Your jewellery is more than metal and gemstones. It’s personal. It’s a future heirloom. While sentimental value is irreplaceable, getting your jewellery insurance coverage is an extra level of care for some of your most cherished possessions. Insuring jewellery usually costs you 1-2% of the appraised value, per year. For example, a $5,000 ring may cost as little as $50 per year to protect. To put that in perspective, jewellery insurance can cost less than getting one coffee every month for a year. You can add your jewellery to your home insurance, or you can get insurance from a third party that’s exclusive for jewellery. At Troy Shoppe Jewellers, we suggest Jewelers Mutual. You can get a free quote on their website, and this company provides all types of jewellery insurance, including watches, earrings, and even loose gemstones while being set.
What is Covered by Jewelers Mutual
Loss: You left your ring somewhere—on a beach towel or in a public bathroom. It’s out
there somewhere and you can’t find it. It’s covered.
Theft: we all know that feeling of dread when something we cherish is stolen. But you
can rest assured that your stolen piece is covered, too.
Damage: You hit your diamond ring on the edge of a table, and it cracks, or you’re
pulling on a sweater and a prong is bent. Accidents happen. They will cover that.
Disappearance: Sometimes jewellery just disappears—it could be lost, stolen, or
hanging out in a drainpipe somewhere. You may not be able to explain how, where or
when it vanished. Don’t worry, that’s covered.
Normal Wear and Tear: Jewellers Mutual states that normal wear and tear refers to the gradual wearing or damage that occurs over an extended period of use. They will pay for the following, which are
caused by normal wear and tear: prong re-tipping, broken, worn or bent prongs, broken
earring posts, clasp replacement, restringing of broken or stretched pearl strands; and
stone tightening.
Getting a Quote
Regardless of who you use to insure your jewellery, often companies will ask for more than one quote. You should know that regardless of the value of the quote, you can choose to use the jeweller of your choice for the repair or replacement. Some companies have even set up a ‘preferred vendor’ situation for any work needing to be done. That is not set up to the benefit of the insured. Our experience with Jewelers Mutual has been very transparent, open, honest and flexible for the client.
Important: If you have jewellery insurance, your policy might require you to get your jewellery inspected at least twice a year for the coverage to be valid, as well as getting an appraisal updated every couple of years. Make sure to be on top of your insurance policy requirements. Contact Troy Shoppe Jewellers in Calgary, AB if you need to have your jewellery inspected or to get a jewellery appraisal.
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