February, with its hallmark Valentine’s Day, has many people buying gifts to show their love. Some will think outside the chocolate box and gift jewelry. Were you lucky enough to have the question popped and end up with a big rock on your finger? Or did you get that special piece of jewelry — such as a diamond necklace — from someone you loved?
After taking in the excitement from your (likely shiny) new gift, you need to take the next step of caring for it, which means everything from cleaning and storage to covering the value of it.
You may not be aware of this but, when it comes to valuables, such as an engagement ring or fine jewelry, homeowners insurance may not be enough.
Let’s see why.
Some homeowners policies may have a $1,000 coverage limit for jewelry if the loss is due to theft. Some policies have a complete limitation regardless of the loss. This limit helps keep your home insurance affordable. But, if jewelry valued at $4,000 is stolen from your home and you have a $1,000 policy limit, you can only receive $1,000 from your insurer to replace the missing items. Given that the person gifting you the jewelry spent a long time saving for that special item, it would be a shame to not recoup the full value of the missing item.
The good news is with covering your valuable items, you have options. You can add a valuables endorsement to your home insurance or get a separate personal articles floater policy. To learn more about this coverage, see our previous blog post or contact your agent.
You deserve to have peace of mind with your more prized jewelry, and it’s our job to help provide it. We’ll gladly walk you through your options to get you the right coverage.
This blog post is not offered, and should not be relied on, as insurance advice. You should consult an insurance agent for advice in specific situations.