In this article we will explain all the necessary steps you need to take to getting you jewelry insured including
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.
It’s common for couples to get their engagement and wedding rings insured. Similarly, if you have recently bought a diamond or have received one as a gift, you may consider having it insured.
The Canadian Jewellers Association provides some great information to help learn more about jewellery insurance.
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.
RateHub.ca mentions that “Jewellery insurance is available on your homeowners’ or tenants’ insurance policies, but it won’t reimburse all that much.”
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 $6000.00 for any single event. Although jewelry appraisals are not required under a household policy, the coverage is very limited. If for instance your jewelry is stolen away from home this policy will not cover your loss.
The Canadian Jewellers Association explains that “To obtain the full replacement value for a high-value item (without a deductible) and to receive coverage for all jewellery losses, you require either a rider on your homeowner’s policy or better still, choose a standalone policy.”
Another option for insurance would be to get a standalone policy for your jewellery like the one offered by Jewelers Mutual Insurance Company.
For further information on household insurance policies try contacting insurance agents such as:
Some companies like Front Row Insurance even offer insurance of jewellery through their wedding insurance plans
For more information on standalone policies check out this great article written on The Balance, The 5 Best Jewelry Insurance Options of 2019
For specific engagement ring insurance, Brides.com shares some great tips on their page – How to Get Engagement Ring Insurance: 9 Things You Need to Know
To source a licensed insurance agent in your area, access the following link to the Insurance Bureau of British Columbia web site.
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.
The official appraisal document will include an unbiased opinion as to the identity, composition, qualities and values of your items delivered in an official Appraisal Report.
Your insurance company uses your appraisal to set the coverage limit on your policy. Basically, it helps them decide how much they’ll pay out in the event of a claim (which also decides how much your premium is).
When seeking insurance you definitely need all these details:
Once your know how you will insure your items; within existing policy, or standalone policy, it’s then time to get a jewelry appraisal done.
Insurance providers require an accurate valuation of your personal items. To get this, you need to get your jewelry appraised.
Imperial Gem Lab offers Jewelry Appraisal Reports which are required by Insurance companies.
Prior to arriving for you appointment, collecting supporting documents such as diamond grading reports, sales receipts detailed stones weights, and previous appraisals can be helpful for to appraiser.
Call us, or book online to set up your Insurance Appraisal.
Are you fully covered? Most home insurance policies cover jewellery, watches and furs up to a combined limit of only $6,000, subject to the policy deductible. Your ring, watch or gemstone might be worth much more than that.
The cost of adding scheduled jewellery to your home insurance typically ranges from 1½ to 2% of its appraised value. (Because diamond jewellery tends to appreciate over time as diamond prices rise, insurance companies commonly require a new appraisal every five years.) So, depending on your insurer’s rates, your $5,000 engagement ring could cost between $75 and $100 per year to insure. It’s up to you to weigh the expense against the protection it buys.
Some jewellery stores like Rodan’s Jewellers will help with making a claim against your insurance. Check out more information on their website here.
As a member of the Canadian Jewellers Association, consumer trust and confidence is very important to Imperial Gem Lab. With ethics and social responsibility at the forefront. CJA members aim to provide their customers with the highest quality of service and information available when it comes to appraising gemstones and jewellery.