Valentine’s Day has come and gone, and those expensive rings and jewellery have been purchased and put away; but has content insurance been shown any love?
There are many people who have caviar tastes but still have hamburger insurance – and that is where brokers can reopen the discussion on home content insurance.
“Valentine’s Day is a great way to show your appreciation for the ones you love – but apart from the chocolates and such, jewellery is often up there for the gift of choice on Valentine’s Day,” says Brodie Bott, spokesperson for RSA Canada. “According to a Wal-Mart Consumer Pulse Report from 2015, jewellery was one of the top 10 overall purchases on Valentine’s Day – so RSA is urging brokers to remind their customers to update their policies with any new jewellery purchase or gifts.”
Clients skimping on insurance isn’t news, but brokers can drive home the message that aside from upping the coverage, they can take a few simple preventive measures so that they aren’t picking up the phone to put in a claim.
“There are four important tips brokers can share with customers to help them better protect their jewellery,” Bott told Insurance Business
. “Number one: if someone has received a new piece of jewellery, they should have it appraised by a qualified appraiser, and then contact their broker to have it updated on the policy.”
And as always, it should be locked away in a safe place.
“Secondly, be aware of who has access to your jewellery. A lot of people like to go to the gym for example, and leave their jewellery in high traffic areas,” he says. “We don’t think about it twice, but it isn’t the smartest thing to do.”
You need to know where your jewellery is at all times. For Bott, when he goes to the gym, he takes off a favourite ring and wraps it up in his shoelace in a triple knot.
“That way, I always know where it is at, and it is always in my eyesight,” he says.
Thirdly, jewellery should be kept away from sinks and counters.
“Whenever we’re washing up the dishes or washing hands, there is an urge to take the jewellery off. But that increases the risk of it going missing or down the drain – or even being stolen,” says Bott. “Fourthly, clients need to know what is and isn’t covered in their policy. And if there is something new, they should be contacting their broker to have that policy updated. Life is changing so often, and in this day and age we are constantly consuming things.”
Revisiting the policy is important as the value of existing jewellery appreciates, Bott points out.
“When it comes to jewellery and valuable items, it isn’t just the financial value, but the emotional and sentimental value that is attached to that,” he says. “So when a client has a piece of jewellery that is valuable to them, they should be taking every step to ensure it is protected. And that is why they should be talking to their broker.”
Bott reminds brokers that they can contact RSA Canada at any time, or visit the website, to see the variety of options that are available in home and contents coverage.