Expensive Jewelry

Did You Get an Engagement Ring or Other Expensive Piece of Jewelry for Valentine’s Day?

If you received an engagement ring or other expensive piece of jewelry this Valentine’s Day, who are you going to call to tell about it? Your mother? Your best friend? Maybe you’ll post your good fortune on Facebook? While these may be your first impulses, if you want to protect your sparkling new gift, the most important call will be to your insurance agent .

Standard homeowners and renters insurance policies include coverage for personal items such as jewelry and other valuables. However, many policies limit the dollar amount for the theft of valuable personal possessions such as jewelry, furs and precious stones to $1,000 to $2,000.

One should consider purchasing additional coverage through a floater or an endorsement. In most cases, this would also be covered you for ‘mysterious disappearance’. This means that if your ring falls off your finger or is lost, you would be financially protected.

Floaters and endorsements are available as additions to homeowners and renters insurance policies. Some companies also offer a stand-alone policy to cover jewelry without having to purchase a full homeowners or renter’s policy.


To make sure your jewelry is adequately protected, the Insurance Information Institute, Inc suggests the following:


· Contact your insurance professional immediately
· Have the item appraised
· Keep a copy of the store receipt
· Store valuables in a secure location
· Update the value of your jewelry
· Take a picture of the item
· Add the item to your home inventory