If you own valuable jewellery, rare art, or unique collectibles, protecting them with the right insurance is essential. These items are often not just precious in financial terms but also hold sentimental value, making them worth safeguarding. From personal valuables insurance to portable valuables cover, this guide answers your questions and helps you ensure your valuables are fully covered.
Why insure collectibles, jewellery, and art?
Protecting your valuables isn’t just about peace of mind—it’s about safeguarding their true worth. That’s why insurance for collectibles, jewellery, and art is so important. Whether they’re investments or hold sentimental value, proper coverage ensures they’re protected from life’s unexpected events.
1. Protect your investments
Jewellery, art, and collectibles aren’t just possessions—they’re investments that often appreciate in value over time. Whether it’s a rare painting, an antique vase, or a family heirloom, these items can be worth far more than their initial cost. Without personal valuables insurance, you risk losing their full value in the event of theft, accidental damage, or natural disasters. Learn more about protecting your belongings with our Complete Guide to Contents Insurance.
2. High-value items require specialised protection
Most standard contents insurance policies offer limited coverage for high-value items like jewellery or art. For example, jewellery is often capped at a low amount in regular home insurance policies, leaving your treasured pieces underinsured. Specialised policies, like insurance for jewellery, ensure you’re fully protected for the true market value of your valuables.
3. Affordability and accessibility
Platforms like Quashed allow you to compare quotes for portable valuables cover, jewellery, and art, making it easier to find insurance that fits your needs and budget.
Why do regular valuations matter?
Once you’ve insured your valuables, the next step is ensuring they’re insured for the right amount. That’s where regular valuations come in. These ensure your jewellery, art, and collectibles remain fully covered as their value changes over time.
These items don’t just hold sentimental value—they often appreciate over time. Whether it’s jewellery influenced by shifting trends, a rare art piece, or collectibles subject to market fluctuations, staying on top of their current value ensures you’re fully protected.
Let’s say you bought an art piece for $10,000 five years ago, and it’s now worth $20,000. Without an updated valuation, your personal valuables insurance policy might leave you underinsured, which could result in a significant financial loss if you ever need to make a claim. Regular appraisals ensure your items are covered for their true market value, not the amount you paid years ago.
For more ways to make insurance affordable, check out our tips to lower your premium and keep your coverage affordable!
Understanding common policy exclusions
While keeping your valuables accurately valued is crucial, it’s equally important to understand the limitations of your insurance policy. Exclusions and restrictions can affect your coverage, so knowing what’s not covered can save you from surprises.
When insuring high-value items like jewellery, artwork, or collectibles, it's crucial to understand what may not be covered under your policy. Standard contents insurance policies often have exclusions that could impact your coverage. Here are some common exclusions to be aware of:
Gradual wear and tear: Damage resulting from normal use over time, such as jewellery deteriorating due to daily wear, is typically not covered by insurance policies.
Accidental loss: Some policies may not cover the accidental loss of items unless this is specifically included in your coverage. For instance, losing a piece of jewellery may not be covered unless your policy explicitly provides for accidental loss.
Certain risks for high-value items: Standard policies often have sub-limits for high-value items like jewellery and watches. For example, a policy might cover jewellery up to $5,000 collectively, with individual item limits. Items exceeding these limits may require separate specification to ensure full coverage.
Before finalising an insurance policy, carefully review the exclusions and limitations to ensure you have the necessary coverage for your valuable items. Consider obtaining regular valuations and specifying high-value items separately to maintain adequate protection.
Specifying your high-value items in your policy
After understanding exclusions and limitations, the next step is ensuring your high-value items are fully protected by specifying them in your policy. Many insurance policies have limits on coverage for high-value items, which could leave you underinsured if you don’t list them separately.
For example, a typical home contents insurance policy might cover up to $1,500 for a piece of jewellery. But if you own a diamond ring worth $15,000, that coverage falls short of protecting its true value.
To ensure your valuable items are fully reimbursed in the event of loss or damage, you may need to specify them individually in your policy. This ensures they're covered for their current market value, leaving no gaps in your protection.
Keep your policy updated
As your valuables appreciate or your collection grows, keeping your insurance policy updated is essential to maintaining adequate coverage. This simple step ensures that your high-value items are always protected for their true market value.
