You have purchased the perfect anniversary gift and it’s a wonderful piece of jewellery. Now, imagine losing this precious ring, necklace, or pair of earrings. Consider how devastating it would be to lose this lovely gift, or have your new watch stolen, or lose a stone from your engagement ring. This situation could be made worse if you don’t have the appropriate insurance coverage for your jewellery.
At Oakville Insurance Brokers, we know that it can be tricky to understand the details of your coverage. There are so many definitions, exclusions, and limits that it can be confusing to understand. Many people don’t know what they are actually covered for, what their deductible is, and whether or not they have appropriate coverage for their high value items.
At Oakville Insurance Brokers, we aim to help people better understand their insurance policies. Here are answers to the most frequently asked questions from our clients about jewellery insurance coverage:
Is jewellery covered in my home insurance or tenant insurance policy?
Most home, tenant, and condo insurance policies have limitations on the amount of jewellery coverage included in your policy. These limits vary, but $5,000 to $10,000 is pretty typical depending on your policy and insurance company. This coverage will be subject to a deductible.
Home insurance and tenant insurance policies also include coverage for damaged, lost, and stolen personal items that are normally kept in your home.
Every company is different and every policy is different, so it is important to review the limits associated with your particular situation. Check your insurance policy for details or contact Oakville Insurance Brokers to find out your policy’s limits.
What if the value of my jewellery is greater than my coverage?
If the value of your jewellery exceeds the limit of your insurance policy, you can add a Personal Articles Floater to your policy to ensure that you’re properly covered. Typically, an item scheduled under a Personal Articles Floater is not subject to the policy deductible, however, any claims will still affect your home insurance history.
Alternatively, you could consider purchasing blanket coverage to insure multiple pieces of jewellery together.
How often should I assess the value of my jewellery?
It is important to take into account the fact that as the value of gold, silver, and precious stones increases, so does the value of your jewelry. This is important when examining your coverage limits.
In some cases, what may have been adequate coverage in the past is no longer enough now. It is worthwhile to have your jewelry appraised, and a paper valuation determined on a regular basis, in order to accurately determine your coverage requirements.
Premiums, coverage limits, and deductibles vary for different insurance companies — so we recommend that you contact your provider to ensure you have the right coverage for your needs.
What steps do I need to take to have my jewellery insured?
There are a few simple steps to take to ensure that you will be covered.
- Be sure to create an inventory of all your valuable jewellery to determine the total value.
- Take photos of each piece and keep the photos in a safe place along with the receipts. Proof of value may be required by your insurance company if your jewellery is lost, stolen, or damaged.
- Higher valued pieces of jewellery ($20,000+) generally require a professional appraisal. We recommend having the appraisal document stored in a safe place, along with your receipts.
- Gems and precious metals tend to increase in value. We recommend that you consider obtaining a new appraisal every 3-5 years to determine the current replacement value.
Whether you have an existing collection or have recently acquired a new piece of jewellery, be sure to contact Oakville Insurance Brokers. We’ll review your current insurance policy and help to ensure your precious items are properly covered.