February has arrived and winter has been in full swing for months now. Christmas and New
Years are in the rear-view mirror and everyone is itching for spring. Though it is still cold outside,
there is one date on the calendar that promises to heat things up, romantically speaking. That
day is February 14th, also known as Valentine’s Day.
For many couples, this is a day set aside to celebrate your spouse or significant other and let
them know how much you care for them. For others, this is an ideal romantic day to propose to
the love of their life. Whatever your plans are for the holiday one thing is for sure, there will be
gifts. Chocolate, flowers, cards, and jewelry. Lots of jewelry. In 2018 nearly $5 billion was spent
on jewelry purchases in the US. That is a whole lot of bling.
Lost in the excitement of Valentine’s Day is how to best protect the jewelry you are purchasing
against losses such as fire, theft, accidental loss, and other potential pitfalls. Jewelry losses are
one of the most frequent claims turned into home insurance companies and if you have to make
a claim, you are going to want to make sure you can replace the item. The problem is your
home insurance or renter insurance may not adequately cover your purchase. On the majority
of home and renter insurance policies there are restrictions as to how much coverage you have
for jewelry. There are also limits to the types of losses that are covered.
Armed Forces Insurance is dedicated to helping your family in all situations, including helping
you protect your expensive jewelry purchases and family heirlooms. Below are the steps you
should take to make sure your jewelry and heirlooms are protected now and for years to come.
Contact your insurance agent:
Your homeowner insurance or renter insurance may not have enough protection to fully
cover your new jewelry purchase. Often times there is a $1,500 limit on your policy if
your jewelry is stolen, or an overall limit of $5,000 to 10,000 for all other potential losses.
It is likely your new jewelry purchase may exceed this limit. Check with your agent to see
if you need to add additional coverage to your insurance portfolio or schedule the item
on your current home insurance for extra protection.
Obtain an appraisal or keep the receipt:
If you determine you need to add more insurance, make a copy of your receipt and send
it to your insurance agent so your company has a record of the current retail value. For
higher value items, you will want to get an appraisal from the jeweler and a GIA
(Gemological Institute of America) diamond grading report. This will help to make sure
you insure the value of the item accurately. Taking pictures of the item and sending them
to your insurance agent is a good idea as well.
Insure the item:
Once you know what your insurance coverage will and will not cover, and you have
documentation of the value of your new jewelry, it is time to insure the item. You will
have one of two choices. You can either purchase a separate insurance policy known as
a Valuable Items Policy or list the item(s) on your home insurance policy called in a
process called scheduling an item. This will ensure your newly added piece of jewelry is
insured for the correct amount of money and not limited by the underlying home
insurance policy. This will also expand the coverages for the piece of jewelry to include
things like accidental loss, which is not generally covered on a home or renter policy.
Those are just a few tips from Armed Forces Insurance on how to better insure your jewelry and
other valuable items. For a more detailed list of other home insurance and protection topics,
head over to Armed Forces Insurance – Resources and Tools page to learn how to protect your
most valuable possession.
As a military family, you need insurance that matches your needs and protects what you value
most. You deserve an insurance company that is committed to serving you. MilHousing Network
is proud to partner with Armed Forces Insurance to bring military families reliable homeowner’s
insurance options when buying a home. Contact them today at 800-313-1936 or visit
www.afi.org/milhousing to learn how they can support your unique military lifestyle.