Typical Insurance Policies
LIMITS — insurance policies set limits for the loss of jewellery per item.
- Homeowner's policies typically pay a maximum of $1,000 for jewellery theft.
- Renter's insurance policy might have a lower limit for loss--$500 is common.
Does your insurance policy cover jewellery THEFT only or for LOST and DAMAGED items? Read your policy carefully. Ask your insurance agent to clarify the types of losses that are covered.
At the time of loss, call us at DDS Diamonds for a replacement quote. The insurance company will also organise a quote from their preferred supplier.
The lowest of these quotes usually can be given to you as a cash payout to use at the jeweller of your choice. The alternative is that your jeweller can match the lowest quote.
Don't let your insurer force you to go to a jeweller of their choice. This is called 3rd line forcing and is illegal under the ACCC, Australian Trade Practices Act.