What is Watch & Jewellery Insurance?
Watch & jewellery insurance provides specialised coverage for high-value items such as luxury watches, fine jewellery, and collectables. It protects against risks like theft, loss, accidental damage, and even mysterious disappearances. Plus, policies can be tailored to reflect each item's true value, including restoration or replacement.
At eazy, we partner with multiple insurers to match you with the right jewellery insurance—fast, fuss-free, and fully customised. Whether it's a single statement piece or a full collection, we make it simple to protect what matters most.
Contact us for policy quotation, comparison and unbiased advice now!
What is covered in Watch & Jewellery Insurance?
Does cover
Physical loss or accidental damage:
Covers loss or damage to your valuables due to fire, theft, water damage, vandalism, or natural disasters.
Theft:
Provides coverage for theft, including stolen valuables that may be later recovered or replaced.
Restoration costs:
In cases where your artwork or other valuables are damaged, the policy may extend to cover the cost of restoring them to their original condition. In extreme cases, it may also cover replacements.
Worldwide Cover:
Provides protection for your valuables against physical loss or damage. It keeps your valuables protected even when you are travelling.
Pairs & Sets and Parts cover:
If you own items that come in pairs or sets, such as earrings, and you happen to lose one piece, Watch & Jewellery insurance may indemnify you for the entire set when you choose to hand in the remaining piece(s)
Does not cover
Cosmetic damage:
Insurers are unlikely to pay out for claims relating to cosmetic damage like scratches and dents.
Wear and tear:
Damage resulting from general wear and tear of your items are unlikely to be covered.
Fungi and mould:
Insurers do not provide coverage for presence of mould or any loss caused by mould.
Failure to protect:
You must take all reasonable steps to protect property before, at or after the time of a loss.
How to calculate the value of your Watch & Jewellery?
Determining the value of your valuables is essential to ensure you have the right amount of coverage in your insurance policy. The total value of your effects is known as your 'sum insured', representing the maximum amount you would receive if you needed to replace everything. To calculate your sum insured, consider:
- Getting a professional valuation: A valuer who specialises in watches and jewellery will be able to assess the value of your items accurately.
- Using the full replacement value (new items): This amount represents what it would cost to purchase identical new items in today's market.
- Using the amount it would cost to replace the item with something similar (second-hand items): The value should be able to replace the item with something similar in condition and quality, reflecting the current market value of the item, taking into account its age and condition.
Keep original receipts, clear photos, and serial numbers where possible—these can support both valuation and claims. Regularly updating your item valuations also ensures your jewellery insurance provides the right level of protection, without under- or over-insuring your collection.
Does Home Insurance cover Watch & Jewellery?
The contents insurance part of your home insurance policy will normally cover personal possessions, including jewellery and watches, against theft, loss or damage. This coverage extends to events such as natural disasters, fires and floods. However, home insurance is unlikely to cover lost items due to misplacement or damages caused by accidents. You may need to add accidental damage to your policy if you want protection for such incidents.
Most home insurance policies also specify a maximum amount your insurer will pay out for individual items, which could be as low as $1,000 for items that are not specifically listed on your policy. For items you've informed your insurer about, the maximum payout may be slightly higher.
A dedicated jewellery insurance policy may come in handy if you own items of jewellery or other valuables worth more than the single-item limit on your contents cover. Such a specialised policy offers higher coverage limits per item and may include additional features not typically covered by standard home insurance. This ensures that your valuable possessions are adequately protected.
Frequently Asked Questions
About Watch & Jewellery Insurance In Singapore
Start by considering the value, usage, and storage of your items. If you frequently wear or travel with your jewellery, choose a policy that offers worldwide coverage and protection against accidental loss or damage. Look for options that allow you to insure each piece individually, and work with a broker like eazy who can help you compare coverage terms, premiums, and exclusions across multiple insurers.
If the total value of your jewellery exceeds the limits of your home insurance, or if your items are frequently worn or taken abroad, a standalone policy is strongly recommended. It ensures that each item is properly covered based on its current market or appraised value.
Most insurers require a recent professional valuation, clear photographs of each item, original purchase receipts (if available), and any relevant serial numbers. Keeping these records updated also streamlines the claims process in the event of loss or damage.
Yes, but this typically falls under a different type of coverage. If your jewellery is used for commercial purposes—such as retail display, consignment, or design work—you may need some type of business insurance in Singapore that covers inventory, liability, or professional risks.
The value of each item is based on a professional appraisal or current market value. It is important to review and update your valuations regularly, especially for pieces that may appreciate over time. This ensures your sum insured remains adequate and you are neither under- nor over-insured.
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comparison and unbiased advice now!