Did you say “I love you” with a gift of jewelry? Protect it!
Ah, Valentine’s Day is near, and love is in the air. Soon you may be telling that special someone how much you care with gifts such as chocolates, a romantic dinner, candy hearts that say “Be Mine” – and, of course, jewelry.
It’s exciting to receive jewelry from a loved one — or to give it as a gift. It’s also extremely romantic! However, if you are the recipient or giver of jewelry this Valentine’s Day, you probably should take a few minutes to think about something not so romantic – insurance. We would love to help you walk through the process of protecting your new gift, so we’ve compiled a few things you should think about and consider about protecting your jewelry.
Things to consider when insuring jewelry:
You may need to purchase additional coverage. Your homeowners policy covers valuable items such as jewelry only up to set amounts. If the cost of replacing your jewelry exceeds that limit, you will want to purchase scheduled personal property coverage. You can check your current policy for limits and coverage and/or give or office a call and we can review your policy with you.
You might want to reconsider your deductible amounts. As always, this impacts your policy premium. It’s a good idea to take a look at your deductibles whenever you make a change to your policy.
Do you need an appraisal? You may need to have an independent appraisal if the insurance company requires it or if you don’t know the value of your jewelry. Each item should be listed with a description and value on paper.
What kind of coverage is offered? You’ll want to determine if items on your policy are covered no matter where they are, whether you’re wearing them on a tropical vacation outside of the U.S. or the item is stored in a jewelry box in your bedroom. You may want to determine if the policy offers full replacement cost. You also should ask if you will be required to replace your jewelry if lost or stolen, or if you can simply keep the cash settlement.
Pictures can be helpful. Lost or stolen pieces of jewelry sometimes can be recreated if the jeweler has a good photograph to work from.
Should I go with a company that specializes in jewelry insurance? There are companies that specialize in jewelry insurance. Whether you choose one of these, or a company that we represent, you’ll want to make sure they are reputable and stable.
Is the value of your jewelry mainly sentimental? Is an item irreplaceable? If the answer to either of these questions is “yes,” you might consider foregoing insurance. But please, contact our agency before making that decision. We’re here to help walk you through the process and advise you of the best coverage to fit your needs.
Of course, it’s important to store your jewelry securely when it’s not in use; a safe in your home or a safe-deposit box is best. We want your jewelry to be replaced if it’s lost or stolen, but we’d rather your sentimental and valuable pieces stay with you and your family for years to come.
Happy Valentine’s Day from the team at RSS Insurance! Here’s to a romance and jewelry-filled holiday!