Giving or receiving jewelry? Make sure it’s protected.

| February 13, 2014

Ah, Valentine’s Day is near, and love is in the air. Well, love and a few other things, such as chocolates, romantic dinners, candy hearts that say “Be Mine” – and, of course, beautiful jewelry.

It’s exciting to receive jewelry from a loved one — or to give it as a gift. Not to mention romantic. But if you’re lucky enough to be the recipient of new jewelry this Valentine’s Day, you should take a few minutes to think about something you probably don’t find exciting or romantic: insurance.

Don’t know where to turn? Don’t worry. Here’s a list of important things for you to consider when insuring your new jewelry:

You may need to purchase additional coverage. Your homeowners policy covers valuable items such as jewelry only up to set amounts. If the cost of replacing your jewelry exceeds that limit, you’ll want to purchase scheduled personal property coverage.

Reconsider your deductible amounts. As always, your deductible amounts will impact your policy premium, so it’s a good idea to take a look at your deductibles whenever you make a change to your policy.

Do you need an appraisal? You may need to have an independent appraisal if the insurance company requires it or if you don’t know the value of your jewelry. Each item should be listed with a description and value on paper.

Know your coverage. Will your items be covered if you lose them on a vacation? What if you lose them overseas? Will the policy offer full replacement costs? These are all questions you should know the answers to.

What happens if your jewelry is lost or stolen? Will they be required to replace your jewelry if lost or stolen, or can they simply pay you the cash settlement?

Take pictures of your insurable items. Lost or stolen pieces of jewelry sometimes can be recreated if the jeweler has a good photograph to work from.

Is the value of your jewelry mainly sentimental? Is an item irreplaceable? If the answer to either of these questions is “yes,” you might consider foregoing insurance all together.

Of course, it’s important to store your jewelry securely when it’s not in use; a safe in your home or a safe-deposit box is best. We want your jewelry to be replaced if it’s lost or stolen, but we’d rather your sentimental and valuable pieces stay with you and your family for years to come.

Here’s hoping your Valentine’s Day is full of fun and romance. And if there’s no jewelry involved, well, there’s always next year!

Material for this article was provided by a First Command partner, Safeco Insurance®, and it is intended to promote the professional services of First Command.

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