While engagement ring insurance might not be the first thing you think after you finally find “The One”. It could be one of the second most important decision you make. No one knows what’s around the corner. For example;

1. You might accidentally lose the ring in the rubbish one day when cleaning up,
2. You might accidentally leave the ring on a wash basin of a Brisbane department store,
3. You might lose it while dancing the night away while overseas on your wedding night. 
4. You might lose it while on a banana boat ride while on your honeymoon.

If these seem like specific examples, it is because they have actually happened. If you want to make sure your example doesn’t get added to the list, now might be a good time to review your ring insurance. 

Home Contents Insurance with Ring Insurance

While a lot of Insurance companies might cover jewellery in their policies as an add on, it is not their specialty. Ring insurance is a very precise field and requires a completely tailored insurer who specialises in quality jewellery. If you do decide to use your current home and contents insurer, make sure that you read the fine print.  

Conditions to be aware of; 

1. 1. 1. Was it lost at the insured address ?
         1. Will they cover you if the item is lost while in transit, or at another location  
         2. Does it cover you while you are overseas ?
            1. If you are ever thinking of going on holidays overseas, it is a good idea to have ring insurance to cover your jewellery
         3. Was there any forced signs of entry ?
            1. If the thief has managed to rob your home, due to an open window, will they still cover you and replace your jewellery ?
         4. What value will you actually receive ?
            1. 1. Do you know the exact agreed amount that you will receive in the event of the claim, not whatever figure the insurance company can haggle the jeweller down to.
         5. Will they update you insured value every year – Free of Charge ?
            1. Making sure that you insurance is in line with the price of gold and diamonds is crucial. Without it you could be paying more than you have to, or worse, under-insured. The usual cost of revaluing your rings could be as much as $50 per ring each year.
         6. What process will you have to go through in the event of a claim ?
            1. Will they make you jump through hoops to prove that you still had the insured item, or will they simply ask for a police report and/or signed affidavit. 

While nothing can ever replace the sentimental attachment you had with your jewellery, it is important to protect yourself from financial loss. The sentiment behind your rings is priceless, but the rings themselves can be replaced, if you have the right ring insurance. You also need to make sure your valuation certificate has these 5 important elements.

For complete piece of mind, we strongly recommend our clients consider Q Report which is backed by Chubb Insurance of Australia .We understand everyone’s circumstance are different and you may want to go online and read their policy , but from our experience  nothing else comes close. We as jewellers hate seeing clients go through the trauma of a claim, where they have had either inadequate insurance, or their insurance company is trying to back out of a claim. In my experience Q report offers clients a clear difference when choosing to protect their jewellery. 

 

Q Report Ring Insurance Benefits

1. Revaluing of your jewellery every year free of charge, to make sure you are never under insured, including a 125% cover safety net.
2. Guaranteed to go to the jeweller of your choice.
3. Guaranteed  to pay the full insured amount in the case of a total loss.
4. Immediate cover from the moment you leave the store.
5. Fully comprehensive – covering all aspects of your ring, repair or replacement.
6. Hassle free claim process with no jumping th
   rough hoops
7. A $100 excess

If you would like help with your ring insurance, visit us in store to obtain a quote. The helpful staff at Xennox Diamonds, will clean, inspect and check your jewellery, while we prepare your quote. If you would like complete piece of mind, to know that your rings are completely covered no matter what happens to them, then there really is only one clear option. If you have any questions about your ring insurance or a claim that you are currently undertaking, please email us at [email protected], or post a comment below, we are here to help.

Karl