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The best things in life are free. The second best things are very expensive

Let’s face it, when it comes to jewellery, a precious item can constitute an engagement ring or a jade bangle. So much about the jewellery that we love is to do with who gave it to us, what it signifies, or how much we admired it when we spotted it in the shop window. So it’s worth insuring, right?

Apart from individual extremely high value items, it would seem that, in fact, not enough of our jewellery has any insurance cover. This makes no sense if we think about the constituent parts. A modest ring with a one-carat diamond could have a market value of more than 13,000 SGD, and that doesn’t include the gold or platinum band in which it’s set, or the cost of the artisanship that went into designing and making it. If you were to lose that ring without insurance, it would be costly to replace.

Many of us have home contents insurance, and some policies can be extended to cover jewellery against loss or theft, and accidental damage. The cover will vary, but unless a single item is valued and insured for its specific value, you will very likely have to have a discussion with your underwriter if something happens. Or if you have several valuable items under a ‘specified items’ section, an aggregate amount could be applied, which will be all that you can expect to receive should that you lose that precious, valuable ring.

The other factor that is important, but not always given enough consideration, is that jewellery is worn to be displayed, and that usually doesn’t mean inside our own homes. We all know how easy it is to pull the catch of a bracelet, or a necklace when removing a coat or a scarf only to have it fall to the ground unnoticed. We may have home contents insurance in place, but as its descriptor implies, if we lose an item outside the home, a standard policy will typically not provide cover.

Of course, if you can afford to replace your lost jewellery, you may not think it’s worth investigating alternative insurance policies. But we think most wealthy Singaporeans work hard towards their financial freedom, and it makes as much economic sense for their jewellery items to be covered.

Which is why the KoverNow policy is not only all-risk, but it can also be moulded to fit the needs of our individual policy holders. For a start, we think it’s only right to insure your jewellery for what it is worth. A valuation with us comes as part of the service and it means that the premiums are set at the right amount from the start. If the value of the item decreases, the premiums will follow suit. There’s not point being over-insured, just as there is no point in being under-insured, so our aim is to make our customer’s cover exactly right.

We also understand that you are busy. You have places to go and things to see, and spending hours sorting out an insurance policy is way down on your priority list. So we’ve also made it extremely easy to download the KoverNow app on your smartphone, where you can get a valuation for your jewellery item quickly and accurately and set up an insurance policy that covers everything that matters most to you.

And we’re flexible in our approach too. Now that Covid restrictions have lifted, us Singaporeans are heading out into the world again, and taking our jewellery on our travels. At home we are fortunate enough not to worry too much about crime, but unfortunately this is not true in other parts of the world. So, if you want your jewellery items insured just for the time you are away, you can opt for our monthly policy, which can also be cancelled if you find you don’t need it anymore.

There are lots of items that we might decide not to insure on the basis that we can replace them quite easily and without too much financial hardship. Jewellery doesn’t usually fall into this category because it carries so much sentimental value. And even if you are protected there is nothing to replace the sentimental loss. That’s the moment to remind us that the best things in life are still free.

For everything else there is KoverNow’s convenient and transparent app.

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