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While insurance may not be as romantic as your Valentine’s Day date was, it can help you protect your newest gift. If a new ring is shining on your finger, make sure you get it covered quickly. Or maybe you received a special necklace, bracelet or another piece of fabulous jewelry.

Steps to Take if You Received an Extra Special Gift

According to jewelry losses are among the most frequent of all homeowner’s property-related insurance claims. Taking these four steps will ensure adequate protection for your new jewelry:

 1. Contact your insurance professional immediately.

Find out whether you will need additional insurance. Most standard homeowners and renters insurance policies include coverage for personal items such as jewelry; however, many policies limit the dollar amount on jewelry to $1,000 to $2,000. With the average engagement ring costing nearly $6,000, according to The Knot, that is unlikely to be enough coverage.   

Someone on the phone with their ring being focused on.

To properly insure jewelry, consider purchasing a floater or an endorsement policy. In most cases, these add-ons to a homeowners or renters policy would also cover you for “mysterious disappearance.” This means that if your ring falls off your finger and is flushed down a drain, or is lost, you would be financially protected. And, unlike a homeowner’s policy, floaters and endorsements carry no deductibles, so there is no out-of-pocket expense to replace the item.

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. It’s also a good idea to get a copy of the appraised value of the item.

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.

Someone getting something appraised.

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. And if you don’t yet have an inventory, celebrate your engagement by creating one with your Valentine.

Keep the Love All Year Round

Whether it was a proposal or just a showing of love, we know how exciting a new piece of jewelry can be. We also know how devastating it can be if it were lost or stolen. So be sure after the happy dust settles, you give us a call to get your new special item covered. Not sure if you need coverage? We can help you decide that too! 

Guy proposing to women

We are confident that what we do—with insurance and in our communities—can change peoples’ lives and their circumstances. Our can-do attitude allows us to view challenges—whether that’s a projected rate increase or a processing snafu—as speed-bumps, not road-blocks. We run toward problems and work through things proactively, where possible. Call us today at 860-684-5270 and let us get to work for you.