Allianz had no obligation to tell a customer a new version of its home insurance offered greater coverage before jewellery worth almost $57,000 was stolen, the industry ombudsman says.

A jade necklace worth almost $38,000, a $12,000 engagement ring and a Bulgari diamond necklace valued at $6552 were among items taken in a burglary.

The insurer accepted the customer’s claim and paid the policy’s limit of $2500 per item, up to a $7500 jewellery sublimit, because the items were not listed as “specified contents”.

The policyholder argued the outcome was unfair because Allianz had launched an updated home product in July last year that increased the jewellery limit to $7500 per item.

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He said that had he known about the “material difference in cover” available, he would have cancelled his policy and taken out the newer one.

But the Australian Financial Complaints Authority says the insurer had no legal or contractual obligation to tell customers when a product offering superior cover became available.

It says each annual policy is a separate insurance contract, and the terms remain fixed for the duration.

AFCA also notes the policyholder acknowledged receiving a product disclosure statement and key fact sheet setting out the jewellery sublimits and explaining higher-value items could be separately listed for additional cover.

Read the full ruling here.