Jewelry insurance is necessary for people with valuable items at home, especially those who own jewelry. Jewelry has always been considered a precious possession worth hundreds or even thousands of dollars. The good thing about jewelry insurance Canada is that you can get it reasonably quickly, and there are various types of policies available on the market. Since there are many, it gives you options to choose one that best suits your needs.
Need for Insurance Coverage in Canada
Jewelry insurance in Canada is a form of insurance that protects you from financial loss due to the theft or damage of your jewelry. In other words, jewelry insurance covers any losses that may occur while you wear or own precious metals and gemstones. Canada’s costume jewelry market is projected to grow at a 2.4% CAGR in 2020–2027. In 2022, the revenue of the Canadian jewelry segment amounts to $3,276 million (excluding diamonds), which makes up 9% of total retail sales value worldwide ($3 trillion).
Peace of Mind
Jewelry insurance can be a great way to ensure your peace of mind. You must know that you will be covered if you lose or damage your jewelry. With a good policy and a professional insurer at your side, there’s no need to worry about financial losses when something unexpected happens.
In Case of a Loss
What if your jewelry is lost or stolen? In the case of any loss, it’s always essential to have a solid insurance policy that covers your items in total. You’ll be able to get a replacement if the original is unavailable, and you will also receive compensation for its value and sentimental worth.
There were 18,530 robberies in Canada between 2000-2021. This statistic shows just how important having an adequate insurance policy can be!
In Case of Theft
You can purchase theft insurance as part of your homeowner’s policy. Theft insurance covers the cost of replacing your jewelry if it is stolen. It is good to have insurance in case you have expensive jewelry. Ensure to buy this insurance only if you have valuable items in your home worth more than what would be covered by other types of property insurance (e.g., fire, flood).
In Case of Natural Disaster
If a natural disaster damages your home, you can claim it on your insurance. It could include water damage (e.g., after a storm), fire damage or wind damage. In an earthquake or other natural disaster, there’s no telling what could happen to your possessions. Your home insurance may cover some of the costs of restoring your property. However, if you have damaged or lost jewelry in the disaster, it may only be covered if it was specified in your policy as a valuable item.
Jewelry insurance can help relieve unexpected expenses when something happens outside of normal wear and tear to someone’s jewelry collection—or even just one piece of jewelry!
In Case of Damage
Having a valuable item damaged will require you to pay for repairs. Without insurance, these repairs will come out of your pocket. However, with a jewelry insurance policy in place, your insurance company will cover any damage to your item — meaning that you won’t need to pay for repairing or replacing it!
Conclusion
It is essential to get the right coverage for your valuables to know that you are covered in the case of any damage or loss. You will also be able to enjoy peace of mind knowing that your belongings are insured against theft and natural disasters, as well as being able to replace them if they are stolen or lost.
