A typical homeowner’s insurance policy may not provide suitable coverage for your collection.  Standard homeowner’s insurance provides limited coverage for jewellery, generally $6000, subject to the policy deductible.  When purchasing insurance, it is important to assess your collection and determine the overall value, specifically for your more expensive pieces.  It is imperative to speak to your insurance provider to let them know exactly what you have and the value per piece to ensure you purchase the appropriate coverage.

What is the cost to “schedule” a piece of jewellery to your home insurance policy?

The cost of adding scheduled jewellery to your home insurance typically ranges from 1½ to 2% of its appraised value. Depending on your insurer’s rates, your $5,000 engagement ring could cost between $75 and $100 per year to insure.

An important factor to consider when scheduling a piece of jewellery is your appraisal:  is your appraisal current – does your appraisal represent an accurate value of the piece of jewellery (if you just purchased a ring for $5,000 and received an appraisal for $10,000 – it is NOT accurate!) Ensure that your jewellery appraisal is up to date and represents the true replacement value of the item. To learn more about Hennick & Co appraisal services click here: Appraisals

Although nothing can replace the sentimental value of a beloved piece of jewellery, jewellery insurance can at least reimburse you for the financial loss.