With gold hovering around $1700 an oz., a client recently had some jewellery reappraised. To his surprise, the gold bracelet purchased some years ago for $1,000 was now valued at $5800.
To many of us, that is good news: a luxury buy that appreciates in value! But of course petty thieves and break-and-enter types know that too.
And here’s the problem: Most residential contents insurance policies carry a sub-limit on jewellery. Many policies impose the sub-limit only for mysterious disappearance and theft; some combine jewellery and furs together in the sub-limit.
The client referred to above had a $6,000 jewellery theft limit, and now this one bracelet almost exhausted that limit!
Our client advice: with the rapid increase on the price of gold, have jewellery reappraised and specifically scheduled on your policy to provide for proper coverage.
Tags: broker, claims, coverage, gold, insurance, jewellery, risk
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