Why schedule your Jewellery?
While the cost of jewellery has gone up over the last several years, so has the volume of lost and stolen jewellery.
Did you know that in North America $1.5 billion worth of jewellery is reported as lost or stolen every year? This represents not only a sentimental loss for the owner, but can also be a financial one, as the majority of jewellery is uninsured or underinsured.
Why do so few people insurance their most valuable items? One reason is that there is a lot of misinformation. Common misconceptions include:
It’s expensive– standard coverage for jewellery costs just 1 to 2 percent of the item’s appraised value.
Some of our companies offer a reduced rate for items kept in a bank vault. Some may also offer additional discounts for scheduling jewellery.
It’s too much work – the prospect of obtaining appraisals for a jewellery collection can seem daunting.
Some of our insurance companies do not require an appraisal unless the value is over a certain amount. However, having an up to date appraisal on jewellery items will validate an item exists, substantiate the value, and serve as a description in the event of a loss.
It’s fully covered – even the best homeowner’s policy may limit the coverage for theft, damage or disappearance of jewellery.
Your Buntain broker can help determine the jewellery limits within your policy.
It’s only for vulnerable jewellery – even when the item is protected by a home security system, there are risks.
Jewellery is twice as likely to be lost or misplaced than stolen.
Protecting your possessions shouldn’t be stressful. Contact us to help answer any of the questions you have regarding the insuring of jewellery or other valuable items. We will happily take the time to explain your options and suggest the best fit policy for you.