Losing an engagement ring or other expensive piece of jewelry can be a devastating experience for both the giver and receiver. While no one can put a price on sentimental value, insuring your jewelry will keep it financially protected and provides peace of mind. “Most homeowners and renters insurance policies include coverage for expensive personal belongings like jewelry,” said Terry McConnell of Erie Insurance. “But many policies limit the dollar amount for theft so you may have to purchase an additional rider on the policy. It is always good practice to review your policy whenever you purchase new expensive items.”
Ensure Your Valentine is Covered
The following tips from Erie Insurance will help protect your new treasure:
- Let your agent know about new jewelry immediately. Find out how much coverage you have and if any additional coverage is needed.
- If the jewelry is an antique or was purchased several years ago it will need to be appraised for a dollar value. Ask your agent for the name of a reputable appraiser.
- Keep a copy of the store receipt for yourself and include it with your home inventory. Forward a copy to your insurer so they know the current retail value of the item.
- Take a picture of the item. Keeping a visual record of all of your personal possessions will help you document your loss and speed up the claims process.
- If you don’t use the item on a regular basis you may want to consider keeping it in a safe deposit box.
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