Are jewellery and valuables covered by home insurance?
Home insurance covers your belongings — but for jewellery, watches, and other high-value items, only up to a point. Most Canadian policies apply special limits that cap payouts per category, and those caps are often far below what a fine piece is worth.
How special limits work
A typical policy might cap theft coverage for jewellery at $6,000 in total — sometimes less per single item. If your engagement ring alone is worth $9,000 and it is stolen, the policy pays the cap, not the value. Note that these limits often apply to theft specifically; losses from fire may be treated differently. Every insurer sets its own caps, so read your policy schedule.
Scheduling items separately
The solution is a scheduled personal property endorsement — listing specific items on the policy with an agreed value:
- Each scheduled item is insured for its appraised value, up to that amount
- Claims for scheduled items are often settled without applying your standard deductible
- Broader causes of loss can apply — some policies cover a lost ring, not just a stolen one
Scheduling raises the premium modestly, often $10 to $30 per year per thousand dollars of value depending on the item and insurer.
Get a proper appraisal
Insurers typically require a recent appraisal from a certified gemmologist for items above a set value — often $3,000 to $5,000. Keep digital copies of appraisals and receipts, and photograph pieces from several angles; documentation makes claims dramatically smoother.
Tip: Reappraise every three to five years. Gold and gemstone prices move, and a scheduled limit based on a decade-old appraisal may leave you underinsured.
The bottom line
Standard coverage is a ceiling, not a guarantee. Add up what your jewellery is really worth, compare that to your policy's special limits, and schedule anything that exceeds them — the premium is small insurance against a very bad day.
This article is for informational purposes only and does not constitute financial advice. Rates and product details change frequently — always compare current offers before making a decision.
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