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This Valentine’s Day… buy the ring and insure the bling


Canadians not updating home insurance after purchase of new valuable items, according to RBC Insurance Poll

MISSISSAUGA — Thousands of Canadians will receive the gift of jewelry this Valentine’s Day, but according to a RBC Insurance / Ipsos Reid survey, many will fail to properly insure these new items. The survey reveals that only 38 per cent of those who bought or acquired something of value, such as jewelry, updated their home insurance coverage.

“Most people assume their home insurance policy will cover the total value of all of their contents for any type of loss, but there can be limits,” said Francois Boulanger, president and CEO of RBC General Insurance Company. “It’s important for Canadians to regularly assess their belongings, including jewelry, and determine if they have the right amount of coverage.”

For example, an average home insurance policy provides up to $5,000 in coverage for jewelry; however, a diamond ring alone can easily exceed that amount. In fact, that same policy may only cover the replacement of certain types of losses, such as theft, not for unexplained losses such as a mysterious disappearance or a diamond falling out of a ring.

To ensure valuable jewelry is fully insured, policy holders can purchase additional coverage, known as a “rider”, on individual items to recover the full replacement cost, for any type of loss. These types of additions can be purchased at any time and usually do not require a deductible amount to be paid.

Tips to make sure your jewelry is covered:

* Contact your insurance company immediately and find out what the limits are on your current home policy
* Keep a copy of the appraisal/receipt in a safe place
* Take pictures of the item
* Get a proper appraisal from an accredited gemologist or appraiser to determine the correct value of the item
* Ensure you know and understand what you are being covered for when you purchase the rider

These are the findings of an RBC Insurance/Ipsos Reid survey conducted between March 27 and April 10, 2008. The poll was based on a randomly selected sample of 2,251 adult Canadians, who were interviewed by telephone. With a sample of this size, the results are considered accurate to within ±2.19 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. The data was statistically weighted to ensure the sample’s regional and age/sex composition reflects that of the actual Canadian population according to the census data.

RBC Insurance provides a wide range of, life, health, travel, home, auto, business and reinsurance products, as well as creditor insurance services to more than five million North American customers. Its fast growing home and auto insurance business offers Canadians a comprehensive range of personal home and auto insurance products through direct sales channels, including over the phone, the Internet, retail insurance branches, as well as through group insurance plans. RBC Insurance also offers a premier claims service, available 24/7, to help clients when they need it most. For more information, please visit


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