The holiday season means family, friends, making memories, and giving gifts from the heart. Among the most amazing gifts given this time of year is the gift of fine jewelry. More jewelry is sold in Ontario, Canada during the holiday season than almost any time of year, next to Valentine’s Day, of course. People often propose with beautiful engagement rings this time of year.
Those that are at other points in life will often purchase keepsake jewelry to show their loved ones how much they mean to one another. When purchasing gifts of fine jewelry from the heart, it is important to protect this investment with insurance coverage.
Jewelry Protect will protect the jewelry in the event it is lost, stolen, or even destroyed in any manner across the world where other company’s may not offer this type of coverage.
Why do I need jewelry insurance when I already have home or contents insurance? Believe it or not, your home or contents insurance usually has a lower limit to protect for jewelry. Yes, many pieces of cheaper jewelry may be protected under your standard home or contents insurance policy.
However, your fine jewelry is considered a different type of property. It is under the same category as your priceless artwork and expensive antique artifacts. These items are often worth more than $5,000 on their own. Therefore, they require a separate insurance policy to protect your fine jewelry.
Many times these policies are included as riders on your home policy to provide that added coverage where needed.
If you are resident in Ontario, Canada and have any type of fine jewelry, it can be insured based on its appraised value. Typically, you would take your jewelry to an appraiser to see what the replacement value of the jewelry is. Most insurance companies require an appraisal and depending on the value can be added under your home insurance, if the value exceeds the home insurance limit then you will have to pay extra to add coverage.
Jewelry Protect does not require the appraisal when applying for the policy if the jewelry is appraised under $20,000. For any piece of jewelry valued over $20k we allow two options:
Obtaining a quote online is very simple, in a couple steps you can have insurance in place and the policy sent to you by email. Jewelry Protect is designed with a limit of $50,000 max coverage, this can be applied to multiple pieces of jewelry or one very valuable ring for example.
When you insure the jewelry, any type of theft or damage to the jewelry, you will be able to file a claim. Depending on your insurance company, you may be asked to submit a police report or other documentation that you no longer have the jewelry. Then, you will be reimbursed for the value of the jewelry once the claim is processed.
Like any insurance, there is a process that requires time and some documentation. However, the peace of mind that you will be able to recoup something for your loss is worth more than the time you take to complete the documentation.
The truth is insurance, in general, is often costly. There is so much to take into account when purchasing most insurance policies. The likelihood of a claim being filed against a home, contents, or auto insurance policy is fairly high. The statics show that automobile accidents occur more than any other type of product that requires insurance.
The likelihood that your fine jewelry will be lost, stolen, or damaged, is much lower – but it does happen. The coverage provided by Jewelry Protect is for a very specific product, as opposed to a range of products. Therefore, the cost to protect this product is extremely low — many insurance companies do not offer stand alone jewelry insurance. Jewelry Protect can protect your items for mere pennies on the dollar related to the value of your jewelry.
Imagine being able to protect your engagement ring, diamonds, necklaces, and watches at an affordable cost? A policy to protect a $20,000 engagement ring will only cost $260 per year. The higher your deductible, the lower your premium, and one of the best features we offer is a disappearing deductible. Every year you are claims free, the cost of your deductible reduces and after 5 years you will pay nothing when filing a claim.