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8 reasons why you need jewellery insurance

Jewellery tells stories: the watch on your wrist passed down through generations carries your family’s history, the diamond engagement ring on your finger reminds you of the time your significant other proposed, and perhaps the necklace you’re wearing is close to your heart because you bought it with your first salary.

Given the memories and emotions attached to jewelleries, it’s no surprise that many people choose to purchase jewellery insurance in order to protect their pieces. Still not convinced on why you need insurance for your jewellery? This Pacific Prime Singapore article gives you 8 reasons why.

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1. Keeping those sparkling earrings in the jewellery box is a shame

It’s perhaps counterintuitive, but so very true: the more valuable the item, the less you’re going to want to use it. For instance, you might worry about it getting damaged, lost, or stolen. However, while those sparkling earrings are safer in your jewellery box, it’s a shame to leave them sitting there. After all, what’s the point of owning them if you can’t freely use them? Knowing that your items are protected though jewellery insurance will encourage you to wear them more often!

2. You shouldn’t have to worry about your expensive necklace when you’re traveling

Going on holiday means you’ll want to look and feel your best. That means bringing your jaw-droppingly gorgeous necklace with you. But you shouldn’t have to worry about misplacing your valuables whilst traveling as there’s already a million other worries to deal with. Of course, securing jewellery insurance doesn’t mean you can be negligent. It just means you can focus on the important stuff like making new memories, rather than being consumed by fears of losing your precious items.

3. An engagement ring is something you put on every day, so wear and tear is only natural

Engagement rings are common jewellery that most people are attached to because there’s only one that you wear every day. Although you can be careful to protect your engagement ring, without the need for engagement ring insurance, there are many things out of your control. For example, your fingers might change size due to the temperature or your friends may be excited to try it on. Everyday wear and tear is natural, so insurance for jewellery is a sensible choice.

4. Pass your Rolex down to your children, who will do the same with theirs

Whether you inherited that timeless Rolex watch or decided to spoil yourself by purchasing one, it would be nice to keep up your family legacy by passing it down to the next generation. So much of what one pass down to one’s children is intangible, such as life lessons or practical skills, but a treasured watch is tangible. It’s a token of your bond that can be touched and felt. Pass it down on an important occasion like a birthday, graduation, or wedding. However, before you do that, you’ll want to ensure the watch is protected through jewellery insurance.

5. It’s not going to cost you a fortune (unlike, your jewellery itself!)

Luxury jewellery does not come cheap as it can easily set you back thousands of dollars. In comparison, the cost of a jewellery insurance plan is negligible. Annual premiums are typically around 1-2% of the jewelery’s value, which is determined through appraisal. In Pacific Prime Singapore’s Jewel Plus + plan, plans start from SGD $57.50 and a free appraisal is performed by our partners in most cases. However, sentimental valued items require you to hire a specialist.

6. Unlike some other insurance policies, jewellery insurance is very comprehensive

Don’t remember exactly how, where, and when the loss occurred? Don’t worry as jewellery insurers classify this as “disappearance” and you can still expect to be covered. If you go with our Jewel Plus + plan, you’ll get comprehensive features including things like:

    • ‘All Risks’ coverage: Protects you against theft, loss, damage, disappearance, fire, and natural disaster.
    • Sets and pairs coverage: Lost only one item in a set or pair? Get full coverage anyway.
    • No excess or deductibles: That just means you don’t have to pay out-of-pocket.
    • Coverage for new items: Get automatic coverage for new items up to 25% of sum insured.
    • High replacement value: Replacement value covered is up to 125% of jewellery value.
    • Worldwide coverage: Travel abroad often? Your items are covered across the globe.
    • And more!

7. For investment purposes, you can justify the premium for jewellery insurance

Jewellery isn’t just a pretty thing – often, it can be a solid investment. Avi Hiaeve, founder of Avi & Co., an exclusive high-end retailer, told Business Insider that most understand that many luxury watches hold good investment value. Given that one may buy jewellery for investment purposes, the premium for jewellery insurance can all the more be justified. It’s not a waste of money on something that looks nice, but it’s a sensible move to protect and safeguard your most valuable assets.

“A lot of people turn from a hobby to a business in the watch game. A lot of collectors that I know that used to buy from me, after a while they started buying for investments – buying, selling, and trading” – Avi Hiaeve, Founder of Avi & Co.

8. Brokers can make the process of securing jewellery insurance a piece of cake

Securing jewellery insurance has never been easier – read our short guide on jewellery insurance to learn about what it covers and how to evaluate items. If you’d like to obtain jewellery insurance, going through a broker like Pacific Prime Singapore makes things easier – we leverage our global presence, give you impartial advice, and offer you the best value for your money. We’ve been in the insurance business for over two decades, offering a broad spectrum of insurance products like private health insurance and business insurance solutions.

Contact us today if you’ve got any further questions, would like a personalized consultation, or for a no-obligation quote!

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Content Creator at Pacific Prime Singapore
Suphanida aims to demystify the world of insurance by creating informative and engaging content. As a wordsmith, she spends the majority of her day writing and editing website content, blog posts, in-depth guides, and more.

Outside of work, Suphanida enjoys traveling to new places and immersing herself in different cultures.