Is Your Jewellery Covered by Home Insurance?

Imagine you’re at the gym and put your wedding band in a locker before a workout. When you return, the locker has been broken into — and the ring is gone. After checking with staff, searching the change room, and retracing your steps, you realize it’s probably not coming back.

It’s a heartbreaking moment. Beyond its monetary value, the ring represents memories, milestones, and a commitment that’s impossible to replace.

Then comes another surprise: when you contact your insurer to file a claim, you learn your home insurance covers only a fraction of the ring’s value. While home insurance policies typically include coverage for jewellery, that protection comes with limits. Depending on what you own and how much it’s worth, you could be underinsured.

Whether it’s an engagement ring, jewellery reserved for special occasions, or a treasured family heirloom, it’s important to understand what your policy covers — and where gaps may exist. This article explains how to insure valuable jewellery, including what home insurance typically covers, when additional coverage may make sense, and what it could cost.

How does home insurance cover jewellery?

Home insurance in Canada typically includes jewellery as part of your content’s coverage.  Whether you carry homeowners’ insurance, condo insurance, or tenant insurance, your policy generally protects jewellery against covered losses, but only up to a specified limit for some types of claims.

Jewellery is usually covered when you have it away from your home, too. For example, if you wear your engagement ring on vacation, leave a watch in your car, or bring heirloom jewellery to a family gathering, your coverage may still apply, subject to your policy’s terms and limits.

One thing to note: if your jewellery is stolen from your vehicle, you typically make a claim through your home insurance — not your auto insurance policy.

Coverage limits vary by insurer and policy. Home insurance policies often put a cap on how much they’ll pay for jewellery claims, which means high-value items may not be fully covered. If the value of your jewellery exceeds your policy limit, you may need additional protection.

For example, with RBC Insurance, jewellery is covered for all insured perils up to a specific amount under a home insurance policy. For valuable pieces, you can schedule those, at an additional cost  

For a closer look at what could be included in a policy, see RBC Insurance’s home insurance page and guide to what personal property is covered in my home insurance.

What contents are covered by your home insurance?

You might be wondering: What personal property is covered in my home insurance, and what is not? Because it’s important to note that some types of belongings are subject to special limits of coverage — meaning they’re only covered up to a specified maximum amount. Here are a few items that commonly fall under these special limits:

For items in each category, your home insurance may pay for the cost of loss or damage (after your deductible) after a covered event, up to a coverage limit.

What kinds of jewellery claims are covered?

While coverage varies by policy, home insurance typically protects jewellery against a range of sudden and unexpected events, including:

Exclusions

Home insurance is designed to protect against sudden and unexpected events, not every type of loss or damage. Here are a few situations where coverage may be out of bounds:

Can I get additional insurance for my jewellery?

In many cases, yes. If your engagement ring, luxury watch, heirloom jewellery, or other valuables are worth more than your special coverage limits, additional protection may be available.

If you want to bulk up your coverage, you can often purchase extra coverage, sometimes called endorsements, or you can specifically list the valuable article by scheduling it on the policy. With RBC Insurance, you can increase your coverage limits for jewellery, precious stones, and watches in the event of theft.

RBC Insurance offers optional additional coverage on high net-worth policies when valuable items are specifically listed, or scheduled, on the policy. These benefits that may include:

To learn more about your options, book a consultation with a licensed RBC Insurance advisor.

How much does jewellery insurance cost?

Like most types of insurance, the cost to insure valuable jewellery largely depends on your insurance provider, the value of the item, and the type of policy you choose.

With RBC Insurance, you can increase your special limits coverage for jewellery, gems, and watches. Limits can vary, appraisals are sometimes required and coverage options differ by province and territory.

To learn more about what it might cost, book a consultation with a licensed RBC Insurance advisor.

How do you insure jewellery?

While the process varies by insurer, here are a few steps to take on the road to insuring your jewellery:

1. Take inventory

Take stock of what you own and what it would cost to replace. You may be surprised by how quickly the value adds up. If you have any of the following, it may be a good idea to explore increasing your coverage amount:

2. Gather your paperwork

Start by pulling together any documentation you have, including receipts, certificates, appraisals, and detailed descriptions. Take photos or video of each piece, even of you wearing them. If you ever need to file a claim, these documents can help establish ownership and the value of your belongings.

3. Get a professional appraisal

For valuable pieces, a professional appraisal is worth the investment. Look for an accredited appraiser through the Canadian Jewellers Association.

An appraisal should include details such as the number of carats, cut and mounting, make, model, serial number, manufacturer, and any other unique features that help identify the item and establish its value.

4. Keep your records somewhere safe

Once everything is in order, store your appraisals, photos, receipts, policy documents, and other important paperwork somewhere secure, like a safety deposit box at the bank. Keep digital backups, too! If you ever need to file a claim, you’ll be glad you took this step.

5. Review your coverage options

Next, compare the value of your jewellery to the limits outlined in your home insurance policy. If a piece is worth more than your standard coverage allows, it may make sense to buy additional protection.

Not sure what’s right for you? A licensed RBC Insurance advisor can walk you through your options and help you choose the right level of coverage.

How to safeguard your jewellery

Insurance can help you recover financially after a loss or damage, but the best protection is preventing it in the first place. A few simple habits can go a long way toward keeping your jewellery safe.

Put a policy on it

Maybe your Tiffany engagement ring cost more than your first car. Maybe you’ve inherited your grandmother’s heirloom necklace — a priceless piece that’s impossible to replace. Or perhaps you’ve built an impressive collection of Rolex watches over the years. Whatever the case, there may come a point when standard home insurance limit isn’t enough to safeguard your assets.

But the truth is that jewellery is often worth more than its price tag. It can mark a milestone, celebrate a relationship, hold family history, or connect you to someone you love. While insurance can’t replace the memories attached to a treasured piece, the right coverage can help protect you from a significant financial loss.

Taking inventory of your valuables, understanding your policy limits, and exploring additional coverage can help ensure you’re prepared for the unexpected. If you’re unsure whether your current coverage is enough, a licensed RBC Insurance advisor can help you review your options and find the right level of protection for your needs.