Guide for Jewellery Insurance

Video Transcript

*Please take note that all the content mentioned in the above video are based sololy on the current market status and our personal experience in this field of service. For further enquiries regarding your purchase of a jewellery insurance, please approach a professional financial advicer or contact us for more details. Thank you!


Hi, welcome to Raffles Provident where your interest is our utmost priority. Today, we are here to share with you another rare yet significant product, known as jewellery insurance. Have you ever lost any piece of jewellery that costs a fortune? With jewellery insurance, you will be financially secured in such situations.

What is jewellery insurance?

In fact, jewellery insurance covers more than just the loss of your jewellery. It can cover for accidental damage, theft and mysterious disappearance. Additionally, it provides coverage for possessions that are newly acquired after the day you purchase your insurance product, for up to 60 days usually. On top of that, you will need to pay an additional premium to cover those jewelleries. Therefore, you can rest assured that your precious assets are secured regardless of the type of jewellery involved.

Why do you need jewellery insurance?

You may wonder why you need jewellery insurance. More than often, jewelleries are very expensive, and there might even be sentimental value attached to them, making them even more precious – in other words, “no amount of money can be used to compensate for that important value”. Therefore, with this form of insurance, you will be able to receive some form of compensation in the event that they are damaged or lost. Usually, our clients will want their sentimental piece of jewellery to be repaired and restored due to its value, this is where compensation will be provided for repair and restoration cost.

What is covered in this policy?

Let us share with you the fundamental features of this policy.

Firstly, it offers a worldwide cover. In other words, if you bring your jewellery overseas and it is damaged, lost or stolen, your jewellery insurance can still cover for these events. Take for example, you were to travel to Dubai for a vacation or business trip and you happen to lose your insured jewellery during this journey. In this case, you can claim for the lost jewellery after you arrive back in Singapore from your respective insurer. However, insurers can only insure up to $100,000 for losses of jewellery out of home safe.

Secondly, there is a high claim limit per item. Jewellery insurance is able to cover for your losses as high as the insured value of your valuables, so you can be financially secured. In certain claims, insurers might request depreciation valuation to be established by an independent expert agreed by the insurers themselves, which might lower your final claim amount.

Thirdly, in the event that the policyholder needs to claim a sum of money from the insurer, they will go through a process of claim adjustment. It is where insurers adjust the claim amount depending on the coverages and legal liabilities involved, with the intention to fulfil the insurer’s promise with the policyholder. For example, in some situations, insurers might offer to pay the repairment cost for your damaged jewellery rather than giving actual cash for compensation. In other cases, policyholders might prefer receiving repairment costs for the jewellery if it holds a certain level of sentimental value to them, so insurers might adjust the claim accordingly to fit the needs of the policyholder.

Finally, there is a Pair and Set Clause. If one item among your collection of jewellery is lost or is damaged beyond repair, you can claim the cost of the whole collection. But do take note that you’ll have to give up the remainders of the collection.

How much does it cost?

Now we are going to talk about the premium of jewellery insurance. Typical premium rates for insuring jewellery usually come in around 0.5% to 2% of the jewellery’s value. Like car insurance, your rate will vary depending on how frequently you wear the jewellery, the place where you store your jewellery, your country of residence, your personal reputation and the deductibles that correspond to your insurance plan.

How to valuate your jewellery?

But before you insure your jewellery, you will need to provide the estimate or appraisal of the value of your jewellery. There are a few possible ways of knowing the value of your jewellery. You might still have kept the purchase invoices after buying your jewellery, and so these can be used to determine the insurable value. You might like to approach us with the recommendation of a reputable valuer. Otherwise, you can also get it appraised by appraisers or gemologies. In addition to the material values, your jewellery might contain some sentimental values too. In this case, you will need to hire a valuation specialist for value estimation.

How to valuate your jewellery?

To insure your jewellery, you can approach an insurance agency like us. At Raffles Provident, we offer jewellery insurance with many features that will protect you from major financial losses in the event of an accident. We are confident that we will be able to source for the most suitable coverage for your needs at competitive rates.

For further jewellery insurance enquiries,
Email us at or
Contact us directly at +65 31457168.

For other insurance services,
visit our website at


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