They say diamonds are a girl’s best friend – but my insurance broker comes in a close second 😉

I feel as though this may need a little clarification. Many moons ago, prior to having any knowledge of insurance, I was shopping in a jewellery store and asked them to clean my wedding ring. The jeweller asked to inspect the beautiful ring and I proudly consented… it was then I found out I had somehow managed to chip that beauty of a diamond (it turns out I’m very hard on my jewellery).

Long story short, my broker, smart cookie that she is, had placed a rider on my insurance that covered any damage to my ring – no deductible – no questions asked. That baby was promptly replaced by a new, unscathed diamond. No hard lessons were learned that day – nor should they be.  

Often there is the misconception all items like jewellery are covered under home insurance. While it’s true possessions are covered under a home or tenant’s insurance policy, there are restrictions on standard homeowners, condominium or renters insurance policies, which have a limited amount of coverage for jewellery and other valuable items.

Some of your jewellery may be covered under your homeowner’s insurance policy; however, additional coverage may be necessary if the amount that you own exceeds your policy’s limits. Here are a few tips to ensure your valuables are protected:

• Have all jewellery appraised in-store or by an independent appraiser. Have each piece listed separately with its value.
• Review your homeowners’ insurance policy to determine whether the value of your items exceeds policy limits.
• Store your most valuable jewels in a fire-proof safe or safety deposit box.
• Have jewellery inspected and re-appraised frequently and update coverage accordingly.

If you’re the lucky recipient of jewellery this Valentine’s Day, be sure to check in with your insurance broker to ensure you’re properly covered.