If you’re going to put a ring on it; consider insurance
CHICAGO – If you’re purchasing jewelry for that special someone as a Valentine’s gift, chances are you have a lot invested, both emotionally and financially, in that diamond ring or sparkly piece of jewelry. As with any investment, you want to make sure you’re properly protected and the Property Casualty Insurers Association of America (PCI), reminds Valentine’s Day shoppers to consider insuring that perfect piece of jewelry.
It appears there may be a little more love in the air this year as one in five Valentine’s Day shoppers are expected to purchase jewelry and spend a total of $4.8 billion, which is the highest amount recorded by the National Retail Federation’s Valentine’s Day Consumer Spending Survey conducted by Prosper Insights and Analytics.
“On Valentine’s Day and other special occasions when consumers make big purchases, they should also consider protecting those items by ensuring that they have the right amount of homeowners insurance coverage,” said Chris Hackett, director of personal lines for PCI. “It might be tough to think about, but if that expensive piece of jewelry is lost or stolen you will want to make sure you’re covered and it can be replaced. Your homeowners or rental policy generally covers up to $1,500 if your jewelry is lost or stolen. If you paid more than $1,500 then you’ll want to get a special add-on to your current policy or some companies offer separate policies.”
While you’re on the phone with your agent or insurance company, you might want to look at other valuable items in your home such as electronics or other jewelry items. It will save you a headache if something happens and you have to file a claim. If your insurer has the proper documentation for the ring such as the receipt or an appraisal it will help save time in the claims process. Also, PCI encourages you to use your smartphone to take pictures or video of those big ticket items and store them in the cloud or email so you have them on hand in case something happens.
PCI Three Special Valentine’s Day Tips and Info-graphic:
Keep a record of your insurance company’s free number on hand or saved in your cell phone. PCI list of toll free claims numbers. Continue to follow PCI on twitter @PCIAA use #becovered for more Valentine’s Day Tips.