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NEW YORK, Feb. 13, 2002 --Jewelry ranks high on the list of expensive gifts that people exchange on Valentine's Day. If you've received an engagement ring or other expensive jewelry this Valentine's Day, make sure you have the necessary insurance to cover your gift in case it is stolen or lost, advises the ̽»¨¾«Ñ¡ Information Institute (I.I.I.).

Most standard homeowners and renters policies provide a $1,000 to $2,000 limit for theft of valuable personal possessions such as jewelry, furs, and precious stones.
To reduce your chances of a broken heart, the I.I.I. offers the following tips to protect your gift:

• PURCHASE ADDITIONAL COVERAGE. Depending on what your insurance company offers, you may want to consider adding an endorsement or a personal possessions floater to your homeowners policy. This provides a higher dollar limit if the item is stolen, as well as coverage for any mishap unless it is specifically excluded in your policy.
• HAVE THE ITEM APPRAISED BY A REPUTABLE JEWELER OR APPRAISER. By having the item appraised, your insurance professional will be able to determine the appropriate coverage for your valuables. If you have a receipt for your purchase, an appraisal might not be needed, but check with your insurer.
• KEEP YOUR VALUABLE POSSESSIONS IN A SECURED LOCATION. Some insurance companies will decrease your premium if you keep your insured valuables in a bank safe deposit box.
• TAKE A PICTURE OF THE ITEM. Always keep the photo and other important insurance papers stored away from your home.
• UPDATE YOUR HOMEOWNERS POLICY. Remember that each time you purchase something special, especially if it's expensive, you should make sure that the new purchase is reflected in your homeowners policy.

The I.I.I. is a non-profit, communications organization supported by the property/casualty insurance business.