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Avoid Heartbreak- Protect Your Valentine’s Day Gifts

By February 13, 2018July 26th, 2019Insurance

Ah, Valentine’s Day is near, and love is in the air. Soon you may be telling that someone special just how much you care with gifts such as chocolates, a romantic dinner, candy hearts – and of course, jewelry. Did you know that it the estimated total spending that will be reached by Valentine’s Day is $18.6 billion?

If you are planning on giving your special someone something extra sparkly this Valentine’s Day. there is a lot more to consider than just the size of the rock. These simple steps can be taken to ensure your jewelry is properly insured:

Know What Your Existing Insurance Policy Covers

If you already have personal property coverage as part of a homeowners policy, renters policy or condo policy, you likely already have some form of protection for your jewelry. The typical insurance policy will cover you, up to your policy limit, for jewelry that’s stolen or damaged in certain incidents, such as a fire at your home. However, the typical policy will not cover everyday damage, such as a stone falling out of its setting.

In addition to knowing when you’re covered and when you’re not, it’s also important to know how much you’re covered for. Your insurance policy may cover each individual piece of jewelry at a set amount, such as $1,000 per piece. Or, it may cover your jewelry collection as a whole, such as $3,000 for all pieces. Check your policy or schedule an insurance review with us to better understand what kind of jewelry coverage you have.

Keep The Store Receipt 

This will help speed up the claim process if you have a loss.  Make sure you also update your home inventory with your new jewelry. If you do not have the original receipt (usually the case when it comes to vintage and antique jewelry) or if you are adding an item you have owned for more than 3 years, be sure to have your item appraised for the replacement value and provide your insurance agent with the copy of the appraisal.  And, remember, the price of precious metals and stones have been increasing in recent years so maintaining current appraisals and updating your coverage will ensure you are fully covered.

Snap A Photo

Of course you’ll want to show all your friends and loved ones your new bling but make sure you provide a copy of your photos to your agent with your receipt of appraisal and also maintain copies in your records.  This is just another way to keep record of your item to show what condition your jewelry is in and to assist in the claim process should you experience a loss.

When not wearing jewelry, store in a secure location. 

The best way to keep track of your valuables, when you aren’t wearing them, is to buy and have installed a safe in which to store your precious items.  Or, consider a safe deposit box at your local bank. You can keep your receipt or appraisal in the safe as well.

While insurance was probably not the first idea that came to mind after receiving that shiny new diamond on your finger, one of your next steps should be to contact you us today to put coverage on your new bling. We will be able to guide you to the best way to get your gift covered no matter what life brings.

Here’s hoping your Valentine’s Day is full of fun and romance.