Insuring Expensive Valentine’s Day Gifts

Love may be priceless, but traditional Valentine Day gifts can be expensive and should have financial protection with the proper insurance coverage.

While there is no way to insure the sentimental value of jewelry or other gifts, having them properly covered will at least provide financial protection in the event it is lost or stolen.

Contact your insurance agent immediately

Let your agent know that you are now in possession of an expensive piece of jewelry or other costly items. Your agent can help you figure out how much coverage you already have and whether you need additional insurance.

Have the item appraised

Heirlooms and items that were purchased several years ago will need to be appraised for their dollar value. It is important that expensive items be appraised properly. If you add a floater or endorsement to your policy for the item, your premium will be based on the appraised value and, in the event of a claim, you will be compensated accordingly.

Keep a copy of the store receipt

Forward a copy of the receipt to your Agent or carrier so that the company knows the current retail value of the item. Keep a copy for yourself and include it with your home inventory.

Store valuables in a secure location

Protect your jewelry by storing it in a secure location in your home. If you do not plan to wear the item regularly or are holding it for a child, consider keeping it in a safe deposit box. You may save money on the cost of insuring it as some companies offer “in vault” coverage. If you want to wear the jewelry for a special occasion, many insurers will offer the option of purchasing additional coverage for the time it is out of the bank; you should, of course, notify your Agent or carrier ahead of time if you plan to do this.

Update the value of your valuables

Expensive items can go up or go down in value. Talk to your Agent about how to make sure the dollar amount of your floater or endorsement for your item reflects these changes.

Take a picture of the item

Get into the habit of keeping a visual record of all of your personal possessions. This helps to document your loss and can speed up the claims process. It is also useful when documenting antique and unusual pieces of jewelry.

Add the item to your home inventory

Everyone should have an up-to-date inventory of their personal possessions, including valuables. This can help you purchase the correct amount of insurance. It will also make the claims process easier if you suffer a loss. Contact your Aitken & Ormond Insurance agent if you have questions about adding your special Valentine’s gift to your policy, we are here for you.

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