If you’re planning to surprise your significant other with an engagement ring or other fine jewelry as part of your Valentine’s Day celebration, consider giving yourself the gift of ‘peace of mind’.
Most personal property can be covered under your standard homeowners or renters’ policy. But your standard coverage may only cover a portion of the ring or fine jewelry’s cost should it be stolen.
Unfortunately, there’s usually no coverage for loss or damage.
Consider adding additional coverage to insure the full cost of the ring or jewelry should you ever need to replace the items. This is known as an ‘endorsement’ or ‘scheduling property’ – an add-on, to upgrade your homeowners or renters policy.
Relatively inexpensive – around $1-2 per $100 of the item’s value – an endorsement to a homeowners or renters policy could add $5,000 worth of protection for jewelry, furs, and some coverage for antiques and fine arts.
If you’re planning to propose or gift with an heirloom, consider getting an appraisal. If you’re not sure who to use, ask your independent broker whom they trust so you can get an adequate coverage.
If the ring or fine jewelry is brand new, your purchase receipt should be sufficient to determine its value, especially if you’re paying by monthly installments.
The sooner you get an appraisal, the sooner you can get coverage. Store your current appraisal, policy information, and any photos or documentation about the piece in a safe place should you ever need to make a claim
Don’t lose that lovin’ feelin’ or your valuable property.
Contact The Ross Maghan Agency at (732) 566-0003 to get a quote today.