Valentine’s Day is one of the most popular days for engagements, and stands out as one of the biggest times of year for making fine jewelry purchases. If you plan to give a piece of jewelry, make sure you have adequate insurance coverage in the event something happens to that gift.
Knowing how much personal property insurance coverage you have under your standard homeowners or renters policy is a good place to start. Most of the time, you’ll be covered up to a certain limit if the ring is stolen.
Many people assume that jewelry is covered under their homeowners’ insurance. Your standard coverage may only cover part of the ring’s cost, and there’s usually no coverage if the ring is lost or damaged, so you may have to add additional coverage to insure the full cost should you ever need to replace the ring. This is called scheduling property, which means you’re increasing the amount of insurance coverage for an individual item. For high valued items, like engagement rings, the item is on a “schedule” and insured separately – not covered under the general personal property limit. It is important to contact us immediately to confirm you have proper coverage in place for your jewelry.
Remember that the value of jewelry can change over time. It is important to have a recent appraisal done every couple of years and update your policy when the value of jewelry changes to ensure adequate coverage. Maybe take a photo of your jewelry, to put with your documentation.
Happy Shopping, Happy Valentine’s Day & Maybe even… Congratulations!