I just want to take this time to wish you and your family a Happy Valentine's Day. It's absolutely one of my favorite holidays. You might have made a jewelry purchase this Valentine's Day or in the past so I thought I would send you some information on how to protect your token of love.
Homeowners and renters insurance policies include coverage for personal items such as jewelry. However, policies limit the dollar amount for theft of valuable personal possessions such as jewelry, furs, and precious stones from $1,000 to $2,000 total.
We can make sure your jewelry is adequately protected, but first I suggest the following:
- Contact us immediately
Let me or a licensed agent know that you are now in possession of an expensive piece of jewelry. To properly insure jewelry and other expensive items, consider purchasing additional coverage through an endorsement to your homeowners or renters policy.
- Keep a copy of the store receipt
You will need to forward a copy of the receipt to us so that we know the current retail value of the item. Keep a copy for yourself and include it in your home inventory.
- Update the value of your jewelry
Expensive items go up or go down in value. Talk to me about how to make sure the dollar amount of endorsement reflects these changes.
- Have the item appraised
Heirlooms and items that were purchased several years ago will need to be appraised for their dollar value. Ask me for recommendations regarding a reputable appraiser. It is important that expensive items are appraised accurately.
- Add the item to your home inventory
Everyone should have an up-to-date inventory of their personal possessions. To help you keep on top of your inventory I researched the topic and found a free, online software, called Know your Stuff® created by the Insurance Information Institute. You can also add a digital photograph of your new gift and save scanned receipts. Computerizing your inventory makes updating faster and easier.