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How Do I Insure My Jewellery?

Your jewelry is precious and brings you great joy, but what if one day it disappeared? Replacing your jewelry can be very expensive.

Jewellery Insurance is a prudent means of protecting yourself from such unfortunate events.

Household Insurance Policies

Your household insurance policy includes basic coverage against jewelry theft. Usually there is a maximum amount covered under this type of policy, up to approximately $5000.00 for any single event. Although jewelry appraisals are not required undera household policy, the coverage is very limited. If for instance your jewelry is stolen away from home this policy will not cover your loss.

To properly cover your jewelry against loss, theft or damage you need to insure it individually within your household policy. This is called scheduling your jewelry or adding a rider to your policy. By scheduling your items you will be able to extend your policy to cover against “all perils” such as damage to your diamond, mysterious disappearance and even theft or loss while away from you home. Scheduling your jewelry requires a Replacement Value Appraisal Report. This report should be carried out by a qualified gemologist who is experienced with jewelry valuations. Imperial Gem Lab can supply you with this service.

For further information on household insurance policies please contact your insurance agency. To source an insurance agent in your area,access the following link to the Insurance Bureau of British Columbia web site.

Stand alone jewelry insurance policies

What if you wish to insure your jewelry but you don’t have a household insurance policy. Your one carat diamond engagement ring needs coverage now but you don’t have a permanent residence yet. Although most insurance companies do not offer stand alone jewelry polices, one company that does is Jewelers Mutual Insurance Company. Their Perfect Circle™ Jewellery Insurance policy acts in a similar manner to a household scheduled jewelry policy but without the need for household insurance. In addition your PerfectCircle policy has a unique “Loose stone” coverage in the event your unmounted gem stone is accidently damaged while being set by your jeweller. Normally the jeweller/setter will not cover your stone against damage. To learn more, visit “PerfectCircleInsurance.ca” where you can receive a no-obligation quote and online application.