{"id":2135,"date":"2025-11-18T12:01:40","date_gmt":"2025-11-18T11:01:40","guid":{"rendered":"https:\/\/brookfieldse.hemsida.eu\/insurance-guide\/"},"modified":"2026-05-18T10:31:55","modified_gmt":"2026-05-18T08:31:55","slug":"insurance-guide","status":"publish","type":"post","link":"https:\/\/brookfieldse.hemsida.eu\/en\/insurance-guide\/","title":{"rendered":"Insurance Guide"},"content":{"rendered":"\t\t
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Insurance Guide<\/h1>\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tIs it truly necessary to obtain specialty insurance for valuable items, even if one has home insurance? The answer is often yes. Your standard insurance may cover a portion of the value, but the amount is limited, and there is a significant risk that it will not suffice if several items are lost or damaged simultaneously. Here, we list some important concepts you should be aware of and inquire about when comparing insurance policies. \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Age-related Depreciation<\/h2>\n\n

Age-related depreciation means that your insurance company determines a new replacement value for your item to calculate your compensation. They then deduct an amount corresponding to the item’s age. The older your item is, the lower the compensation you will receive. <\/p>\n\n

Ensure that your insurance company does not apply age-related depreciation to watches and jewellery that you have purchased new.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Loss of Value<\/h2>\n\n

Antiques, artworks, and collectibles are examples of items that risk losing value after a repair. If your vintage watch is damaged and cannot be repaired with original parts, it may lose market value. <\/p>\n\n

Check with your insurance company if you will be compensated for this should damage occur. At Brookfield, we offer specialty insurance that covers loss of value. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Added Value for a Pair or Set<\/h2>\n\n

Some items are bought and sold as pairs or sets. If damage or loss occurs, it can affect their value, especially in the case of a total loss where the set is no longer complete. For example, if you lose one earring, the value of the remaining earring is not automatically half the value of the pair. <\/p>\n\n

Therefore, it is essential to ensure that your insurance policy provides compensation calculated with consideration for the added value of an item being part of a pair or set. Besides earrings and jewelry sets, there are many other examples, such as antique candlesticks in pairs and artworks divided into multiple parts. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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What is All-Risk Insurance?<\/h2>\n\n

The basis of property insurance is to cover damage from fire, burglary, or water. All-risk insurance extends beyond this. Examples include: you accidentally drop your watch on the floor, causing a noticeable scratch; a gemstone detaches from its setting <\/p>\n\n

in your engagement ring; your nail polish leaks into your expensive designer bag; or a window blows open, knocking over a valuable vase.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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What is Personal Property?<\/h2>\n\n

Personal property refers to items that are not fixed real estate, such as clothing, furniture, computers, and more. When insuring personal property with traditional home insurance, you typically select a standard amount. <\/p>\n\n

If you own more exclusive items such as art, design, or valuable watches, you may require more comprehensive and customized insurance. Read more about Brookfield’s home insurance for exclusive homes.<\/a><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Is jewellery considered personal property?<\/h2>\n\n

Jewellery is included in the personal property coverage of a standard home insurance policy, but since jewellery is considered high-risk property, it is important to understand the specific terms and conditions of your policy.<\/p>\n\n

Check that your jewellery is covered by your home insurance and that the coverage amounts are sufficient. If not, you can always take out separate jewellery insurance. Read more about jewelry insurance.<\/a><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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New Replacement Value Compensation<\/h2>\n\n

It is common for home insurance companies to assess damage based on the cost of purchasing an equivalent item to the one you lost. However, you may not receive the full value of the item. If dissatisfied, you can have the item valued by an independent party. <\/p>\n\n

At Brookfield, we can often offer to agree on the value in advance, so you know how much you will receive in the event of a loss. We offer new replacement value compensation for first owners of watches insured from day one. Read more about watch insurance.<\/a><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Why should I have specialty insurance for my watch?<\/h2>\n\n

Watch insurance is a specialty insurance specifically tailored for valuable watches. There is a limit to the compensation you can receive through your <\/p>\n\n

home insurance if your watch is damaged or lost outside your residence. You can read more about our watch insurance<\/a> here. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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What does it mean to be underinsured?<\/h2>

Underinsurance means that your insured amount is significantly lower than the actual value of your property. If you are underinsured and suffer damage, your compensation may be reduced. This occurs by reducing the compensation in proportion to the underinsurance. Therefore, it is important to avoid underinsurance and ensure that you have <\/p>

adequate insurance amounts and then choose a policy that does not apply an underinsurance clause. Compensation for underinsurance is calculated as follows: (insured amount \/ actual value) x damage = disbursed compensation minus any deductible. <\/p>

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What do I do in case of theft?<\/h2>\n\n

The first thing you should do is report the crime to the police, and you will receive a case number. After that, you file a claim with your insurance company. The more documentation you can provide to your insurance company, the simpler the claims handling process will be. <\/p>\n\n

It is even simpler if you have already provided reference and serial number details when taking out the insurance.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Claims Report<\/h2>\n\n

If you have lost an item or been stolen from, you should start by filing a police report. When you then report the damage to your insurance company, you should attach the police report and other relevant documentation such as receipts or valuation certificates. The compensation you receive varies between companies, so it is <\/p>\n\n

It is important that you know the terms and conditions that apply to your specific insurance. For personal property such as watches and jewellery, a standard home insurance policy often needs to be supplemented with specialty insurance to receive full compensation. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Would you like an insurance proposal?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tLeave your contact details, and we will get in touch.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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