Valentine’s Day is a little more than a week away, which means it is the perfect time to plan a romantic night with someone special. If you are planning on giving your sweetheart an expensive piece of jewelry this holiday, make sure that you protect it with the right insurance policy.
Typical homeowners insurance and renter’s insurance policies will provide coverage for your personal assets up to a certain dollar amount. However, if you are planning on giving a very valuable piece of jewelry to your loved one, your existing policy may not provide enough coverage. Scheduling every new piece of jewelry is the best way to ensure that any expensive items you buy, such as a diamond necklace or engagement ring, will be protected from any unfortunate situation.
In order to schedule your jewelry, you must either get it appraised or show proof of its value, meaning showing your insurance company the receipt. Scheduled jewelry will also have more protection than what is offered by a renter’s or home insurance policy. While a home or renter’s insurance policy will only provide coverage for jewelry if it is lost or stolen, scheduled jewelry will provide coverage if the jewelry disappears, is misplaced, or if one of the stones falls out.
It is recommended to schedule any jewelry that is valued over $1,000. However, if you have many smaller pieces of jewelry that are under $1,000, you may want to schedule them all together to provide coverage.
For more information on scheduling your new Valentine’s Day jewelry collection, and to ensure that it is properly protected, contact the insurance professionals at Unisource Insurance Associates. We will work with you to ensure that all of your valuables are protected in case of any unfortunate situation with the right amount of insurance coverage for your specific needs.