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Will my home insurance policy cover lost jewellery?

Mark Bristow avatar
Mark Bristow
- 4 min read
Will my home insurance policy cover lost jewellery?

The average home and contents insurance policy in Australia may only cover lost jewellery in some circumstances, and even then, only up to a certain value. If the event where your jewellery is lost is not listed in your insurance policy, your insurer may not entertain your claim. Consider checking the details of your insurance policy to know which incidents are covered.

Many Australians own jewellery, whether as an heirloom, for commemorating life events, or simply as a keepsake. Given how expensive jewellery can be, you’d naturally want to protect it and preserve its value for a long time.

If you’re a homeowner, one way you can do so is by purchasing a home and contents insurance policy that also covers your jewellery. You can consider buying a standalone contents-only policy either just for your jewellery or for all your high-value belongings, but this may work out to be more expensive than a combined home and contents insurance policy.

Can I file a home insurance claim for 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 to the coverage limit mentioned in your policy.

If you have to file an insurance claim, remembering the specific incident in which you lost your jewellery is crucial. 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, along with proof that you own the jewellery and proof of its value, as part of your insurance claim. 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 may want to consider purchasing additional coverage. Be sure to negotiate with your insurer prior to buying the policy as they likely won’t agree to raise the insured sum after an incident has already occurred. You may need to choose between paying a higher premium for insuring your jewellery, or agreeing to your insurer’s coverage limits and bearing out of pocket costs later.

How to ensure your jewellery is covered by insurance

Try to ensure that your jewellery is not underinsured by making sure your insurer includes the full value and details of your jewellery in your insurance policy. You need to confirm that the sum insured through the policy covers the full cost of replacing your jewellery. 

Consider getting your jewellery assessed by a jeweller of your choice from time to time, and keeping a record of these assessments. You can also choose to document the condition of the jewellery using high-resolution photographs at the time of purchasing the insurance policy, as this can help you make quick comparisons while filing your insurance claim. 

Since you’d want to protect your jewellery while in your home as well as when outside, you may want to explore various options for insuring them, including specialised policies that only cover high-value jewellery.

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 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.

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Product database updated 16 Jun, 2024

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.