Ontario Jewellery Insurance
Do I need to insure my rings and my new diamond necklace? How much will it cost to insure the family heirloom necklace I inherited from my grandmother? Does my home insurance include coverage for these items? These are questions our expert insurance brokers are asked all the time. Whether it's a family heirloom, a new ring from the one you love or a nice pair of diamond earrings for a night on the town, the sparkle from the box shouldn't blind you to the possibilities of having something happen - no matter how careful you are. Understandably, you would want your newly acquired jewellery protected from theft, loss or damage. With years of experience, our expert brokers at Morison Insurance have the answers to those questions, and they will help you get the right coverage for your jewellery. When you contact Morison Insurance about a jewellery insurance quote, you take the first steps to ensure that your expensive items are covered.
Your standard home insurance policy may not provide adequate coverage for your jewellery. That's where jewellery insurance comes in! Protect your most treasured possessions with the proper coverage. While a replacement doesn't recover the sentimental value of that jewellery item, Morison Insurance can provide you with the financial reimbursement you deserve.
What Is Jewellery Insurance?
Jewellery insurance protects you from expenses owing to the loss, theft or damage to jewellery items. This type of insurance is best when incorporated into your property policy. Should the item you are looking to insure not fit within the policy limits of your coverage, a stand-alone jewellery policy would fill in the gaps left behind by your home insurance policy in protecting your valuable item. Jewellery insurance is tailored specifically to the item of jewellery that you would like to insure.
Who Needs Jewellery Insurance?
Do you have any luxury wearable items that you would hate to have to pay to replace? Then you should insure them with jewellery insurance. If you lose your luxurious necklace or a precious jewel falls out, it may cost you too much to replace. By investing in jewellery insurance you will eliminate the worry of losing or damaging your costly luxury items.
Why Should You Insure Your Jewellery?
While the sentimental value of an item is priceless, the monetary cost of having to replace a valuable piece may be something your wallet can't handle. Whether necklaces, rings or earrings, these items are on your person while you're out in the world, opening them up to risks. Someone could accidentally hit your arm and bracelet, your hair could get tangled in your earring, or someone could grab your treasured pearl necklace. These are all possibilities in the world, and you must be prepared.
Does My Homeowner's Policy Cover My Jewellery?
Traditionally, your jewellery would be covered under your property's contents coverage on your home insurance policy, also known as your personal belongings. However, that's not the end. The issue comes with how much is covered. Most standard policies can provide the replacement cost of a single piece. Suppose you have several expensive pieces; this could cause an issue as you may need more coverage to provide replacement costs for all of the pieces and to their full value. This would make you responsible for paying the remaining out-of-pocket to replace those items.
To avoid this, speak with an expert Morison Insurance broker to schedule your specific pieces of jewellery onto your existing policy with a personal floater, also known as an endorsement. This will provide you with the extra coverage needed in the event of a disaster or theft where you would have to replace a specific high-value item or several items simultaneously. When beginning a jewellery insurance quote, our Morison brokers will be able to walk you through and make sure you are adequately covered.
A great way to start this process is by completing a home inventory list. This list will allow you to itemize all the important possessions from your home, condo or apartment. This will be valuable if an insured loss occurs, as it will provide proof and value of the reach item.
What Type Of Jewellery Insurance Policy Do You Need?
A frequent question we receive from individuals interested in starting a jewellery insurance quote is whether or not they require a separate policy for their new piece of jewellery or whether it would be better to add an extra charge to their already existing Ontario homeowners insurance or tenants' insurance. This is a challenging question to answer regarding the value of jewellery, as well as what type of coverage you already have.
For most, if you already have a home or renters insurance policy, the most cost-effective and easiest way is to schedule your jewellery as part of your property coverage with a personal article endorsement or floater. The floater allows you to have extra coverage for one specific item with a value exceeding your coverage limits on an individual item. This will enable you to be covered, and the insurance carrier will provide the financial amount needed to replace the item with one of similar or the same value.
What Is Covered With Jewellery Insurance?
