Insuring Valentine’s Valuables

With the 2017 Grammys behind us and Valentine’s Day just two days later plenty of people will have new bling this week. According to Property Casualty Insurers, more than $19 billion was spent on valuables last year on Valentine’s Day in 2016. That’s more than ever before! While your standard homeowners insurance policy may include coverage for these valuable it may only be covered by losses caused by perils included in your policy unless you purchase additional coverage. By “scheduling” items (listing them in your policy individually with values) you can ensure your items are covered for additional protections and increased limits of value.

Some items that may be considered valuables include jewelry, fine art, fire arms, musical instruments, cameras, silverware, collectibles, and furs. 

In order to schedule valuables at the proper value it is recommended that you take the following steps:

  • Take inventory of items of value.
  • Obtain an appraisal for significant items. This may require going to a specialist to determine the proper value.
  • If the item was recently purchased, a bill of sale will likely be accepted as the appraised value, depending on the type of valuable.
  • Submit appraisals to your homeowners insurance agent to discuss additional coverage options for theses specific items.

The PCI also had great tips for protecting your valuable purchases including:

  • Taking pictures of the items
  • Only bringing jewelry you plan to wear when traveling
  • Regularly inspecting jewelry
  • Keeping your valuables in a secure place

Don’t be caught in a situation of loss without enough coverage to get the value of your items! Happy Valentine’s Day!