8 July 2026 | See disclaimer
Insuring your jewellery
Engagement rings are some of the most special jewellery pieces you can own. Wearing your ring is exciting, but if something were to happen to your jewellery, it can be devastating and, not to mention, costly to replace. Just as you insure your house or car, protecting your engagement ring is also worth considering.
If you’re newly engaged and looking to protect your ring, you might look for engagement ring insurance to help protect your stone against theft, fire or storms.
A damaged ring is much more than just a financial hit. That’s why if we accept your claim, we make it our priority to help you repair and restore your engagement ring to the same quality and standard as it was. And if your ring is lost or beyond repair, we’ll either replace it with a new piece or offer a cash settlement.
For adequate cover, make sure your jewellery is insured for its current replacement value.
On average, Australians spend $6,000 on an engagement ring [1], and with gold and silver steadily increasing, your ring could currently be undervalued.
Undervaluing your engagement ring can turn a difficult situation into an unexpected financial loss at a time when you may need insurance the most.
Will my contents insurance policy cover the full value of my engagement ring when at home?
While contents insurance can help protect the items in your home from insured events, relying solely on the general limits may not be enough. If your ring is valuable and exceeds our standard limit of $1,000, we suggest listing it as a specified contents item on your policy with an individual description and accurate replacement value. This will help you avoid gaps in your coverage, as the true cost of your jewellery can far outweigh the standard limit.
Contents limits for Jewellery and Watches:
- Jewellery and watches: Up to $1,000 for any item or set, with a limit of $5,000 in total, unless noted separately on your Insurance Certificate as specified contents.
Will my engagement ring be covered away from home?
But what happens the moment you step out of your front door? It’s best to keep in mind that Contents Insurance won’t cover your valuable jewellery away from the home. Instead, it’s worth considering Portable Contents Insurance, for an additional premium, that can protect your ring from loss or damage that occurs away from the home. After all, it can be quite risky to walk around with thousands of dollars of jewellery uninsured on your finger.
Covered items with Portable Contents Cover
For example, you might wear your large diamond ring on public transport every day. Wearing your valuable jewellery in these environments can increase the risk of loss or damage, and being uninsured can leave you out-of-pocket.
It’s best to keep in mind that if you list your engagement ring as an optional Specified Personal Effects item, it will be covered at both your insured address and outside the home. This means you would only need to list it once.
By adding the Personal Effects optional cover to your policy, you can protect your valuable jewellery:
- Anywhere in Australia and New Zealand
- Anywhere else in the world for up to 90 days after your departure from Australia.
What jewellery can portable contents insurance cover?:
| Specified Personal Effects (for costly individual items) | Unspecified Personal Effects (for various and inexpensive items) |
|---|---|
| Jewellery and watches (including engagement rings) with an individual description and nominated value of your choice. | Jewellery and watches up to a maximum of $1,000 per item or set to the total maximum amount (up to $5,000) which is shown on your Insurance Certificate. |
Is my engagement ring covered by accidental damage insurance?
On the other hand, accidentally damaging your own jewellery or engagement ring can be a sinking feeling.
If you’re concerned, for an additional cost, you can add Accidental Damage cover as an optional extra to insure your engagement ring or valuable jewellery against accidents at home. Whether it’s a serious knock on the bench or damage to the band, knowing you’re covered for sudden, accidental loss or damage means one less thing to worry about.
Keep in mind, if you don’t have these items listed as specified contents on your policy, the standard policy limits will apply.
You can easily add this optional cover to your quote or onto your existing policy through your Policy Manager online.
How much cover do I need?
What leaves most people underinsured is underestimating the full cost of their jewellery. If your ring is quite expensive and worth more than the limit, we recommend specifying the value on your policy. This is the most reliable way to ensure full coverage for your ring.
To accurately list the price of a special and meaningful item, such as your engagement ring, consider how much it would cost to replace it today, or have your jewellery valued by a professional to help you decide its value. For more information on limits, please refer to the Product Disclosure Statement (PDS).
Should you consider portable contents or accidental damage insurance?
If you’re unsure which cover will suit your circumstances best, ask yourself these two simple questions:
- Do you often wear your ring or jewellery outside the home?
If you frequently wear your jewellery outside your home, portable contents cover may be worth adding to your Home and Contents policy to protect your ring during your day-to-day routine.
- Are you concerned about accidentally damaging your ring?
If you have an active lifestyle and work with your hands, it’s understandable that you may be concerned about accidentally damaging your ring. In this case, accidental damage cover could be a more suitable option to cover you for accidental damage at home (limits apply for some items unless listed as specified contents).
See More Articles
