Gifts are a hallmark of Valentine’s Day, the ultimate Hallmark holiday. And for this designated day of love, while some people prefer roses, others prefer gifts in the form of rose (or white, or yellow) gold: that perfect piece of jewelry.
Choosing jewelry for someone special or being on the receiving end of such a thoughtful gift should be a memorable moment. To make sure that memory (and that piece of jewelry!) is never tarnished, and to keep your gift safe for years to come, we strongly suggest having jewelry insurance added to your plan. Not sure how to go about it or have questions? Here are some answers to a few common questions people have about jewelry insurance:
Don’t I have jewelry coverage already included in my homeowner’s policy?
While some companies do have a specified limit of coverage, it only covers the jewelry under certain circumstances. For example, Homeowners Insurance often covers jewelry when it is lost or damaged in what is considered “peril”, which can range from house fires to home vandalism. While this coverage can be helpful under those limited circumstances, however, there are many other incidents where your jewelry is damaged or lost where the coverage will not apply. To provide another example, your insurance will not cover your ring slipping down the drain while washing your dishes. Homeowners Insurance often also has a very low limit for jewelry, which may not cover all of your special items, and some companies may also require that you utilize your deductible when making a claim.
Will I need an appraisal?
It will depend on your insurance company. However, many companies now accept the original receipt if the jewelry has been purchased in the past few years. If your items are heirlooms, you will have to get an appraisal, which many jewelers will do for a small fee. Once you have an idea of how much your collection is worth, have a conversation with your insurance agent to see what your options are for coverage.
What if I move? Will I need to update my insurance?
Just as with your normal Homeowners Insurance, you’ll have to transfer your jewelry insurance if you move. Many couples insure diamond rings upon engagement and then forget to transfer it when they get married and move residences. Having a helpful agent will ensure that you don’t forget about these details while you’re amid so many exciting milestones!
Where should I keep my jewelry to keep it safe?
When you’re not wearing your jewelry, you should always have your pieces stored in a safe and locked space. Most office supply stores carry watertight and fire-safe lockboxes and safes. This can be helpful to keep your important documents in as well, in case something should happen to your home.
With many different coverage options, HUNT Insurance is sure to find a plan to best fit your needs. So while you’re picking out that perfect pair of earrings, a statement necklace or a diamond ring, reach out and have a conversation with your HUNT Insurance Agent to find out how to best protect your Valentine’s gift.