5 Quick Steps to keep Lovebirds from Heartache after Valentine’s Day

Valentine’s Day is just around the corner and whether you’re planning on popping the big question or surprising your honey with a gift he or she will cherish make sure you consider taking these five steps to keep you and your special someone celebrating the special moment for years to come because you had the foresight to protect it with insurance.

1. It all starts with a call/text/email/tweet/snap

As you share the news of your big gift with your inner circle, make sure your insurance agent is included on that exclusive list. Homeowners and renters insurance generally covers up to $1,500 if jewelry is lost or stolen. If you paid more than $1,500 for the ring, then you’ll want to make sure that it is insured with a special add-on policy or a separate insurance policy.

Tip: After purchasing any big ticket item it is important to make sure you still have the right amount of coverage.

2. Keep your receipts and other documents

After buying big purchases, such as engagement rings, jewelry, or expensive electronics saving your receipt may be the last thing on your mind, however it is critical to do so. You will need to document things such as how much you spent or its appraisal value. This will help save time if you ever have to file an insurance claims.

Tip: If you don’t want to worry about the paper receipt, take a picture with your smart phone and email it to yourself or save it to the cloud.

3. Ask your insurer lots of questions

Make sure that you understand the details of your insurance policy so that you will know what types of losses are covered. Does the policy cover common issues such as theft, damage or just plain losing the item? Will your insurance cover the full value of the ring or a portion of the cost to replace it if it is lost, damaged or stolen?

4. You’ve received your bling, now make sure it’s protected!

As soon as you put on your new swagger, you won’t imagine ever wanting to take it off. But reality will soon enough set in and you when it does, make sure you ask the right question – “is it insured?” If you purchase jewelry for someone who is not in your household, they should make sure it is insured under their name. Have a plan not only for who insurers the jewelry but for a safe storage location when you’re not wearing it. This includes when you’re traveling. Never check any valuables in your luggage when traveling.

5. Now is a good time to do an overall insurance check and conduct a home inventory

This is a good time of year to make sure any big ticket items or home improvement projects like remodeling your kitchen or room additions completed over the past year are accounted for in your insurance policy. Expensive items, such as jewelry, art collection or computer equipment may be covered by what is known as an endorsements or rider. With a new addition or major renovation you may want to increase your policy limits to ensure you have adequate coverage. Confirm that all major items covered by walking around your home and conducting a current home inventory. Make sure you include items in the garage as well.

Tip: Take pictures and/or videos of items in your home so you can account for items that are destroyed or lost if the worst does happen

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