Diamonds, watches, and other sparkly jewels are the most common Valentine’s Day gifts given in Canada (other than chocolate!). The sentimental value attached to these items is irreplaceable, which is why insuring these items should be the first task on your to-do list after they’ve been purchased or received.

If you were gifted a new piece of jewelry for Valentine’s Day, or have items in your collection that hold significant emotional and monetary value, keep reading for our expert advice that will have you enjoying these pieces for years to come.

1. Keep the receipt

   • If you’re the jewelry purchaser, make sure that you hold onto a copy of the receipt for your personal records and for your broker. The receipt should show the current retail value of the item, as well as a detailed description.
   • If you’re the one who receives something special for Valentine’s Day, you can either let your partner know you need the receipt for insurance purposes, or ask them to hang onto the receipt for you.

2. Store valuables in a safe place

   • Jewelry boxes and dresser drawers are common places to store your special items, however they are often the first place someone might go looking for them. Keep your jewelry in a safe that is bolted and unmovable, and keep it in an area of your home that is not easily accessible. You could also consider using an off-site safe deposit box as an option for storing your jewelry.

3. Have jewelry appraised by a professional

   • Have a qualified jewelry appraiser take a look at your new gifts, as well as any heirlooms that you might have in your home. This will come in handy if your jewelry were to ever get lost or stolen for insurance replacement purposes. Once it’s been appraised, we recommend that you submit the value to your broker within a year, as the value of items may change over time.

4. Maintain a home inventory

   • When you receive a valuable new Valentine’s Day gift, it is important to add it to your home inventory. If you don’t have one, consider starting one so you can give your broker a complete breakdown of the contents within your home. This should include a full list of your high value items, as well as photos of each piece.

5. Talk to your broker and review your policy limits

   • Did you know that the average coverage limit for a homeowner’s jewelry, watches, etc. is between $3000-$6000? It is important to be aware of the conditions of your policy so that your precious items are properly covered.
   • Types of Jewelry Coverage
     • Individual Coverage
     • Liberal Appraisal Requirements
     • Agreed Value Feature
     • Automatic Coverage for New Items
     • Paying Market Value
     • Blanket or Scheduled Items

A detailed breakdown of each of these coverage options can be found on our Blog

Are you unsure of which type of coverage you need for your Valentine’s Day gift? We’re here to help!

Contact your broker or call 519-679-5440 and celebrate Valentine’s Day with peace of mind and protection.