The moment in Titanic when Rose drops a rare diamond into the ocean, it’s hard not to wonder: Was that thing insured? Interestingly, the answer would depend on her home insurance coverage.
Broad home insurance coverage protects your personal contents from unexpected chance events named in your policy—think theft or fire. In other words, if Jack really had stolen Rose’s necklace on the ship, she would’ve been covered for the missing bling.
Comprehensive insurance coverage takes it a step further, protecting your personal contents from all risk. Lose your wedding ring down the kitchen sink? Misplace your favourite necklace while swimming? Mistakenly drop a rare blue diamond into the icy depths? With a few standard exclusions, insurance will cover it, up to a predefined limit.
Home Insurance: Five steps to make sure you’re covered
Naturally, you’ll want to make sure you know what your limit is, and whether it’s enough to protect your jewellery. Most home policies cover jewellery, watches and furs up to combined limit, as opposed to per item.
To protect a specific expensive piece of jewellery, or a collection valued beyond your home insurance limit, extra coverage can be added to your policy. If you do this, items may have to be reappraised from time to time to determine their current value (how often depends on your policy or insurance provider).
Ultimately, it’s wise to talk to your insurance company to ensure your baubles are protected with the right coverage. Oh, and try not to drop any priceless blue diamonds into the ocean.
WE’VE GOT YOU COVERED
Whether you rent or own, whether you live in a house, condo or even a mobile home, AMA Insurance offers coverage options for all your needs. Contact an AMA Insurance representative at 1-800-615-5897 to get a free quote, or visit ama.ab.ca or an AMA centre for more information.
HOW TO SAVE
Get more bling for your buck. AMA members save 25% on all in-stock jewellery—and save 10% on custom designs and special orders—at Paris Jewellers