You have health insurance, life insurance, car insurance… but what about your precious jewellery? Do you keep your valuable and sentimental gems locked away in a safety deposit box because you don’t know how to insure them? Maybe you have jewellery insurance, but are unsure if you have enough coverage. Let’s talk about how to properly insure your jewellery so that you can wear and enjoy your precious pieces with confidence, knowing they are fully covered.
Most jewellery insurance policies will cover loss, theft, damage, and sometimes even “mysterious disappearances”. While there is no dollar value used to determine when you should have your jewellery insured (we all place different value on our jewellery) some insurance companies do have a minimum amount they will insure.
What to Consider When You Buy Jewellery Insurance
Circumstances of Loss: Most policies will cover basic theft or damage, but may not cover unexplained loss (they call this a “mysterious disappearance” or loss out of the country). Imagine losing your beautiful diamond in the waves on vacation and coming home to discover that your insurance will not cover it because you were out of the country!
Per Piece Limits: Policies will often have an overall total you are covered for. However, many policies also have limitations on how much they will cover per piece. So, while you may be insured for $6000 overall, you may only be covered for $1000 per item.
Deductible: This is the amount you pay should you need to file a claim; the insurance company pays the rest. You can change deductibles, but keep in mind that the lower the deductible, the higher the policy price.
Appraisals: In some cases proof of purchase, such as a receipt, can be sufficient for an insurance company. However, some insurance companies may require an appraisal from a certified appraiser for each item. And some insurance policies require that those appraisals be updated and/or redone every few years.
Working with Your Trusted Jeweller: Most likely you’ve built trust and relationship with your jeweller and should the need to file a claim arise, would like to work with them. Although it is your right to purchase from whomever you choose, be careful – some insurance companies will try to insist you work with their preferred jewellery anyway.
Benefits of a Jewellery-Specific Insurance Policy vs. A Home Policy
A dedicated jewellery insurance company speaks the language of gold and diamonds. They understand both the physical and emotional value that jewellery has and why it’s so important that a replaced ring is as close to the original as possible.
Another consideration is that when using a home policy you cannot be sure that a jewellery claim won’t affect your overall home insurance rates when you renew your policy in subsequent years.
Making a Claim - It’s Not That Overwhelming After All!
In the event that you do encounter a loss of your precious jewellery, notify your insurer right away and get assigned an adjuster.
Come to your trusted jeweller and we will work with you to create an Insurance Claim Quotation and work directly with you and your adjuster to complete your claim. Most insurance companies require 2+ quotations when processing a claim. They may try to convince you to replace your items with a jeweller of their choice, but ultimately that choice is up to you.
Once your claim details and amounts are approved, all that’s left is to order or purchase your new jewellery and enjoy!
If you are looking for a jewellery insurance company, we ourselves use and recommend Jewelers Mutual. We’ve even made a claim with them ourselves! While we don’t sell insurance, if you stop by our Kelowna store we can help you get a free insurance quote, which you can compare with your home insurance. Losing a valuable and sentimental piece of jewellery can be devastating. Make the process of replacing your lost items is much easier when you choose the best insurance coverage for you!
Still have questions about jewellery insurance? As always, we are here for you!
Want more? Check out the rest of our Protecting Your Jewellery series!
Protecting your jewellery: Creating a personal inventory catalogue
Protecting your jewellery: The 4 Ws of jewellery appraisals
Protecting your jewellery: Care and maintenance advice