For instance, if you inherit a vintage painting worth $30,000 but forget to update your policy, you could be left underinsured when the unexpected happens. Specifying new additions or increases in value helps avoid coverage gaps that could result in significant financial loss.
To stay fully protected:
Keep a record of valuations, receipts, and appraisals.
Review your personal valuables insurance policy annually to ensure it reflects your collection's current value.
Reviewing your policy regularly helps ensure your treasured items remain adequately covered as their value changes.
Implement protection measures
While insurance is a vital safety net, prevention is often the best protection. Taking proactive steps to safeguard your valuable items not only reduces the likelihood of a claim but can also help lower your insurance premiums. Here are some practical tips:
Use a safe: Store jewellery, important documents, and small collectibles in a secure, fireproof safe to protect them from theft or damage.
Install security systems: For larger pieces of art or high-value collectibles, consider installing security systems or alarms. These measures provide added protection and may qualify you for discounts on your personal valuables insurance.
Handle items with care: Prevent accidental damage by ensuring that artwork, antiques, and delicate items are handled properly and displayed in safe conditions.
By taking these preventative steps, you not only safeguard your treasured possessions but also demonstrate responsibility, which may reflect positively on your insurance rates.
How Quashed can help you
Insuring your valuables doesn’t have to be a hassle. Quashed makes it simple to find the best coverage for your high-value items, whether it’s jewellery, art, or collectibles. Here’s how Quashed can make a difference:
Real-time comparisons: Save time and effort by comparing real-time quotes for your valuables. With Quashed, you can quickly find quotes and coverage options, all in one place—no need for multiple forms or complex research.
Personalised cover: Quashed lets you customise your policy to fit your needs. Set the sum insured to match the current value of your jewellery, art, or collectibles, ensuring they’re fully protected. Plus, choose your preferred excess to balance affordability with what you’ll pay if you need to make a claim.
Simple, no-hassle sign-up: Once you’ve compared policies, Quashed makes it easy to sign up and get your items insured without any confusion. It’s insurance made straightforward.
Want to see how Quashed stacks up? Read our blog.
Don’t wait—protect your valuables today
Your jewellery, art, and collectibles deserve more than admiration—they deserve full protection.
Join over 45,000 Kiwis already using Quashed to make smarter insurance decisions. With Quashed, you can compare quotes in minutes.
Further reading
Want to learn more about insuring your valuable items? Check out these helpful articles:
How to Set Your Sum Insured: A step-by-step guide.
Best Deals on Contents Insurance: How to find competitive policies
Is Contents Insurance Worth It for Renters in NZ?: A guide to insuring valuables as a renter.
How Much Does Contents Insurance Cost?: Key factors that influence your premium.
Contents Insurance Tips for Kiwi Seniors: Helpful tips for seniors on getting covered.
Complete Guide to Contents Insurance: A comprehensive guide to contents insurance.
FAQs
How much does it cost to insure a collectible?
Standard contents insurance often limits coverage for high-value items like collectibles. If your items exceed the policy's limits:
Specify them separately to ensure full coverage.
Check for exclusions like accidental damage or theft.
Compare policies with Quashed to find coverage that works for you.
How do I protect my art from theft?
Protect your art by combining security measures and the right insurance:
Install home security and alarm systems.
Use specialist art transport services when moving valuable pieces.
Secure high-value art with specialised art insurance policies
Quashed makes finding tailored art insurance simple
How do I make sure no one steals my art?
To protect your art from theft, consider installing security systems in your home, using alarm systems, and keeping your art in a secure, fireproof safe. When travelling with valuable art, using specialist art transport services ensures it remains protected.
What insurance covers art?
Art insurance typically falls under specialised art insurance or high-value contents policies. These cover:
Theft.
Accidental damage.
Loss.
Ensure your artwork is properly appraised and listed in your policy for full protection.
How much does contents insurance cost?
As of the third quarter of 2024, the average annual cost of contents insurance in New Zealand is approximately $844, equating to about $70 per month. However, premiums can vary significantly based on factors such as location and the total value of your belongings. To find out more, read our blog.
The information provided in this article is for general informational purposes only and does not constitute financial advice.
