You found the perfect gift and it’s a beautiful piece of jewellery. Just imagine having this valuable pendant or pair of earrings stolen, or losing a stone from your engagement ring. While this can be devastating, it could be made worse if you don’t have appropriate insurance coverage for your gems. Here are a few important things to consider so your jewellery is properly insured.
Most home, tenant and condo insurance policies have limitations on the amount of jewellery included in your policy. These limits vary between $6,000 and $10,000 depending on your policy and insurance company and are subject to a deductible. In addition to jewellery, many policies also have limits on high-value items like art and coin collections, fur coats, and bicycles. Check your insurance policy for details or contact your BrokerLink broker to find out your policy’s limits.
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 you’re properly covered. Some insurance companies offer no deductibles for jewellery insured through a Personal Articles Floater, making this an attractive option. Alternatively, you could consider purchasing blanket coverage to insure multiple pieces of jewellery together. Premiums, coverage limits and deductibles vary for different insurance companies. Contact your BrokerLink broker to find the coverage that will work for you.
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 receipts. Proof of value may be required by your insurance company if your jewellery is lost, stolen or damaged. Consider obtaining a valid appraisal from a professional appraiser to determine the current replacement value. Appraisals should be updated every 3 to 5 years to ensure any change in value is documented.
Whether you have an existing collection or have recently acquired a new piece of jewellery, be sure to contact your BrokerLink broker. We’ll review your current insurance policy and help to ensure your precious items are properly covered.