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, jewelry.
It’s exciting to receive jewelry from a loved one or to give it as a gift. But if you’re lucky enough to receive some new bling 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. At O’Connor Insurance, we think it is exciting to help our customers protect what’s most important to them so we’re ready to help and can answer all of your questions.
Things to consider when insuring 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 will want to purchase scheduled personal property coverage.
You might want to reconsider your deductible amounts. As always, this impacts your policy premium. 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.
What kind of coverage is offered? You’ll want to determine if items are covered no matter where they are, and if the policy offers full replacement cost. You also should ask if you will be required to replace your jewelry if lost or stolen, or if you can simply keep the cash settlement.
Pictures can be helpful. 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. But please, talk to us before making that decision. That’s what we’re here for.
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!