I have a $200,000 diamond ring that I wear all the time. What are my options for insuring my jewellery?
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Answer by Neha Sharma, Hillsdale 2036 NSW
- It is advisable to take out additional cover to insure expensive items as most home contents insurance policies do not cover jewellery items unless they are specifically listed under the policy.
- This usually means that the policy holder pays a higher premium.
- Listing your jewellery under your home contents insurance policy protects it at home from any insured event such as fire, theft or natural disasters.
- The other and more appropriate option for insuring jewellery that you wear regularly is a portable cover.
- This insurance cover protects your jewellery at and away from home including overseas.
- You should check with your insurer to see whether they offer this option.
- This is an expensive insurance cover but definitely more appropriate for insuring expensive jewellery that you wear regularly.