Make sure your Valentine’s Day jewelry insurance

Congratulations to everyone who has engaged this Valentine’s Day. Now, if you call your friends and family and tell them your new sparkly ring, call your insurance agent to tell him that. Yes, your insurance agent.

If you receive any diamonds or other expensive jewelry for Valentine’s Day, you need to make sure it is in your insurance coverage. Unfortunately, most homeowners and renters of insurance reimbursement limit jewelry (and other personal property) of theft $ 1,000 to $ 2,000.

In order to increase your coverage, increase the float – or approval – your homeowners or renters policy of. Some companies offer a separate policy for the jewelry, so you do not have homeowneRS or renters policy to get this range, according to the Insurance Information Institute (III).

This is what you need to know to buy the float and protect your valuables, according to III:

– Identification you need the item before , your purchase floater or endorsement because the premiums will be based on the appraised value, your claim will happen if this amount in accordance with the project. At the same time a copy of the purchase receipt so the company sent to the insurance company to know the current value of the project

– Floaters will differ Depending on the type of jewelry, insurance companies let you choose , where you live and where the items will be retained.

– Floaters no deductible of d will provide coverage, even if the item is lost – not just stolen

– You should take pictures project to help document the loss and speed up the claims process. Be sure to add an item to inventory your home. The Freedom III, know your stuff tool will help you do an inventory

– You need to update your jewelry value , because it can go up or down, and you float should reflect any changes.