What is jewellery insurance?
Jewellery insurance is designed to protect your treasured belongings such as rings, watches, necklaces, and other possessions. It is commonly offered as an insurance policy endorsement or added to your existing homeowner’s plan. It fills the gap as many gems, jewels, and keepsakes do not fit within the limits of your standard plan.
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Do I need jewellery insurance?
Every situation is unique. But if you have expensive jewellery you should ensure it's properly protected. Your need for additional safeguards depends on several factors:
- The value of your items
- The number of pieces you want to insure
- The level of coverage in your homeowner’s, tenant, or condo insurance plan.
- Your risk tolerance
Getting an appraisal for your valuables and comparing insurance options will tell you how much extra coverage you should have and if it is worth it for your situation.
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How does jewellery insurance work?
Standard jewellery coverage that is included as part of the contents insurance portion of your policy offers limited protection. There are caps as to what is covered and how much protection is included. Most do not cover the full replacement cost of expensive items such as an engagement ring or Rolex watch. The limits offered in your plan will depend on your insurer.
Jewellery insurance is an extension of the coverage you already have. Generally, you have two options - blanket coverage or insuring individual pieces. With blanket protection, you’ll have coverage up to a defined limit. This is usually based on the appraised value of your possessions. The other option is to take out a rider for specific pieces. Again, the value will be based on an appraisal.
Insurance covers you if your pieces are lost, stolen, or damaged. The most common items included are engagement rings, wedding bands, watches, earrings, necklaces, and even loose stone replacements.
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What does jewellery insurance cover?
![luxury diamond ring in a jewellery box]()
Insurance offers you protection in four main areas:
- Loss: You lose your ring or watch somewhere, and you can’t find it anywhere. It is covered.
- Theft: Your keepsakes are stolen from your residence or while you are outside of the house or at work. This protection includes worldwide theft coverage.
- Damage: You catch your watch on something and it cracks the face or breaks the band. Accidental damage is protected.
- Disappearance: You can’t seem to find a piece of jewellery. You have looked everywhere. It seems to have vanished into thin air. It could have been lost, stolen, or misplaced by someone.
High-value jewellery insurance gives you peace of mind in knowing your stuff is covered if something happens to it. Get clarification about the pieces that are and are not covered when comparing quotes.
Types of jewellery covered
The types of jewellery you can include in your policy are far-reaching:
- Wedding rings
- Engagement rings
- Earrings
- Necklaces, chains, pendants
- Class rings
- Wristlets, armlets, bangles, and bracelets
- Diamonds and precious stones
- Antique jewellery
- Watches
- Tiaras
- Cuff links
- Brooch
What's not covered by a jewellery policy?
There are certain situations when lost, damaged, or stolen jewellery will not be covered by insurance:
- Wear and tear
- Things lost, damaged or stolen because of war or military action
- Purposely damaging valuables
- Pest damage
- Other exclusions listed in your plan
In these situations, your claim could be denied.
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