Insuring your jewellery and other fancy things

Did you know your home or renters insurance policy could cover you if someone broke into your gym locker and stole your shiny new Rolex or diamond rings?

Home insurance can cover you in more ways than you’d expect, especially when it comes to protecting your jewellery and other prized possessions.

However — You will need to learn about your policy’s limits and exclusions.

Know your limit

Most home insurance policies have limited coverage included.

Our question – Is the jewellery coverage in your policy enough?

Most policies have a specific maximum limit of coverage for all of your jewellery combined. This is usually between  $3000 – $6000.  Our advice – take inventory of your valuables. You might be surprised just how quickly your collection can add up. Your Broker will be happy to discuss possible solutions, should you find yourself short on coverage.

While we are talking about fancy things, every policy has Special limits of coverage for items such as Bicycles, Boats and Motors, Money etc.

If you have these items you will want to speak with your insurance expert to make sure you are protected.

Be prepared

Follow these five steps in order to ensure your special items will be covered in the event of a loss.

  1. Keep your receipt and snap a photo. If you ever need to make a claim, it helps to have proof of how much you paid for something –  especially if it’s valuable. It doesn’t hurt to keep a photo on file, too.
  2. Have your jewels appraised by a pro. Have your valuables appraised by a professional jewellery appraiser in Canada. Keep the appraiser’s report on hand as you may need to show it to your broker later.
  3. Take a full inventory. Be sure to keep your home inventory up to date . Make sure you include a detailed record for each of your valuables. Don’t forget to include appraisal amounts for your pricier pieces.
  4. Review your policy limits. Add up each piece of jewellery in your home inventory. Then check  it against your policy’s jewellery limit.
  5. Talk to your broker. If the total value of all of your jewellery, watches, gems, and fur garments is more than the limit noted in your policy, call your insurance expert for advice. There are options.

Protect your jewellery

Here are three simple steps you can take to keep your valuables safe and sound:

  1. Lock it up. If you have to take it off, store it somewhere safe, where it can’t be seen or stolen.
  2. Or better yet, leave it at home. Many gyms and other fitness facilities warn their members against leaving valuables in the locker room. These days nothing is safe, and your gym probably won’t reimburse you for stolen items.
  3. Protect it from the elements. Whenever you’re not wearing your jewellery, store it in a secure space, away from extreme heat and moisture. Consider placing high-end jewelry or heirlooms in a fireproof safe.

When it comes to insuring your Diamond Rings and Fancy Things, it pays to be informed.

More questions? We are just a call or click away.