馃攳
Is Insurance Available for Jewellery and Watches? | Square One - YouTube
Channel: Square One Insurance Services
[0]
Do you know if your home insurance
[1]
policies covers jewellery or watches?
[3]
Home insurance customers often ask us why
[5]
our online quoting system asks them to
[8]
choose a limit of coverage for jewellery,
[9]
because they often think other insurance
[11]
policies include coverage for jewellery,
[13]
automatically. So in today's video, we'll
[15]
be covering how most insurance policies
[17]
work when it comes to jewellery and
[19]
watches coverage, how Square One is
[21]
different, how you can choose the right
[23]
limits and more.
[27]
. So like I mentioned, we get a lot of
[29]
questions around how jewellery and
[30]
insurances work. As many people assume
[33]
there's automatic coverage.
[34]
But I'll warn you, this is a really
[35]
dangerous assumption.
[37]
Because in reality, most policies actually
[39]
restrict the amount paid if you make a
[42]
claim for lost or damage, jewellery or
[43]
watches. So let me go into this in a bit
[45]
more detail so you have a better
[46]
understanding. Most home insurance
[48]
policies will show a limit of coverage
[50]
for your personal property, or for
[52]
contents coverage on a condo or tenant
[54]
insurance policy. This section of the
[56]
policy covers what's known as personal
[58]
effects, which often includes items like
[60]
jewellery and watches.
[62]
However, I highly recommend reading the
[64]
actual policy wordings or reviewing them
[66]
with a licensed insurance agent, so you
[68]
know the full extent of the coverage.
[70]
With most home insurance providers,
[72]
coverage for jewellery will be capped at
[73]
a maximum of six thousand dollars or less
[75]
per claim, which can be a significant
[77]
problem if you have a lot of valuable
[79]
pieces that you've collected over the
[80]
years. And if you don't even own any
[82]
fancy jewellery or watches, you'll still
[85]
have to pay a premium that includes
[87]
coverage for this type of property, even
[88]
though you'll never make a claim for it.
[93]
Well here at Square One, we've taken a
[95]
different approach to jewellery insurance
[97]
coverage. Our comprehensive home, condo
[99]
and tenant policies do not automatically
[102]
include coverage for jewellery.
[103]
We took this approach because customers
[105]
who don't need or want to insure these
[106]
items can choose not to.
[108]
Reducing the amount of policy premiums
[110]
you'll pay. And for customers who do wish
[112]
to insure jewellery, you can add on the
[114]
exact amount of coverage you need so
[116]
you're not paying for any unnecessary
[117]
premiums. So if you're curious what's
[119]
Square One's policies look like, you can
[121]
use the link in the description to
[122]
download a sample home insurance policy
[124]
to see for yourself.
[125]
Or if you have any questions about
[126]
insurance jewellery coverage, leave a
[128]
comment below, we'd be happy to get to
[130]
it.
[133]
Now that you know how the basic insurance
[135]
coverage works for jewellery, here are
[136]
some common questions we get around
[138]
jewellery insurance coverage.
[142]
In an event like that, your first step
[144]
will be to file a claim and what happens
[146]
after will depend on the type of coverage
[148]
you purchased and what you choose to do.
[150]
Will you replace the items or accept a
[152]
cash payment, instead?
[153]
Today, most home insurance policies
[156]
provide coverage on a replacement cost
[157]
basis, which is intended to replace lost
[160]
or damaged property with items of like
[163]
kind and quality.
[164]
For example, if your ring is stolen, your
[166]
policy's default approach will be to help
[168]
you replace it with a new ring of like
[170]
kind and quality, up to the limit of
[172]
insurance that you purchased.
[173]
If you decide not to replace the covered
[175]
item of jewellery, payment will usually
[177]
be made on an actual cash value basis.
[180]
This means depreciation will be applied,
[182]
so the payment you receive might be less
[184]
than if you would actually replace the
[185]
ring with a new item of like kind and
[187]
quality.
[191]
Many customers have difficulty deciding
[193]
on how much coverage will be enough to
[195]
replace all their jewellery in the event
[197]
of a significant loss.
[198]
And this process becomes especially
[200]
difficult when you've received jewellery
[202]
as a gift. As you've probably asked
[204]
yourself, how can you choose the limit of
[206]
coverage when you didn't buy the item?
[207]
Well, our first and best recommendation
[210]
is that you obtain an appraisal for your
[211]
jewellery items. Many jewelers and even
[214]
retailers offer appraisal services for a
[216]
moderate fee. They'll carefully examine
[218]
your jewellery and provide you with a
[220]
detailed report and magnified photos, as
[222]
well as an approximate current
[224]
replacement cost estimate.
[225]
There are a couple of advantages to
[227]
getting an appraisal. First, the estimate
[230]
plus taxes tells you how much you should
[232]
purchase in order to be confident that
[235]
you have enough coverage to replace the
[236]
item in the event of a loss.
[238]
And because costs of precious metals and
[240]
stones continue to fluctuate in the
[242]
global markets, we recommend that you
[244]
revisit these appraisals at least every
[245]
few years. If that sounds expensive, you
[248]
can always ask the original appraiser to
[250]
provide you with an opinion as to whether
[252]
or not the specific item would have
[253]
changed substantially in value.
[255]
Another advantage of having an appraisal
[257]
done is that it will help you out if you
[259]
ever need to make a claim for lost or
[261]
damaged jewellery items.
[262]
Instead of trying to work backward and
[265]
hunting for old photos and scouring your
[266]
memories in order to attempt to describe
[269]
the item, you and your adjuster can use
[271]
this appraisal as an exact description of
[273]
the item involved. This will ultimately
[275]
accelerate the process of sourcing and
[277]
designing a replacement item that matches
[279]
your original piece of jewellery.
[284]
Remember that most home insurance
[286]
policies or designed to provide
[288]
replacement cost coverage and the most
[290]
insurance providers will pay is the limit
[292]
of coverage that you purchased.
[293]
And like all good sales, they don't last
[296]
forever. So if the limit of coverage that
[298]
you choose is based upon a discounted
[300]
price and that discount is no longer
[302]
available when a claim occurs, you will
[304]
be paying out of your own pocket to make
[306]
up the difference. So that is why we
[307]
recommend insuring your jewellery you
[309]
bought for a discount for its replacement
[311]
value, which is what it would cost to buy
[314]
a brand new, plus taxes, rather than the
[317]
discounted value.
[318]
So in short, yes, insurance is
[320]
available for jewellery and watches.
[322]
The coverage will depend on the insurance
[324]
provider you have and the details
[326]
outlined in the policy.
[327]
So I highly recommend you check that with
[329]
that with them. And if you're looking for
[330]
a home insurance quote where you can
[331]
customize the amount of jewellery
[332]
coverage you have, you can visit
[334]
Squareoneinsurance.com for an online
[337]
quote. So thanks for watching everyone.
[339]
And if you want to check out more home
[341]
and insurance videos, you can check them
[342]
out here.
Most Recent Videos:
You can go back to the homepage right here: Homepage