Do You Have Adequate Insurance for Your Jewellery?
Most standard homeowner’s policies in Alberta have special limits on the amount of coverage for jewellery. A very standard policy can have jewellery limits as low as $3,000 and deductibles on any losses. A standard policy can also limit coverage for accidental loss such as dropping your ring down the sink or even for theft.
All insurance policies are not created equally and you need to know if you are purchasing very basic coverage or a policy with more protection. At Alpine Insurance in Alberta, our experts ensure you are properly covered. In some cases, we recommend that you purchase additional jewellery coverage to reduce your deductible or insure pieces valued over a specific dollar amount. Additional jewellery coverage is a great way to itemize your individual pieces and to cover your valuables for physical loss or damage.
Tips for Insuring Your Jewellery:
- Have an updated list of all new pieces of jewellery and keep it with the receipt.
- Take pictures of your jewellery.
Have your valuables such as rings appraised by an accredited gemologist.
- Have older jewellery re-assessed every three to seven years to insure you are covered for appreciation. The jeweller will also possibly note necessary repairs such as weak or broken settings and this will prevent losing precious stones, etc. Some insurers will ask for this every five years also in order to ensure adequate coverage.
- Don’t forget to have your fine jewellery inspected once a year. Everyday wear and tear can damage clasps and prongs.
Have a large or expensive jewellery collection? Ask us about specialized coverage
Individuals with large valuable jewellery collections should consider upgrading their homeowner’s insurance to a company specializing in high value home insurance. Renowned insurance companies, such as Chubb Insurance have specialized products to more adequately cover unique collections. Find out more about High Value Home insurance here.
To find out more about insuring your jewellery and other valuables contact an Alpine Insurance specialist today.
Alpine Insurance & Financial – Alberta’s Trusted Advisors
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