A Guide to Insure Your Valentine’s Gifts

Did you receive a thoughtful gift from your significant other this year? Valentine’s Day tends to bring out generosity, with gifts ranging from sparkling jewelry to watches or other valuable items. However, amidst the celebration, it’s crucial to consider the potential risks like theft, loss or damage that these precious gifts might face.

Let’s tackle a question that might not have crossed your mind amidst the romance of Valentine’s Day: Is your Valentine’s Day gift insured?

While standard Homeowners and Renters Insurance policies limit coverage for jewelry, watches, or other expensive personal items, you can purchase special coverage called a floater or endorsement to help protect your high-dollar items for their full value.

This special coverage is for situations such as theft, loss of the item, losing a stone or for major catastrophes that are not covered by a standard Homeowners insurance policy.

When you purchase extra coverage for these items, it’s important to provide your insurance company with an accurate appraisal for each item.  Both the insurance premium you’ll pay and the dollar amount you’ll receive if you have a claim are based on the most recent appraised value you’ve provided to your insurance company. 

Undervaluing your valuables may save you a few dollars in insurance premiums but could cost you thousands if you underinsure your possessions and have to take money out of your own pocket to replace a lost, stolen or damaged item. 

If you’ve purchased expensive jewelry in the past, experts say you should have it inspected annually to be sure the settings are secure. Also, you should get an appraisal on your jewelry every couple of years and send the updated copy to your insurer so the insured value of the item can be adjusted as needed.

Here are a few tips to help you protect your jewelry for many years to come:

  •  Contact your insurance company or agent and let them know you own an expensive piece of jewelry. Find out how much coverage you have and if more is needed.
  •  Inquire about how your policy’s deductible (your out-of-pocket cost for your claim) is affected by adding floaters or endorsements.
  •  Examine your jewelry periodically for signs of damage or loose stones.
  •  Have your jewelry cleaned and checked annually. Many jewelers guarantee the safety of a stone if you have regular checkups.
  •  Store your jewelry in a secure place such as a safe or safety deposit box.
  •  Keep a video, photographic and written inventory of all personal property, including jewelry, and keep receipts for all high-value items.  This simplifies your insurance claim if you do have a loss.

Remember, the worth of a Valentine’s Day gift extends beyond it’s cost. Insurance isn’t just about financial protection; it’s about safeguarding the sentimental value, history and emotional connections tied to these items. If you have any inquiries or require assistance, we’re here for you. Contact your local First State Insurance branch today to ensure your valuables stay secure, preserving both your treasures and cherished memories.