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Engagement rings can be one of the biggest purchases you make after a house and car. For an item so small they can certainly pack a pricey punch when it comes to replacing them in the event of theft, fire or storms.
Making sure your jewellery is protected with contents insurance is the best way to safeguard your valuables.
If your engagement ring is valued at more than $1,000 (our standard limit), you’ll need to specify, or list it separately, on your policy, with an individual description and value.
You can do this when you get a quote and buy a policy or – if you’ve already bought one – by calling us on 1800 182 310 or by logging into your online account and editing your policy.
Your engagement ring and other valuable jewellery are covered while they are inside your home (subject to any replacement amount limits that apply).
If you want your jewellery to be insured when you take it with you away from your home, you’ll need to add optional Personal Effects Cover to your policy.
You can add one or both of the following types of Personal Effects Cover to your policy:
Your engagement ring and any other portable items are not specified, or listed separately, on your policy. The most we’ll pay per item is $1,000. You are required to nominate a total cover amount for a group of items (jewellery and other valuables) damaged or lost in any one insured event: $1,000, $2,000, $3,000, $4,000 or $5,000.
Your engagement ring and any other portable items are specified, or listed separately, on your policy, with individual descriptions and values nominated by you.
For an additional premium, you can add one or both of the abovementioned personal effects covers to your policy.
You can do this when you get a quote and buy a policy or – or if you’ve already bought one – by calling us on 1800 182 310 or logging into your online account and editing your policy.
It’s up to you to determine how much it would cost to replace your investment property and any contents you own if they were totally destroyed, for example, by fire – the ‘sum insured’.
This is the maximum amount we’ll pay, so it’s important you’re comfortable the sum insured you nominate is sufficient to replace your entire property and all of your contents at today’s prices.
Use these calculators to help you estimate the cost of replacing your property and contents
Getting a Budget Direct home and contents quote is quick and easy.
If you get a quote and buy a policy online, we’ll give you a 15% discount on your premium.
Get a QuoteThe information on this page is a summary only. For more details about Budget Direct home and contents insurance, including the terms, conditions, limits and exclusions that apply,please read the product disclosure statement.
If your home contents are lost, damaged or destroyed by an insured event and you need to make a claim, we’re here to help. Make a claim on your home building insurance policy.
In 2026, we won Money magazine's Best of the Best title for Home & Contents Insurance (2022-2026) and WeMoney's Best for Value Home & Contents Insurance award 2025. We are also the Winners of WeMoney's Best for Quality Home and Contents Insurance 2025 and Mozo award for Exceptional Value Contents Insurance 2025. Plus, we have won the coveted Money magazine Insurer of the Year title nine years running (2017-2025), Canstar Insurer of the Year 5 years running (2022-2026) and Finder Insurer of the Year 2026.
Yes – the following table shows the most we’ll pay to repair or replace certain contents damaged or lost in any one insured event.
If you have an item that exceeds this limit, you’ll need to list, or specify, the item on your policy (where applicable).
| Contents | Limits |
|---|---|
| Hand-woven carpets and rugs | Up to $2,500 per item1 |
| Cash, cheques, and any other negotiable financial document | Up to $800 in total |
| CDs, DVDs, flash cards, digital media cards, audio and video tapes, records, computer discs, computer software, game cartridges, and game consoles | Up to $3,000 in total1 |
| Firearms (legally registered and stored) | Up to $2,000 in total |
| Home office equipment | Up to $12,000 in total |
| Jewellery and watches | Up to $1,000 per item or set; and up to $5,000 in total1 |
| Solid and plated silver and gold items (excluding jewellery and watches) | Up to $2,000 per item or set |
| Paintings, pictures, works of art, sculptures, and art objects | Up to $5,000 per item or set; and up to $12,000 in total1 |
| Collections, memorabilia, stamps, collectors’ pins, medals, and collectors’ non-negotiable currency | Up to $2,000 per item or collection1 |
| Tools of trade | Up to $2,000 in total |
| Specified contents items | Up to the sum insured2 |
2. This amount is shown on your insurance certificate and in your online account.
If a damaged item can be repaired quickly, easily and economically (e.g. a television), we’ll repair it.
If it’s uneconomic to repair or damaged beyond repair, we’ll replace it with a new one.
Some electronic items, like mobile phones and tablets, are only covered for loss or damage inside your home by an insured event.
This includes events like theft and storms but excludes accidental damage (e.g. due to you dropping your phone or tablet on the floor at home).
If you insure your mobile phone under optional specified personal effects, it will be covered for accidental loss or damage anywhere in Australia and New Zealand, and anywhere else in the world for up to 90 days of your departure from Australia.