Protect Your Valentine’s Day Gifts

February 12, 2014

Valentine’s Day is a time when couples express their love by sharing the day together, treating each other to a romantic dinner, special outings and exchanging gifts. Jewelry is always a popular gift during this romantic holiday. Though the sentimental value of a gift can never be replaced, you should consider obtaining insurance coverage.

After receiving your Valentine’s Day gift, notify your insurance agent to properly insure it. Your agent can explain how your Homeowners policy protects you.  Most basic, unendorsed Homeowners policies limit the amount of coverage provided for jewelry.  As a result, it is necessary to specifically list the item to have it adequately protected.  This can be accomplished by scheduling the jewelry on your existing policy or by getting a separate policy called a Personal Articles Floater.  Either option will broaden the scope of coverage and insure the item at the amount of coverage you need.

Keep a copy of the original jewelry store receipt for your records and send a copy to your insurance agent. Do not forget to add the jewelry to your home inventory list and keep the receipt with the inventory.  If you already have jewelry insured on a schedule or separate policy, check to see when you last had the jewelry appraised.  It may be time to have some pieces re-appraised.  Always notify your agent of re-appraised items so your coverage can be updated.

For more information contact Central Insurance Agency. We would be happy to discuss this and all of your insurance needs.