What is Watch & Jewellery Insurance?
Watch & jewellery insurance is now available as a rider to home insurance, providing specialised protection for high-value items such as luxury watches, fine jewellery, and collectables. It covers risks like theft, accidental damage, loss, and even mysterious disappearance. This rider can also be adjusted to reflect each item's true value, including options for restoration or replacement.
At eazy, we work with insurers to help you add the right jewellery insurance cover to your home policy. Whether you own a single statement piece or an entire collection, this flexible coverage makes it easier 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?
To ensure you are adequately insured under your home insurance, it is essential to accurately calculate the value of your watches and jewellery. Determining the value of your valuables is necessary 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.
Are Watches & Jewellery Covered Under Home Insurance?
Watches and jewellery are generally covered under the contents portion of home insurance, but the level of protection is often limited.
For example, 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.
This jewellery cover provides extended coverage for high-value items, protecting against theft, accidental damage, loss, or even mysterious disappearance.
As outlined in HDB's guide to home insurance, general home policies are designed for broader household protection rather than specialised assets. By adding a jewellery cover, homeowners can ensure that luxury watches, fine jewellery, or collectables are insured at their proper valuation, giving more complete protection alongside the main policy.
Frequently Asked Questions
About Watch & Jewellery Insurance In Singapore
Start by considering the value, usage, and storage of your items. If you often wear or travel with your jewellery, it is essential to include jewellery insurance as part of your home policy that provides worldwide coverage and protection against accidental loss or damage. This can also allow you to insure each piece individually. To make sure you select the most suitable option, work with experienced insurance brokers, like eazy, who can guide you through the coverage terms and exclusions offered by different insurers.
If the total value of your jewellery is higher than the limits set under standard home insurance, or if your items are frequently worn or taken abroad, adding the jewellery cover is worth considering. This cover enables each piece to be insured at its proper market or appraised value, providing your collection with the level of protection it needs.
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.
Real-life situations show how adding a jewellery cover to home insurance can provide valuable support when it matters most:
- While travelling in Europe, our Insured accidentally left her engagement ring behind in a hotel room. Thanks to her jewellery insurance, she received the full amount within days and was able to replace the ring without delay.
- A watch collector dropped his timepiece during a business event, cracking the sapphire crystal. The rider covered the repair costs in full, with no deductible required.
- One client discovered a missing diamond from her pendant months after a family gathering. Because documentation and an updated valuation were already on file, her insurer processed the claim promptly and arranged for a professional replacement.
If you'd like advice on how this type of rider could protect your own valuables, please contact us to discuss your options.
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