When it comes to jewellery and watch insurance and people looking to insure their jewellery, there’s a phrase we hear all too often that sadly is the result of misguided belief – “I’ll just put it on my Home & Contents”.
Without understanding the differences between a Centrestone worldwide jewellery insurance policy and a home & contents policy, people assume that they cover the same things – THEY DON’T!
1. So, what makes us different?
Centrestone worldwide jewellery insurance policy guarantees that if there is ever a claim, you can go straight back to your preferred jeweller for any repair or replacement.
Your jewellery is not a toaster, a fridge, a camera or a TV. Most items that fall under Home & Contents are depreciating assets, and the insurer knows this. When it comes to a jewellery claim, the jewellery insurance broker know that they can save money by directing the claim to their own workshop or their selected preferred jewellers.
The problem with this is that you are then not getting back the same quality and craftsmanship that you purchased originally. If it’s being made for less, it generally means the replacement of your jewellery is being made by a jeweller who is less skilled, less experienced, and who will produce an inferior replacement of your much-loved jewellery.
Jewellers recommend Centrestone jewellery and watch insurance at point of sale because every day they feel like they are in a fight with their customers’ home and contents insurers to get the full insured amount out of the insurer. With Centrestone, they know that the claims process takes days, not months and that the item will be replaced exactly like for like.
2. Jewellery, over time, does not depreciate – it increases in value.
The reason for this is that most jewellery is a composition of precious metals, diamonds and gemstones, which are priced in $US dollars and are subject to supply and demand of their own markets. Generally, overtime not only do the replacement costs of the materials increase, but inflation will mean the jewellers need to increase their prices. A falling $A against the $US will also mean it will cost more in the future to replace your item that what you paid for it today.
That is why we cover 125% of the jewellery insurance valuation cost so that if replacement costs increase over the 12-month insured period, you will not be out of pocket.
For example, if you have purchased your engagement ring for $10,000, and after six months the ring is stolen, but now the jeweller says it is $12,500 to replace it due to increased costs, you will be covered so you can get back the same quality and craftmanship you had initially.
3.Centrestone worldwide Jewellery insurance not only covers your jewellery for accidental damage, loss and theft but covers it anywhere in the world.
Unlike home & contents policies or travel insurance policies which have time limits and exclusions on places you can visit, under a Centrestone policy, there are no exclusions on how long or where you can be overseas.
Most travel insurance jewellery cover only single items up to about $5,000, so while you’re paying the premium, you won’t be covered if your item is worth more than that amount.
4.Centrestone worldwide Jewellery Insurance covers your most precious jewellery anywhere in the world for accidental damage, loss and theft.
If tragedy strikes and your precious jewellery is damaged, lost or stolen, we know that this can be extremely upsetting and stressful. That’s why we have made sure that it is only a $50 excess to be able to have your much-loved treasure repaired or replaced by your preferred jeweller.
The excess on Home & Contents policies can be many thousands of dollars. A claim will increase the premium of your whole home and contents policy for many years into the future.
We do not increase the premium on policies after a claim has been made.
An engagement ring is one of the most precious things ever shared between two individuals. At Per Lei, we give you a way to express your love through a truly custom-designed ring, made to your price point and using the very highest quality, hand-picked diamonds.
With all your purchases, we provide a free jewellery valuation for insurance purposes and recommend Centrestone policy among the best choice overall for jewellery insurance Sydney. Our independent jewellery valuation service starts from $120 per item so enquire within.
Link to service page Valuation & Insurance Service Page.