Many assume their jewelry is covered on their homeowner’s/tenants' insurance policy, but in most cases, there is a combined limit that may not cover your jewelry value.
Insuring Valuable Jewelry
If you have jewelry that exceeds your homeowners/tenants' policy limit you should seriously consider adding a jewelry floater/rider to your insurance policy. Typically, the standard coverage included in your homeowners/tenants’ policy is minimal and may not cover the cost of special items, such as an engagement ring. Think of it like this, adding a jewelry floater/rider to your policy is the best way to protect your financial investment.
Roughly how much does it cost to insure jewelry?
Roughly, the cost is around $1.65 per $100.00 (of the value), for example, if your engagement ring costs $5,000 you can expect to pay approximately $85 per year to insure your engagement ring on a separate floater/rider.
However, please be advised that the cost to insure does vary depending on location and company.
What is required to insure my jewelry?
Generally, all that is required is a Canadian appraisal of the jewelry that you would like to insure. Keep in mind that since the value of some jewelry increases, your insurer may require additional appraisals over time – to ensure you have the correct value covered.
What are the variables for replacing jewelry?
If you decide to invest in a floater/rider for a specific piece of jewelry it will cover all risks including lost, stolen, damaged or even if a stone/gem falls out.
Be sure to evaluate the protection you are currently receiving and assess if additional protection is required. Contact your Youngs Insurance broker today to ask them about insuring your valuable jewelry or for a no-obligation quote!
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