Valentine’s Gifts May Require Special Coverage
The word ‘insurance’ is not likely to be the first word on your sweetheart’s lips this Valentine’s Day. But according to the Insurance Information Institute, the first thing that you should do, after saying yes, should be to call your insurance professional! While it might not sound romantic, and there is no way to insure the sentimental value of a precious gift, having the right coverage can at least soothe the financial sting in case of a loss.
Jewelry losses are among the most frequent of all home insurance content-related insurance claims. Fortunately, there are four relatively simple steps you can take to ensure adequate protection for your new jewelry:
- Contact your insurance professional immediately.
Find out how much coverage you already have and whether you will need additional insurance. Most standard homeowners and renters insurance policies include coverage for personal items such as jewelry; however, the dollar amount for the theft of high-value personal possessions if often limited. So, you would be covered if the item were destroyed by disasters listed in the policy, but if your expensive new present is lost or stolen you may need additional coverage. Consider purchasing additional coverage through a floater or an endorsement. In most cases, these add-ons to a homeowners or renters policy cover you for “mysterious disappearance.” Floaters and endorsements carry no deductibles, so if your ring falls off of your finger and is flushed down a drain, or is lost… there would be no out-of-pocket expense to replace the item.
- Obtain a copy of the store receipt.
Forward a copy of the receipt so that your insurance company knows the current retail value of the item. Keep a copy for your records and include it with your home inventory. If the item was purchased on sale, also get a copy of the appraised value of the item.
- If you received an heirloom piece, have it appraised.
Heirlooms and antique jewelry will need to be appraised for their dollar value. You can ask your insurer to recommend a reputable appraiser.
- Add the item to your home inventory.
An up-to-date inventory of your possessions can help you to purchase the correct amount of insurance and speed up the claims process if you have a loss, so remember to add your new jewelry to your inventory. This free web-based app, makes it easy! Know Your Stuff® – Home Inventory.
At D.F. Dwyer Insurance, we are here to help you with all of your insurance needs.
Give us a call today at 401-846-9629, let’s make a date for a FREE policy review to evaluate your coverage.
Some content courtesy Insurance Information Institute © 2016