They say the most valuable lessons are learnt the hard way; which, in my opinion, stinks.  So, I’d like to share a brief story with you in hopes it helps someone the pain of learning the “hard way”.

Several years ago I was shopping for jewellery with my husband.  Stay with me… the story gets better and less “braggy” in a few.

While the store was wrapping up our purchase, I asked the clerk at the counter if she wouldn’t mind cleaning my wedding ring.  After a quick clean the saleswoman, admiring my husband’s taste, asked if she could inspect the ring. With a mistaken sense of pride I smiled and replied, “oh, of course!” (I swear the bragging stops now).

Upon inspection, the saleswoman, tisk tisking, declares “oh no, you seem to have a chip in the diamond… I’d be devastated if my wedding ring was chipped”.

Well that’s not what I expected to hear. Things just got real.  CHIPPED?!? Really? Let’s just forget the saleswoman’s complete lack of empathy on breaking the bad news to me for a moment (secretly I think she enjoyed it) , but how does one manage to chip a diamond – don’t diamonds possess some super strength magical power?  I thought they were strong enough to cut glass. What the heck.

With my head hanging low, I reluctantly thanked the lady for her help and meekly slipped the, now tarnished, ring back on my finger.

Relaying the story to my bestie –  lucky for her, she is privy to all that ails me – I did not sugar coat my sadness or how horrified I was for ruining my most precious piece of jewelry.

After listening to me moan (did I mention she also happens to be my insurance broker) she sighs and exclaims, “relax lady, that’s covered through the rider you have on your insurance – no deductible”.

Um, WHAT!!!

Faith in humanity restored.

So there you have it… the story of my undying love and devotion for my insurance broker.

Most homeowner’s policies have strict limits on coverage of valuables. Some of your jewellery may be covered under your homeowners insurance policy; however, additional coverage may be necessary if the amount that you own exceeds your policy’s limits. Here are a few tips to ensure your valuables are protected (no need for thanks;-)

  • Have all jewellery appraised in store or by an independent appraiser. Have each piece listed separately with its value.
  • Review your homeowners insurance policy to determine whether the value of your items exceeds policy limits.
  • Store your most valuable jewels in a fire-proof safe or safety deposit box.
  • Have jewellery inspected and re-appraised frequently and update coverage accordingly.