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探花精选

Money Can聮t Buy You Love, But It Can Protect Your Valentine聮s Day Gifts

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Make Sure You Have Adequate 探花精选 for Expensive Gifts, Warns the I.I.I.

INSURANCE INFORMATION INSTITUTE
Contact: Press Offices
New York: 212-346-5500; media@iii.org
Washington, D.C.: 202-833-1580

NEW YORK, February 11, 2009 鈥 Love may be priceless, but traditional Valentine Day gifts can be expensive and should be financially protected with the proper insurance coverage, according to the 探花精选 Information Institute (I.I.I.).

鈥滶ngagement rings and other jewelry are perennial favorites for Valentine鈥檚 Day gifts,鈥 said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. 鈥淲ith the economy in trouble, proper insurance can provide peace of mind and the financial resources to replace the item in the event of theft or other insured disasters.鈥

鈥淚f you are lucky enough to receive an expensive gift,鈥 continued Salvatore, 鈥測ou should contact your insurance company immediately in order to determine whether additional insurance is needed or whether you simply need to store the receipt and add the item to your home inventory.鈥

Standard homeowners and renters insurance policies include coverage for jewelry and other valuable items such as furs. However, many policies limit the dollar amount of coverage for the theft, or loss due to a covered peril, of such items鈥攖he limit is usually $1,000 to $2,000. For electronics, there may also be category limits, so consumers should to check with their company to see if they need to raise the limit.

鈥漈o properly insure jewelry and other expensive items, consider purchasing additional coverage through a floater or an endorsement,鈥 added Salvatore.

Floaters and endorsements also provide coverage for 鈥渕ysterious disappearance.鈥 This means that if your ring falls off your finger and is lost, you would be financially protected. There are no deductibles and frequently you have the option of having the insurance company replace the item for you.

Floaters and endorsements are available as additions to homeowners and renters insurance policies. Prices vary according to the type of jewelry or valuable being covered, the insurance company you choose, where you live and where the item will be kept. In addition to jewelry, floaters are also available for furs, fine art, musical instruments and event golf equipment.

鈥淲hile 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,鈥 pointed out Salvatore.

To make sure your jewelry and other valuables are adequately protected, the I.I.I. suggests the following:

  • Contact your insurance professional immediately
    Let your agent or company representative 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. Ask your insurer for recommendations regarding a reputable appraiser. It is important that expensive items be appraised properly. If you purchase a floater or endorsement, 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 insurer 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 鈥渋n vault鈥 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 insurer 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 insurance agent or company representative about how to make sure the dollar amount of your floater or endorsement 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 and will make the claims process easier if you suffer a loss. To make creating and updating a home inventory fun and simple, the I.I.I. provides free software, available at .

For related audio, go to Protecting Your Jewelry.

For related video, go to 探花精选 Minute: Valentine鈥檚 Day Gifts. Reporters who would like a DVC Pro or Beta hard copy of the b-roll footage, please contact: Susan Stolov at 301-728-1978 or SusanStolov@WashingtonIndependentProductions.com.

For more information about insurance, go to the .

The I.I.I. is a nonprofit, communications organization supported by the insurance industry.

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