A recent report from an insurer has shown that break ins aren’t as common but they are more expensive.
Over recent years, insurance news has been reporting that victims of burglaries are increasingly discovering that their homeowners policies are falling short of the amount that would be required to replace some of their valuable possessions, as thieves have started to focus on small and expensive items that are easy to sell instead of large and bulky items such as big screen TVs.
While people focus on making sure that their insurance policies protect their electronics, their jewelry is being stolen.
According to an insurance news report by Aviva Canada, through spokesperson Glenn Cooper, thieves aren’t going into living rooms as much as they are heading straight for master bedrooms, where some of the most valuable possessions, such as heirlooms and jewelry, can be found. “They go into the master bedroom because that’s where most people are going to keep some of their key valuable items.”
This insurance news comes as a reminder that specific valuable items can be covered individually.
Pierre Babinsky, a spokesperson for the Insurance Bureau of Canada, explained that for an additional cost, people can add insurance policy riders that will provide an additional amount of coverage in order to protect specific pieces, such as jewelry or art that is particularly valuable.
Depending on the insurer and the policy, caps for covering jewelry can fall in the range of anywhere from $2,000 to $6,000. “What we see is that often enough people underestimate the value of the goods they accumulate over the years, so an adequate update of your inventory and adjustment to your policy is the basic principle to ensure you have the proper coverage,” explained Babinsky.
The recommendation made by another insurance company, the Co-operators, is that consumers look over their policies at least every three years, as well as at any time in which they have increased their possessions either through inheritance or by making a purchase or home renovation. Leonard Sharman, a spokesperson for that company, added to this insurance news by saying that while homeowners may opt to have their jewelry appraised, it isn’t typically a requirement.