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.