Expensive Valentine’s Gifts Require Special Insurance Coverage
At OceanPoint Insurance, we are committed to helping you protect your personal property. With Valentine’s Day just around the corner, we would like to remind you of the importance of insuring your valuables. After you purchase that pricey piece of jewelry, remember to call your OceanPoint agent to secure proper insurance protection.
Many people are unaware that jewelry losses are among the most frequent of all home insurance content-related insurance claims. We ask that you review the following simple steps, provided by the Insurance Information Institute, to ensure adequate protection for your investment:
1) Contact your insurance agent immediately.
Find out how much coverage you already have and whether you will need additional insurance. Most standard homeowners and renters insurance policies include coverage for personal items such as jewelry; however, many policies limit the dollar amount for the theft of high-value personal possession, such as jewelry, to $1,000 to $2,000. You would be covered if the item were destroyed by disaster, such as a fire or hurricane. However, if your expensive new present was lost or stolen you would need separate insurance to be covered.
To properly insure jewelry, consider purchasing additional coverage through a floater or an endorsement. These coverages carry no deductibles, which means no out-of-pocket expense to replace the item.
2) Obtain a copy of the store receipt.
Forward a copy of the receipt so we know the current retail value of the item. Keep a copy for your records and include it with your home inventory. If the item was purchased on sale, also get a copy of the appraised value of the item.
3) If you received an heirloom piece, have the item appraised.
Heirlooms and antique jewelry will need to be appraised for their dollar value.
4) Add the item to your home inventory.
An up-to-date inventory of your personal possessions can help you purchase the correct amount of insurance and speed up the claims process if you have a loss. Remember to add your new jewelry to your inventory.
If you would like to schedule a review of your current policies, please call OceanPoint Insurance at 847.5200.