Jonathan Geissler January 30, 2018 No Comments

Wednesday is Valentine’s Day!

Well, for some, it’s Ugh, Mom Keeps Calling to “Check in” Day. For others, it’s Raised Expectations Day, and seeing the look on a loved one’s face after presenting that perfect piece of jewelry (that may or may not have been hinted at in a not-so-subtle manner over the past few weeks) is an extremely rewarding feeling.

Valentine's Day JewelryHowever, for those who spent a little extra this year, the work does not end tomorrow evening when your sweetheart eagerly opens the jewelry box. Many consumers would be surprised to know that high-value jewelry purchases are not covered by their existing homeowners insurance policies. Coverage limitations for loss or theft of jewelry exist in the majority of home contents policies, and, subject to the deductible, some consumers may even have no coverage at all – depending on what is lost.

Given that, here are a few measures you should take when purchasing expensive items:

  • Check the return policy to find out if exchanges and refunds are permitted.
  • Seek authentication to ensure the purchase is in actuality the value you think it is.
  • Contact your local Independent Insurance Agent to discuss your current coverages, help you understand your policies, and advise you on next steps.
  • Purchase an endorsement or blanket coverage of a fixed amount to cover engagement rings, other expensive jewelry, furs, watches, coins, guns, or any high-value items in your possession.

According to The National Retail Foundation, U.S. consumers spent $18.2 billion on Valentine’s Day last year. Don’t be inattentive to the limited coverages on your latest purchase; make sure your Raised Expectations Day is disaster-free and give us a call at 845-986-1177.

 

We are your business, home, auto, and life insurance solutions provider, partner, and adviser, serving Warwick, Greenwood Lake, Florida, Goshen, Pine Island, Middletown, Chester, Monroe, Newburgh, Orange County, and the Hudson Valley and Tri-State Area.

 

Related:

Special Coverage for Your Jewelry and Other Valuables

Garrett Explains | Episode 7: Two Popular Claims Not Covered by Your Homeowners Insurance

Garrett Explains | Episode 8: How to Protect Your Jewelry and Valuables

The Most Common Home Insurance Exclusions