Steps to Insuring Your Valentine’s Day Gift

Calendar with Valentine's Day circled and diamond ring in gift box on topValentines’ Day is a time to celebrate your love with that someone special. A great way of showing your affection is to gift your significant other a dazzling and expensive piece of jewelry or – if the time is right – engagement ring. But with a pricey, polished gift comes the responsibility of keeping it safe and secure. To save yourself and your loved one the added financial heartache if that gift gets damaged or disappears, look into insuring your Valentine’s Day gift.

Contact Your Insurance Agency

First, you should contact your insurance professional and discuss how much coverage you have. If you have a standard homeowners or renters policy, the dollar amount covering the theft of high-value items – such as expensive jewelry – is likely capped at $1,000 or $2,000. If the gift exceeds this amount, you’re responsible for the costs to replace it. It is wise to consider purchasing additional coverage in the form of jewelry insurance. Not only will jewelry insurance protect you from theft, but some policies cover everyday damages such as loose stones or broken clasps and protect you from accidental loss.

Obtain Proof of the Gift’s Value

Make sure you keep that receipt from the store. Although you don’t want your significant other seeing the price of their Valentine’s gift or engagement ring, it is important to keep this record of the price, so your insurance company is aware of the retail value of the item. Doing so can ensure you are reimbursed for the full amount, should anything occur. If the item was on sale, ask the seller for a copy of the appraised value. Similarly, if you are gifting an heirloom or an antique piece of jewelry, have that item appraised for its dollar value, as there is, unfortunately, no reimbursement on sentimental value.

Add Your Gift to Your Home Inventory

When you receive a Valentine’s Day gift, it is important to update your home inventory. If you don’t have a home inventory, it’s wise to start one so you can give your insurance provider a complete breakdown of the contents within your home and even work with them to itemize your coverage. Be sure to include pictures and videos of your belongings in the inventory. Save this list in digital storage, so no matter what happens to your home, you will always have proof of the extent and expense of your belongings. Read our blog, Do You Need a Home Inventory?, for helpful tips on how to get started.

To remove the pressure that comes with gifting someone an expensive piece of jewelry, make sure you are covered against damages or loss by insuring your Valentine’s Day gift. Be sure to ask your insurance agent about the details of your homeowners or renters insurance, investing in jewelry insurance, or, for the fortunate, insurances to consider after marriage. With TJ Woods Insurance’s years of experience, we can help you get the most extensive coverage to ensure all of your prized belongings are protected. Contact us today to learn about obtaining optimal insurance for all your needs.