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Tips For Valentine's Day Jewelry

Make sure that new Valentine jewelry is insured. Call Mosaic Insurance in Prescott.It’s that time of year when love is in the air and you have to figure out the perfect gift for your loved one. Some choose chocolates, flowers, or a romantic dinner, however, jewelry was often the #1 gift, with over $4.5 billion spent on jewelry purchases in the United States alone. Maybe this is the year that your special someone popped the question and you are now wearing a beautiful diamond engagement ring. The gift is important, but Mosaic Insurance in Prescott would like to remind you that protecting the gift is also necessary.

With a standard homeowners insurance policy, jewelry and personal items would be covered if they were destroyed by specific disasters listed in your policy (such as a fire or hurricane). However, most policies limit coverage to $1,500 for lost or stolen jewelry. With the cost of engagement rings, wedding bands, and other jewelry items continuously rising, there is a good chance that those precious items you value may exceed your coverage limits on your homeowners or renters policy. You may want to speak to your insurance agent about adding riders for specific pieces of jewelry.

Here are some guidelines for jewelry:

  • Know the Value  - In the event of a loss, it is very important to know the value of the jewelry item. If you do not have the original receipt (usually the case when it comes to vintage and antique jewelry) or if you are adding an item you have owned for more than 3 years, be sure to have your item appraised for the replacement value and provide your insurance agent with the copy of the appraisal.  And, remember, the price of precious metals and stones have been increasing in recent years so maintaining current appraisals and updating your coverage will ensure you are fully covered.
  • Picture It -  Provide a copy of your jewelry photos to your agent with your receipt of appraisal and also maintain copies of your records.  This is just another way to keep a record of your item to show what condition your jewelry is in and to assist in the claim process should you experience a loss.
  • Keep it Safe - The best way to keep track of your valuables, when you aren't wearing them, is to have a safe installed in which to store your valuable items. A safe is also a good place to store important papers.
  • Insure It - Contact your homeowners or renters insurance licensed insurance agent to see what your current policy covers. Consider purchasing additional personal property coverage to provide you with the necessary protection to replace the item if lost or stolen.

Putting an insurance policy on your engagement ring or other jewelry may sound unromantic, but nothing could show you care more than ensuring your cherished items are forever secure. To review your coverage or to add coverage for that new jewelry, contact your local Prescott insurance professional at Mosaic Insurance at 928-458-7374.

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