Jewellery & engagement ring insurance

Published On: July 30th, 2019Categories: Personal Insurance

Did you know that your Jewellery is not always fully insured with your home insurance coverage? No worries though. In most cases you can easily add coverage for Jewellery through homeowners, renters, condo, or manufacturers home policy. Get in touch with your Bryson Insurance account manager to insure the full appraised value.

How do I fully insure my Jewellery and engagement ring?

Jewellery coverage is limited on all insurance policies. Not all loss risks (perils) are covered with all insurance companies. For example: Mysterious disappearance is not an insured peril with some insurance companies.

If you want to ensure your Jewellery is fully covered, you need to add it to your insurance policy.

In insurance lingo this is called scheduling an item or adding a rider. Said another way, it is simply adding a specific one-off item on your policy. If you’re a client of Bryson today, you can let your personal Account Manager know about the Jewellery and it can be insured up to the appraised value.

Current Bryson clients call 905-426-8787 and tell our team about your Jewellery items. Depending on the value, we may require appraisal documentation and photos.

Not a client of Bryson yet? Get a quote on your insurance and we can also talk about your Jewellery at the same time.

Why isn’t my Jewellery automatically insured in my homeowner’s policy?

It is a good thing that your Jewellery is not automatically covered. If insurance companies assumed everyone had expensive Jewellery in their possession, then you would potentially be paying more for insurance than necessary.

A higher price for home insurance is the last thing everyone wants. Instead, insurance companies offer a flexible option that is customized to our clients’ unique needs.

How much is it to insure my Jewellery?

Realistically, it is a very reasonable additional coverage. Generally speaking, Jewellery can be covered for approximately 1-2% of the total value.  In dollar terms, a $5000 piece of Jewellery may cost $50 to $100 a year to insure. To get specifics on your pieces, get in touch with your Bryson Account Manager.

What is actually covered in my Jewellery insurance?

Theft of Jewellery – Whether stolen in your home, off your body, at the gym, in your car, etc., your item is covered.

Damage of an item – whether a piece of Jewellery is partially or completely damaged, you are covered. Examples can include breaking a link on a necklace or losing a diamond as a result of a broken prong in your engagement ring.

Loss and disappearance – many insurance companies cover your scheduled Jewellery items even if you lose it or simply forget where you left it.

And what’s not covered?

Simple wear and tear is not covered. Over time, your Jewellery may get tarnished and scratched. This normal wear and tear is not covered by insurance companies. Insurance is there for the unexpected.

What types of Jewellery can I insure?

When it comes to Jewellery, there is a lot of freedom and flexibility in what can be insured. Engagement rings, wedding rings, necklaces, bracelets, diamond rings and earrings are some of the items that can be insured.

Many insurance companies have a limit on what can be insured. If you have questions about your specific needs, please reach out to our team today.

How do I get paid if my Jewellery is lost or damaged?

The process is simple. If something happens and a piece of Jewellery is lost, stolen or damaged, simply file a claim for the cost to repair or the full appraised amount.

How do I find out what my Jewellery is covered for now?

If you are a client of Bryson, your dedicated Account Manager is happy to have a conversation with you on this.

If you are not yet a client of Bryson Insurance, reach out today to start a conversation. Our team is happy to review your current insurance policy and compare it to your personal situation.

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