4 Steps for Protecting your Valentine's Day Purchase

February 09, 2018

Whether you?re shopping for a loved one or treating yourself, you may find you're buying a new piece of jewelry this Valentine?s Day.  According to the National Retail Federation, 55% of the U.S. population is expected to celebrate the holiday.  Those consumers are expected to spend an average $143.56 on Valentine?s Day.

And what do consumers spend the most money on for Valentine?s Day gifts?  Jewelry!

But with jewelry losses among the most frequent of all content-related home insurance claims, be sure to take precautions.  Follow these four steps, recommended by the Insurance Information Institute, to protect your new purchase:

  1. Contact your insurance professional immediately.  You will need to determine if your current coverage is adequate to protect your new purchase.  Many standard homeowners and renters policies cover personal belongings, including jewelry, but often these policies limit the dollar amount for theft of high-value belongings.  You may find that you need additional coverage to protect your jewelry in the event of a theft, and you can often purchase the necessary coverage through an endorsement to your homeowners or renters policy.
  2. Obtain a copy of the store receipt.  Make sure you get a copy for your home inventory records and for your insurance company?s records.  The receipt should show the current retail value of the item and a detailed description.  Higher valued items may require a copy of the appraised value as well.
  3. Heirloom pieces should be appraised.  If you inherit antique jewelry, have the jewelry appraised for the dollar value.  Your insurance professional may be able to recommend an appraiser.
  4. Add the item to your home inventory.  You should keep an up-to-date inventory of your personal belongings, adding to it as you make purchases.  This home inventory can help ensure you have adequate insurance and speed up the claims process in the event of a loss.

If you have any questions about how a new purchase will affect your insurance needs, call your local insurance agent.


Resources

https://nrf.com/media/press-releases/nrf-says-consumers-will-spend-near-record-196-billion-valentines-day

https://www.iii.org/press-release/heres-something-every-real-sweetheart-should-know-jewelry-and-other-expensive-valentines-day-gift-items-require-special-insurance-coverage-020314


This blog entry is created for informational purposes only.  Any viewpoint or sponsorship of outside parties involved in the blog entry does not necessarily represent Goodville's stance as a company.  The blog should not be used as a substitute for professional advice.