DON’T END VALENTINE’S DAY BROKENHEARTED: THE RIGHT INSURANCE CAN SAFEGUARD YOUR NEW VALUABLES
Experts Offer Tips to Financially Protect Expensive Jewelry
NEW YORK, February 10, 2016 — “Insurance” will probably not be the first word on most lovers’ lips this Valentine’s Day—but if you’re giving or receiving a valuable piece of jewelry such as an engagement or anniversary ring, maybe it should be.
Jewelry losses are among the most frequent of all homeowners content related insurance claims. Fortunately, there are four steps to ensure proper protection for your new ring:
1. Contact your insurance professional immediately.
Find out whether you will need additional insurance. Most standard homeowners and renters insurance limit the dollar amount on jewelry to $1,000 to $2,000, so to properly insure jewelry, consider purchasing a floater or an endorsement policy for fuller coverage.
2. Obtain a copy of the store receipt.
Forward a copy of the receipt to your insurer—so that your company has a record of the current retail value of the ring—and keep a copy for your own records.
3. If you received an heirloom piece, have it appraised.
Antique jewelry will need to be appraised for its dollar value. You can ask your insurance professional to recommend a reputable appraiser. It’s also a good time to have existing pieces reappraised as the value of jewelry can change over time.
4. Add the item to your home inventory.
An up-to-date inventory of your personal possessions can help you purchase the correct amount of insurance and speed up the claims process if you have a loss, so remember to add your new ring to your inventory. To make creating a home inventory as easy as possible, the I.I.I. offers a free app at Know Your Stuff®.