Will my home insurance policy cover lost jewellery?

Jessica Clements-19/08/2020- 4 min read

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 policy either just for your jewellery or for all your high-value belongings, but this may work out to be more expensive than a home and contents insurance policy.

Can I file a home insurance claim for 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. For instance, if a burglary results in your jewellery being stolen or damaged, you may be able to file an insurance claim and recover the jewellery’s cost to the coverage limit mentioned in your policy.

If the incident in which 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.

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 will likely not agree to raise the insured sum after an incident. 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.

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.

Since you’d want to protect your jewellery while in your home as well as when outside, you should 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 personal effects insurance policy. You may want to check if the personal effects policy you buy is valid for travel outside Australia, as loss during an international trip may not be eligible for a claim.

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. You can 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.

In the event 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.

Consider getting your jewellery assessed by a jeweller of your choice from time to time, and keeping a record of these assessments.

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Jessica Clements

Content Writer

Previously a content writer at RateCity, Jessica enjoyed spending her time trying to make the complex jargon of the financial world something bite-size and easily digested for everyday working Australians.

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The risk of any damage to the home is transferred to the new owners when you sell the property. You can speak to an experienced conveyancer or solicitor to find out more about when the risk gets passed to the buyers in your state or territory.

If you move to a new home

Can you transfer home insurance to a new property if you move to a new home?

Some insurers may allow you to transfer your policy to a new property as long as you meet certain conditions. These include informing the insurance company as soon as you enter into a contract to buy the new home. You may need to pay an additional premium when transferring your existing home insurance policy to the new property.

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You may want to check if your home insurance also covers hail damage to the cars parked on your property, and then file the claim for the total damage caused by the hailstorm. Once your claim is approved, your insurer should offer you either a cash settlement or refer you to a network vendor for the necessary repairs.

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The idea behind property insurance is that you pay insurance providers to take on the risk of loss or damage to your property that you would otherwise be carrying.

Making a home and contents insurance claim for the very first time can surely be a daunting task, especially in the event of a major loss incurred by a catastrophic event such as storms or floods. Moreover, your claims history can impact your premium rate, so it’s important to carry out the process as efficiently as you can. Fortunately, the process of raising an ANZ home and contents insurance claim is fairly simple.

The very first step you should undertake is contacting your insurance provider online or over the phone as soon as you can. The ANZ home insurance claim contact number is 13 16 14 and is available weekdays from 8 am to 8 pm AEST. Be sure to have your policy number ready when you make the call, though. If you don’t remember your policy number, you’ll need to confirm a few of your personal details, following which the insurer will be able to locate your policy and proceed with lodging the claim.

Your insurer will then ask you a series of questions regarding the event and the loss you incurred. As a note, it’s a good practice to submit photos of the damages while lodging your ANZ home insurance claim. Contact the police in the event of theft and provide the report number to your insurer when lodging the claim.

ANZ may send an assessor or representative to inspect the damages onsite, and may even arrange for qualified or experienced replacement specialists to inspect the losses and provide quotes for repairs. As such, it’s ideal to conduct repairs or replacements to your home and contents only after your insurer has agreed to them.