Valentine’s Day is one of the most romantic days of the year and is commonly celebrated with gifts such as new jewelry. Marriage proposals are often planned on this day, making that diamond ring even more special.However, gem owners must not forget they need to protect valuable items with insurance. Here’s why you need to get fancy Valentine’s bling coverage if you invest in jewelry.
Protecting Your Bling
The popularity of jewelry approaching Valentine’s Day is stunning, as it generates over $4 billion in purchases in the United States. If you purchase expensive or priceless jewelry, it’s wise to properly insure it in case it’s ever damaged, lost, or stolen. A primary reason for protecting your bling is that although the sentimental value is irreplaceable, you will at least get a payout if something unfortunate happens to your precious jewels.
According to Insurance Information Institute, jewelry is actually one of the most frequently mentioned losses in home insurance claims. Homeowners need to understand that their standard homeowners’ insurance policy only covers a portion of their possessions. Items such as jewelry are not always easy to appraise, especially if stones are old and degraded in some way.
Most standard homeowners’ policies limit coverage to $1,500 under specific conditions. Jewelry increases in value over time if it remains in good condition. That means a standard plan may not completely cover a gem that has increased in value beyond the policy limit. The solution is to increase your coverage.
Do not confuse a jewelry store’s protection plan with a long-term insurance plan. The jeweler most likely offers a limited two-year plan if the item is stolen. It typically doesn’t cover a “mysterious disappearance” such as losing a ring down the drain while washing your hands. Chances are you’ll need documentation the item was reported as stolen, such as a police report.
DIY Valentine’s Day Bling
Once you buy or receive jewelry, you should speak with your insurance agent to find out what you need to do to ensure it’s covered. In fact, it’s advantageous to submit an inventory list of all your personal items that you want to be insured. You may need to purchase extra coverage and raise coverage limits. From there you can use the do-it-yourself method to handle the rest of your protection plan.
Protecting your bling is part of the celebration of owning it. Make sure you hang on to the purchase receipt in case you file a claim. It’s a good idea to see that all your home inventory has been appraised and is up to date. Since the prices of precious metals rise over time, it’s wise to make sure that a claim reflects current value.
Another step toward protecting your jewelry is to take photos and store them with your receipts or keep them in a digital format. These images will help determine the condition the jewelry was in when photographed. A further protective step is to store jewelry in an air-tight container when you aren’t wearing it.
When you buy jewelry that’s meant to have long-term symbolic value, it’s crucial to get it insured. For all of your personal and commercial insurance needs, contact the experts at Unisource Insurance Associates.