Are Your Jewellery and Other Valuables Covered by Your Home Insurance?

Hooded person stealing jewelry

The home insurance policies we provide at Bow Valley Insurance are extremely comprehensive. However, for those who own high-value items, it’s worth it to double check and ensure your coverage is extensive enough to provide for their replacement if they are lost, stolen or damaged. Collectibles, jewellery, antiques and other exceptionally valuable objects may require additional coverage. The good news is that it isn’t too difficult – or expensive – to get the home insurance and jewellery insurance you need.<

Keep Your Broker in the Loop to Avoid Homeowner’s Insurance Surprises

Finding the right coverage is much easier with a knowledgeable insurance broker on your side. If you’re shopping for new coverage or planning to update your existing policy, provide your broker with a list of valuables that may not fall under standard coverage. Keeping an up-to-date home inventory will make a major difference in finding the right coverage, and it will also make your life much easier if you ever need to make a claim.

If you’re wondering which items should make your list, your broker will be a big help there, too! The most common item for additional homeowner’s insurance is jewellery, but valuables and collectibles of any type are worth noting.

The Basics of Homeowner’s Insurance for Jewellery, Collectibles, and Valuables

With a complete inventory of your valuables in hand, you’re ready to find the homeowner’s coverage you need. Homeowner’s policies typically include some coverage for valuables – often between $6,000 and $10,000 – but not enough to fully cover the most valuable items in your home. Find the right additional coverage for your needs by understanding the options available.

  • While jewellery is the most common item for additional coverage, it’s certainly not the only thing to consider. Art, collections, collectables etc.
  • Some insurance companies will require an appraisal before insuring valuable items, and for jewellery this can often be done at the store where you purchased the piece. For most items it is important that the appraisal is relatively recent, as jewels, precious metals, and collectibles change in value over time.
  • For valuable items, it’s important to remember the difference between replacement cost and actual cash value (ACV)  for insurance purposes. Replacement cost compensates you for the total cost of replacing an item, while ACV accounts for depreciation, meaning you may receive less than the actual cost of replacing the item. Replacement cost is usually the better option, when possible.
  • Always check the deductibles when insuring valuable items, as well. A high deductible can wipe out a big chunk of an item’s replacement cost, but many insurance companies offer additional coverage for jewellery that doesn’t include deductibles. The same coverage isn’t always available for insuring other valuables, but it’s more than worth finding out.
  • When covering valuables, you’ll often have the choice between insuring individual items or purchasing blanket coverage. Both options have appeal, but blanket coverage can be a great choice if you have a lot of items to cover.

Involving your broker is the simplest, most effective way to make sure you have the right additional coverage for jewellery, art, collectibles, and other valuables. Even if you’re happy with your current coverage, it’s a good idea to stay on top of your home inventory, and have valuables appraised every few years to keep up with market changes. The peace of mind that comes from protecting your most treasured possessions is more than worth it.

Bow Valley Insurance

Our team are here to help with all of your home insurance and jewellery insurance needs. Learn more about our home insurance options, or get right to business with a free home insurance quote from our team!