Valentine’s day is right around the corner. According to a national survey compiled by the National Retail Federation (NRF), nearly 20% of consumers plan to give the gift of jewelry for February 14th, which equates to $4.7 billion spent nationally on jewelry alone. Nevermind the money spent on chocolates, flowers, and dinner!
What many of these consumers forget is to insure these jewelry purchases, and that could result in significant loss.
It’s a common assumption that precious jewelry, heirloom pieces, and engagement rings will be covered under a renter’s or homeowner’s insurance policy. And, in some cases that is true.
However, more often than not, a homeowner’s policy only covers a mere fraction of the cost of an engagement ring. If that is the case, it is important that you purchase an additional policy to cover the full cost of replacing a lost or stolen ring. Luckily, it only costs a fraction of the cost of the ring, often under $100 annually, to insure the average engagement.
For all of those who purchased an engagement ring during the holiday season, or are planning to purchase one in the coming months, here’s what we recommend:
- Get it the piece of jewelry appraised and hold onto the original receipt if you still have it.
- Find out exactly what your homeowner’s/renter’s policy does cover, and if jewelry is included either partially or in full.
- Call your agent to discuss additional coverage to ensure that the full value of your ring is covered and discuss what the
- replacement/reimbursement plans are under your new plan
- Add jewelry protection to your insurance right away! You can transfer the ring to your fiance’s policy or cancel the coverage later if you find out your fiance has an existing policy that covers a potential loss or theft.
If you have questions about an existing policy or to find out more information about adding jewelry protection to your policy, call one of our insurance agents!