations and proof of purchase in a safe place
  • Take photos of valuables as they can be helpful if you have to make a claim
  • If you are travelling overseas make sure your travel insurance covers any jewellery items

Eryk Matusik, from Mount Lawley’s Matusik Jewellers, knows the importance of making sure your jewellery is covered;

“I always recommend people take their piece straight to their insurer with a certification which includes the details of the precious stone, metal type, the value of the item in the current market and a photo”.

“Jewellery can appreciate or depreciate over the years because of changes in the Australian dollar, the price of gold and wear and tear. People should review the value of their pieces every few years to make sure, should the unthinkable happen, they have the right amount of cover to buy a replacement,” Mr Matusik said.

Adding personal valuables cover to your existing insurance to protect your jewellery can save a lot of heartache and it may cost less than you think. For around $2.50 per week you could cover the loss, theft or accidental damage of a $4,500 ring.

To find out more visit our personal valuables page.