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. But how do you ensure your valuables are fully covered? We’ve got the answers.
Why insure collectibles, jewellery, and art?
1. Protect your investments
Your jewellery, art, and collectibles aren’t just items—they’re investments that grow in value over time. Whether it’s an antique vase, a rare painting, or a family heirloom, these items can be worth far more than their initial purchase price. Without proper insurance, you risk losing their full value in case of theft, accidental damage, or natural disasters. For more information on how contents insurance works, check out our Complete Guide to Contents Insurance.
2. High-value items require specialised protection
Most standard contents insurance policies only provide limited coverage for high-value items. For example, jewellery is often capped at a low amount in regular home insurance policies. This means that if something happens to your precious pieces, you might not be covered for their true market value. Insuring collectibles and art with a specialised policy ensures you're fully protected.
3. Affordability and accessibility
Insurance for valuable items is often more affordable than people realise. With platforms like Quashed, you can compare real-time quotes for jewellery, art, and collectibles, making it easier to find personalised coverage that fits your budget and needs. Quashed’s platform allows you to customise policies to fit your specific requirements for high-value items, ensuring your treasures are covered for their full value.
Why regular valuations matter
When it comes to insuring valuable items like jewellery, artwork, or collectibles, regular valuations are crucial. These items don’t just sit still in value—art appreciates, jewellery trends shift, and even the collectibles market can fluctuate over time. Without an updated valuation, you risk under-insuring your possessions, which could leave you short if you need to make a claim.
Let’s say you bought an art piece for $10,000 five years ago. If it’s now worth $20,000, your old insurance policy could leave you under-covered. Having your items appraised regularly ensures they’re insured for their current value, not the price you paid five years ago.
Want to save on contents insurance? Check out our tips to lower your premium and keep your coverage affordable!
Understanding common policy exclusions
When you insure high-value items, it’s important to understand what’s not covered. Many standard contents policies come with exclusions that could affect your claim. Some of the most common ones include:
Gradual wear and tear : Damage caused by time and use (e.g., jewellery that has worn down over the years) typically isn’t covered.
Accidental loss: If you lose an item in an accident, some policies may not cover it unless specified.
Certain risks for high-value items: Items like high-end jewellery, rare collectibles, or fine art may require
separate, additional coverage due to their value.
Before committing to an insurance policy, always check the exclusions and make sure you understand the fine print. This can save you from surprises when you need to make a claim.
Specifying your high-value items in your policy
Many home insurance policies have limits on coverage for high-value items. If you don’t list your art or jewellery separately, it may only be covered for a small percentage of its value.
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’s not nearly enough.
To make sure your valuable items are fully protected, you may need to list them separately in your policy. That way, if something happens, you’ll be fully reimbursed based on their true value. If you are looking for ways to save on your contents insurance? Check out our guide to the best deals on contents insurance in New Zealand.
Keep your policy updated
As your valuable items appreciate or your collection grows, you need to update your policy to reflect these changes. It’s a simple yet vital step in maintaining adequate coverage.
For example, let’s say you inherit a vintage painting worth $30,000. If you don’t update your policy to include it, your insurance could be underinsured when the worst happens.
Keep a record of valuations, receipts, and appraisals, and review your insurance policy annually to ensure you have the right coverage.
Implement protection measures
Insurance is an essential safety net, but prevention is always better than cure. Taking steps to safeguard your valuables can reduce the likelihood of a claim and make your premium more affordable. Here are a few tips:
Use a safe: Keep jewellery, documents, or small art pieces in a secure, fireproof safe.
Install security systems: For larger pieces of art or high-value collectibles, consider security systems or alarms to protect your possessions.
Proper handling: Ensure that your artwork or antiques are handled with care to prevent damage.
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How Quashed can help you protect your valuables
When it comes to insuring your valuables, you don’t need the hassle of filling out multiple forms or navigating complex policies. Quashed makes it easy to get the best coverage for your high-value items. Here’s how:
Real-time comparisons: With Quashed, you can compare real-time quotes for your jewellery, art, and collectibles, saving you time and effort. Find the best deals and coverage without the hassle.
Personalised cover: With Quashed, it’s easy to make sure you’re covered just right. Whether it’s your jewellery, art, or collectibles, you can set the sum insured to match what it’s worth right now. And when it comes to your excess, you get to pick what works best for you—strike the right balance between a lower premium and 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 ensure your items are covered without the confusion.
Want to see how Quashed compares? Read our blog MoneyHub insurance vs Quashed insurance to find out more.
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Ensuring your valuables are properly covered
When you own valuable jewellery, art, or collectibles, making sure they’re adequately insured is more than just a precaution—it’s a smart investment.
With Quashed, you can easily compare personalised policies, ensure your items are covered, and protect your investments.
Don't leave your valuables at risk—take action now to ensure your precious items are protected with the right insurance. Compare quotes with Quashed today and get the best coverage for your valuable possessions.
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FAQs
How do you insure valuables?
Insuring valuables such as jewellery, art, and collectibles involves specifying these items in your home insurance policy or opting for a specialised policy that provides full coverage. Make sure to get regular valuations and update your policy to reflect the current value of your valuables.
How much does it cost to insure a collectible?
The cost of insuring a collectible varies based on its value, the type of item, and the level of coverage you need. For instance, a rare piece of art may cost more to insure than a piece of furniture due to its higher value and potential risk of damage. Premiums typically range from 1-2% of the total value of the item annually, but this can change depending on the insurer, the item’s value, and your location.
Does contents insurance cover collectibles?
Standard contents insurance often provides limited coverage for high-value items like collectibles. If your collectibles exceed the policy's limits, you may need to specify them separately to ensure they’re fully covered. Be sure to check for policy exclusions and ensure you have adequate coverage.
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?
Insurance for art typically falls under specialised art insurance policies or high-value contents policies. These policies offer coverage for accidental damage, theft, and loss. It’s crucial to list the artwork separately and ensure its value is correctly appraised.
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.
