Ontario woman's lost $20K engagement ring diamond not covered by insurance

When an Ontario woman noticed that a large diamond had fallen out of her engagement ring that her husband had bought for her 35 years ago, she couldn’t help but become emotional.

“I started crying because it's so sentimental to me and can never be replaced. It had a beautiful diamond on it that my husband designed so it's very special to me," said Saverina Chiappetta of Woodbridge.

When Chiappetta received the ring in 1988, the diamond was worth about $20,000.

When the diamond was lost, Chiappetta checked her home insurance policy and initially she felt she was covered for a replacement.

“I looked at my insurance policy and it said I had coverage for possessions of up to $613,000 so I naturally assumed the wedding ring would be covered,” said Chiappetta.

A similar replacement diamond would now cost as much as $55,000, but when Chiappetta contacted her insurance company she was told her policy had limitations.

Saverina Chiappetta's wedding ring is seen in this photograph taken after the diamond fell out.

Chiappetta’s home policy is with the Pembridge Insurance Company and the company told CTV News Toronto in a statement that, “the customer in question purchased her insurance through a broker and is being paid the full amount for jewelry covered under her policy, which she agreed to at the time of purchase and upon multiple annual renewals.”

“This instance should serve as an important reminder for Canadians to discuss with their insurance professional any particularly valuable items they may have – such as art, jewelry or antiques – which may require a formal appraisal and a “personal article floater” added to their policy to help ensure they are covered for full replacement value.”

If you have a pricey comic book collection, a racing bike or expensive jewelry, you may need extra insurance to make sure it can be replaced if there is a fire, flood or the item is lost or stolen.

“It's important to understand the limits within your policy,” said Anne Marie Thomas with the Insurance Bureau of Canada.

“If you have high value items or collectible items it's important that you get these appraised and then take that appraisal to your insurance professional for a special endorsement or rider."

Chiappetta will receive an insurance payout closer to $5,000, but the amount is still being worked out.

Chiappetta said she would have purchased extra insurance for her engagement ring if she had known it was required.

“I would definitely have bought extra insurance for my ring for an extra $50, to $100, to $200 a year. Why didn't they try to sell me more insurance? Why was it never a discussion?"

It's a good reminder for anyone with expensive jewelry, art or any item which is extremely valuable to check with your insurance company to make sure you have the coverage you think you do.