Insure Valuable Valentines Day Gifts, Says PIANJ

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TRENTON – While most of us don’t think of insurance as a Valentines Day gift, it is a nice complement to some of the expensive gifts given on that day. Information about getting insurance for those gifts is available from your professional, independent insurance agent says the Professional Insurance Agents of New Jersey Inc.

“Homeowners and renters insurance can include coverage for valuable items like jewelry, to enhance their Valentine gifts,” said Keith A. Savino, CPIA, PIANJ president. “Even though most of us check our insurance coverage after a major purchase like homes, cars, or jewelry, it is a good idea to check up on your insurance on a yearly basis.”

Contents coverage is the part of the typical homeowners insurance policy that protects against loss to personal property. The amounts of coverage vary depending on the policy that a homeowner chooses and the items they chose to cover.

Contents coverage also has special coverage limitation for items like jewelry, furs, and fine arts. These limitations vary by company and may not be enough to cover the total value of these items. Extra coverage called personal property “floaters” or “riders” will provide specific insurance for the value of the insured property. Most insurance companies will require a homeowner to have the items appraised to determine the amount of coverage. “If you have a large amount of special items in your home, you should talk with your insurance agent about additional coverage,” says Savino.

When insuring these valuables, it is helpful to have information such as a description of the items you would like covered, a list of any security devices you have in your home, and the amount of coverage you would like. If you have valuable items in your home, ask your insurance agent if those items would be covered in the event of a loss.

To make sure your items are protected adequately, PIANJ suggests:

  • Contact your insurance agent immediately. Let your agent know you now have an expensive piece of jewelry or other costly items.
  • Have the item(s) appraised. It is important to have the expensive items appraised properly. If you purchase a floater or endorsement, your premium will be based on this amount. In the event of a claim, you will be compensated for this dollar amount.
  • Take a picture of the item or items and add them to your home inventory. Keep copies of any receipts. You may need to forward a copy to your insurer. Keep a copy of your insurance policy and the inventory of your home in a safe deposit box—preferably in a secondary location such as an office or relative’s home if possible.

“It’s important to know what you have, what it’s worth and the proper insurance coverage to protect it. Your professional, independent insurance agent is your best resource for that,” says Savino.

PIANJ is a trade association representing professional, independent insurance agencies, brokerages and their employees throughout the state.

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