Americans spend approximately $4.5 billion on jewelry for Valentine’s Day each year. But how many of those gifts are actually insured?
Most aren’t. And that’s a problem worth thinking about.
What Your Existing Policy Covers (And Doesn’t)
Your homeowners or renters insurance policy likely includes some coverage for personal property, but for high-value items like jewelry, the coverage is often limited. Standard policies may cap jewelry claims at $1,000–$2,500, which won’t go far if you’re replacing a significant piece.
For everyday items, that coverage is probably sufficient. For an engagement ring, an heirloom watch, or a jewelry collection, it likely isn’t.
When to Get a Separate Policy
If you have jewelry or valuables worth more than a few thousand dollars, a scheduled personal property endorsement (sometimes called a “floater”) is worth considering. This adds specific coverage for named items at their appraised value — with no deductible in many cases.
Coverage isn’t limited to jewelry. Artwork, crystal, antiques, musical instruments, collectibles, and other high-value household items can all be scheduled.
Steps to Take Now
- Photograph your valuables — detailed photos of each piece, including close-ups
- Keep your receipts — purchase records establish value at the time of acquisition
- Get appraisals — for antiques or items without receipts, a professional appraisal establishes current replacement value
- Maintain a written inventory — update it whenever you acquire something new
- Tell your agent — let us know what you have so we can make sure it’s covered
Don’t Wait
The right time to insure something is before it’s lost, stolen, or damaged. If you received something valuable recently, or have items sitting uninsured, give us a call.
(206) 402-6793 | kim@safeinsure.biz
— Kimberly Pham, SafeInsure