Our jewellery insurance coverages include luxury item protection from loss, theft, damage, or disappearance options. This type of insurance policy fills in the gaps left by your home insurance policy in protecting your valuable items. Jewellery insurance is tailored specifically to the item of jewellery that you would like to insure. Coverage options for jewellery insurance include worldwide protection against theft, loss, damage, and mysterious disappearance and additional special limit options outlined on your policy.
If you require additional coverage to ensure your precious items are properly protected, extra coverage is available when adding to your property policy. Speak with an insurance broker who will help determine how much insurance coverage you need to protect your prized possessions.
What Does Jewellery Insurance Exclude?
This depends on the type of policy you have. You can expect your jewellery insurance policy to exclude different perils such as war, invasion, nuclear threats, terrorism, etc. It also excluded any items that were not legally acquired. Speak to an expert Morison Insurance broker after beginning your jewellery insurance quote to ensure you understand what is included and excluded.
What Happens If I Lose My Jewellery?
If you have ever worn jewellery in public, you fear losing it. For some, that fear has come true when a clasp breaks, a bracelet is left at a restaurant, or your ring slides off after weight loss. Your jewellery is so tiny, and the chances of losing it - with knowledge or time or place where it was lost can keep some people up at night.
When it comes to insurance, the loss is considered a mysterious disappearance. While you may assume your comprehensive coverage would cover this type of incident, this may not be true. Many insurance providers implicitly exclude mysterious disappearances because this type of situation may have occurred due to an error on the policyholder's part.
Whether you may have taken it off somewhere or it had fallen off, speak with an expert broker at Morison Insurance to learn more about your specific coverage. Our licenced insurance professionals can advise if your coverage is adequate and will work tirelessly to find the right option that suits your specific lifestyle.
What Happens If My Jewellery Is Stolen?
If you experience an unexpected break-in and your piece of jewellery is stolen, with jewellery insurance, your policy would come into effect. You would be entitled to receive the replacement value of the jewellery and not have a separate deductible.
Do Providers Require an Appraisal of The Jewellery?
In short, yes. A formal appraisal is typically required when insuring a high-value item, including most jewellery. Over time, you, your Morison Insurance broker and the insurance provider may have to update the original appraisal with an up-to-date replacement cost to ensure that the item's value has been updated in all accounts and to ensure you are correctly covered. Your Morison Insurance broker can give you all the information about the appraisal process and what you need. Documents such as a diamond certificate and grading report, if available from when the piece was purchased, would be beneficial during the appraisal.
Following the initial appraisal, a follow-up appraisal should be conducted every 2-4 years to ensure your precious metals are valued correctly and you don't have to pay out of pocket to replace a piece.
What Are The Most Common Items Under Jewellery Insurance?
Jewellery insurance typically covers three primary forms - damage, loss or theft. The types of jewellery that can be covered include:
- Rings
- Earrings
- Bracelets
- Antique Jewellery
While there are many other pieces of jewellery, some have their specific type of coverage. Watch insurance, for example, has its own specialty coverage that is specialized to those exceptional timepieces. An example of a more technology-based watch, an Apple Watch, would not be considered jewellery but would need to be covered under your home's contents insurance policy. If you have recently become engaged, first, congratulations, and second, engagement ring insurance should be something to keep in mind. Speak to an expert broker at Morison Insurance to learn more about appropriate coverage for your needs.
What Are The Most Common Jewellery Insurance Claims?
- Rings, necklaces, watches, and other regularly worn luxury items are the most common claims
- Precious stones falling out are the most common damage claim
- Undervalued items due to the rising value of metals such as gold
- Appraisal every 2-4 years is best to ensure your precious metals are valued correctly
Where Can I Buy Jewellery Insurance?
Contact Morison Insurance and speak with an insurance specialist to discuss our various options, such as combining your jewellery with your property insurance. Get your jewellery insurance online quote started today by filling out the contact form on our website or calling 1-800-463-8074. We work for you, not for the insurance companies, so you can trust us to keep your best interests in mind for your jewellery insurance and all the other types of coverage you need for your financial protection.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.
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