Protect Your Valentine’s Day Gift with a Jewelry Endorsement
You have painstakingly perused through the mall jewelry stores and online retailers to find the perfect “I love you” gift for Valentine’s Day. It is purchased, wrapped and you are anxiously waiting to see the look of joy on your sweetie’s face come V-Day. According to a 2013 survey by the National Retail Federation, approximately $4.4 billion will be spent on jewelry this Valentine’s Day, but only 1 in 10 will have their jewelry insured properly with jewelry insurance, or an endorsement.
Homeowner’s Insurance in Washington and renter’s insurance in Washington can cover loss or theft of jewelry, but generally it is a very small amount, sometimes as little as $500. Even then it may not cover the loss of item if Junior flushes it down the toilet or it gets mangled in the garbage disposal. Having a separate valuables policy can help ensure that you are reimbursed for the value of your item(s) should a claim be necessary. In the event of a claim, you can make the process easier for yourself and your agent:
- Photograph items that are included in your valuables policy.
- Keep receipts or appraisal records, this makes it easier to establish a price value for your items
- Have a written record of items, update as new items are purchased
- Update your agent as new items are purchased
Often these polices can include other valuable items likes art, fine wine, crystal, etc., and there may be little to no deductible if any items need to be replaced. One can also apply this list to household appliances and electronics, because while the flat-screen may not be as valuable as great-grandma’s vintage Tiffany’s wedding band, it is still a good idea to photograph and keep a running list of all household items to help make the claims process easier and establish value in the event of theft or loss.