Insure Your Love

They say the best things in life are free, and “it’s the thought that counts” — but some people like to mark Valentine’s Day by giving gifts that are worth big money. If you’re on the receiving end of that kind of love, it’s time to think about insurance.

Yes, we know that insurance is the last thing on your mind when your lover drops a shiny bauble into your champagne glass on Valentine’s.

But this is the very time to think about safeguarding that token of passion and commitment, say the experts at The I.I.I., a nonprofit communications and research organization supported by the insurance industry.

They offer the following tips:

Contact your insurance professional immediately.

Find out whether you will need additional insurance. Most standard homeowners and renters insurance limit the dollar amount on jewelry to $1,000 to $2,000, so to properly insure jewelry, consider purchasing a floater or an endorsement policy for fuller coverage.

Obtain a copy of the store receipt.

Forward a copy of the receipt to your insurer—so that your company has a record of the current retail value of the ring—and keep a copy for your own records.

If you received an heirloom piece, have it appraised.

Antique jewelry will need to be appraised for its dollar value. You can ask your insurance professional to recommend a reputable appraiser. It’s also a good time to have existing pieces reappraised as the value of jewelry can change over time.

Add the item to your home inventory.

An up-to-date inventory of your personal possessions can help you purchase the correct amount of insurance and speed up the claims process if you have a loss, so remember to add your new ring to your inventory. To make creating a home inventory as easy as possible, the I.I.I. offers a free app at Know Your Stuff.

Remember, nothing keeps the flames of love alive quite like a zero-deductible insurance policy.