Insuring your jewellery and watches

Whether it’s a gift, a proposal or an heirloom, jewellery and watches often have both sentimental and monetary value. It’s important to make sure they're accounted for in the sum insured of your contents insurance and that you keep hold of any documentation you have on the items, such as valuations and receipts. Here are a few tips to help you understand how to cover your jewellery and watches so you’re ready if you need to make a claim.

Know the value of your collection

Most contents insurance policies cover all your belongings up to a certain amount – your sum insured – without you needing to specify the value of each item. Your sum insured is the total amount your belongings covered for, so it’s important to update it regularly, especially after significant gifts or purchases.

The value of your jewellery and watches can quickly add up. Engagement rings alone, for example, can be worth a significant amount, as can a classic watch. Some categories of contents have adjustable limits, which is the highest amount your insurer will pay for each category of items for a single event. For AA Insurance customers, these include jewellery and watches:

• If you hold a Contents Insurance policy with us, the adjustable event limit for the combined value of your jewellery and watches is $5,000. If the combined value of your jewellery and watches is more than $5,000, you can increase the adjustable event limit in the 'Update your policy' section on your My AA Insurance online account or get in touch. If you choose not to adjust the limit, $5,000 is the maximum we’ll pay for loss or damage to your jewellery and watches.

• If you have a Limited Contents policy, the adjustable event limit for jewellery and watches is $2,500. Limited Contents provides cover against burglary, fire, storm, flood or natural disaster, so it won’t cover you if you lose a piece of jewellery or accidentally damage it.

If you choose to increase your adjustable event limit to reflect the combined value of your jewellery, your premium may increase. If you don’t know how much your individual jewellery pieces and watches are worth, it may be a good idea to take them to a valuation specialist so you can accurately calculate your sum insured and make changes to your adjustable event limits if needed.

Doing what you can

Preparing for the unexpected can give you some peace of mind, especially when it comes to items of value. Here are a few things you can do to help safeguard your precious possessions:

• Keep your insurance up to date. That includes reviewing your sum insured regularly to make sure it reflects the total value of your contents including your jewellery and watches.

• Check if your insurer has an event limit for jewellery and watches and update the adjustable event limit if you need to. For AA Insurance customers, limits that have been adjusted will be shown on your policy schedule.

• Safely file documentation like receipts and valuations. These can be used as proof of ownership if you need to make a claim. As well as helping to prove that you owned the item you’re claiming for, proof of ownership can also provide specific details about the items in question so you can be appropriately compensated for your loss and make the claims process faster and easier. Taking photos of your precious items can help also support your documentation.

• Check your jewellery for damage. It’s worth remembering that insurance doesn’t generally cover you for gradual damage such as loss that is caused by wear and tear. Look for loose clasps on necklaces and bracelets and loose or displaced claws on rings. Having these repaired can help prevent the loss of bracelets, necklaces and gemstones.

• Resize that ring. Rings can easily be lost when gardening or cleaning, especially if it sits loosely around your finger. Getting your ring resized by a reputable jeweller can stop it from slipping off your finger when your undertaking daily tasks.

• Find a safe place to store your jewellery and watches, that neither children or pets can get to. Think creatively but make sure you remember where the hiding place is.

Need to make a claim?

We offer two different types of contents policies: our Contents Insurance policy and Limited Contents policy. You can compare the benefits of our two contents insurance options to help you get the cover that best suits your needs and circumstances.

If you have our Contents Insurance policy and your jewellery or watch is accidentally damaged, stolen or lost, you can make a claim online or get in touch with our team using your preferred channel. If you have our Limited Contents Insurance policy, cover for jewellery and watches is limited to unexpected costs of sudden, unforeseen and unintended damage or loss from a burglary, fire, flood or natural disaster. If you need to claim for one of these events, you can lodge a claim using your preferred channel.

To submit your claim, you’ll need to supply the following information:

• Policy number for the policy you are claiming on

• Personal details of the main policy contact (name, date of birth, email address, postcode)

• Details of what happened and when

• Details of any other people involved (including any witnesses or emergency services)

• Any relevant photos or documents you may want to submit to support your claim.

Once your claim has been lodged, we will get in touch within two working days. If your home is not safe and secure and you need urgent assistance, you can call us on 0800 500 216 and lodge your claim over the phone.