Protecting Your Valentine’s Day

RingValentine’s Day is here again.  Cards and flowers have been purchased, chocolates bought, love is in the air.  Stores are scattered with last minute shoppers aiming to stay out of the dog house and kids are at school exchanging valentines with their classmates, undoubtedly on their way towards an extreme sugar high.  As the day goes on, retail crowds will dwindle and transition to restaurants awaiting them with open doors, prepared to witness a proposal and the exchange of fancy new jewelry items.  The likelihood of witnessing such an event is actually pretty good…$4.4 billion good to be exact.  According to a 2014 Valentine’s Day CNN study, $4.4 billion worth of gifts will be spent on diamonds, gold and silver.  Now, what should you do if your special someone bought you jewelry for Valentine’s Day?  (If there was a proposal involved, answer yes or no, and then call us.)

Insuring your jewelry, especially engagement rings, should be towards the top of your priority list when purchasing or receiving  the item.  These items can be insured on your renter’s, condo, or homeowner insurance policy and you have a couple different options when it comes to protecting them.

Scheduled Items:

The policyholder has the option of “scheduling” a specific jewelry item, also known as a rider.  This allows for broader coverage if the item were to be lost, damaged and of course stolen.  When scheduling an item the deductible is commonly waived, making the out of pocket expense $0 in the event of a loss.  Insurance companies request that current appraisals are provided, reassuring that each specific detail about the item is noted and therefore protected.

Blanket Limit:

An alternative option is adding a “blanket jewelry limit” to your policy.  This is frequently used to protect numerous items under one blanket dollar amount.  The blanket limit is a nice feature to protect miscellaneous collections of earrings, bracelets, necklaces, rings, watches etc.  From company to company there are usually requirements stating that not one item can exceed a certain dollar limit, so always make sure to discuss these items in fine detail with your agent.

If you have any questions regarding your current insurance policy, please feel free to contact us.  If you received a special item this Valentine’s Day, call us, we’re happy to help make sure it’s protected.