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Insuring Your Valentines Day Gems

It’s Valentines Day – notorious for chocolate, cards, flowers and jewelry!  In fact, Americans are estimated to spend nearly $18 billion on Valentines Day this year to impress their significant others.  If you are planning on giving a nice piece of jewelry to your loved one, or you are the recipient of new jewelry, don’t forget to insure your bling.

Here’s a refresh on the basics of insuring jewelry.

Limits:

Your limits can be found on the declaration page of your homeowners or renters policy.  Jewelry falls under contents coverage but most standard homeowners policies have strict limits for jewelry.  That’s why it’s important to contact your insurance agent when you get or give a new piece of jewelry (typically valued over $1000).

Coverages:

You have two options when it comes to insuring jewelry: scheduling an endorsement or purchasing a personal items floater.  An endorsement is essentially an add-on  to your existing policy, extending the limits of your coverage.  A floater is a separate policy; while it usually costs more than an endorsement, it typically includes all-perils coverage – meaning it covers for everything from flood to theft to mysterious disappearance.

Either option you choose, it’s essential that you get an appraisal for your item.  Give us a call and we will take care of everything for you, so you can be sure that your new (or old) bling is properly insured!

Happy Valentines Day!