PCI Offers Special Valentine’s Day Tips

New Bling Consider Insuring it

If you purchased that special someone a diamond ring or some other piece of sparkly bling for Valentine’s Day, the Property Casualty Insurers Association of America (PCI) says you should also consider insuring it in case it is lost, stolen or destroyed in the future.

Love is in the air and nearly one in five Valentine’s Day shoppers will show their love by buying that perfect piece of jewelry. According to a survey conducted in January for the National Retail Federation, Valentine’s Day shoppers will spend about $4 billion on jewelry. The latest American Express Spending & Saving Tracker showed that consumers expect to increase spending to an average of $196, up 8 percent over last year.

“While you don’t want to think about that expensive piece of jewelry being stolen or lost, it happens so we want to make sure your covered and it can be replaced,” said Chris Hackett, director of personal lines for PCI. 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.” 

It’s always a good idea to consider scheduling your valuable items such as engagement rings, jewelry, and electronics in your policy. 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. You could even take video or pictures of big ticket items using your smart phone, and email them to yourself so you’ll always have them on hand.

PCI Special Valentine’s Day Tips:

To be sure that all your jewelry is sufficiently covered, speak with your insurance agent. You can get an optional add-on to your current policy or a separate policy. If you go over the details of your policy with your agent you will know what types of losses are covered.

Get an appraisal. Although you might not need one under a basic policy, it’s good to get a written appraisal at the time of purchase to establish the value of the item.

Make sure you know what your deductible is if the item is lost or stolen.