Valentine's Day is one of the most popular days for engagements, along with Christmas and New Year's. The last thing you have on your mind in the midst of popping the big question is financial protection. What if that valuable ring is lost or stolen? While we can't replace the sentimental value of such a special ring, having the proper coverage can provide the financial stability to replace it. Other jewelry -such as necklaces, bracelets and diamond earrings - are sought-after gifts during this special time.
Is your jewelry insured properly? We recommend that you contact your insurance advisor for the best way to protect your investment.
Did you know that many standard homeowners or renters policies have a limited dollar amount and limited coverage for personal items? To insure properly, you might consider additional coverage through a jewelry floater policy, or an endorsement to your homeowners insurance policy - depending on the amount the jewelry is appraised. The proper coverage will make sure you are protected for theft, “mysterious disappearance,” missing stones, and a variety of other incidents. To secure the necessary protection, you can take the following steps:
- Contact your insurance professional to notify them of the new purchase.
- Review the coverage and deductible of your current policy if you have one.
- Make sure to keep a copy of the store receipt or appraisal describing the item and the value.
- Get an appraisal if it is an heirloom or antique jewelry passed down to you.
- Add the item to your home inventory and make sure to include photos for possible future claims.
- Secure items in a safe place, such as a home safe or a safe deposit box.
So, if you just got engaged or gifted your loved one with a piece of jewelry and are not sure what to do, please contact Park & Associates. We can assist you in securing the proper coverage.
(Article by: Naiara Pacecca of Park & Associates)