Valentine’s Day is one of the most popular times for significant jewelry purchases, from engagement rings to heirloom-quality pendants. While these pieces carry immense sentimental value, they also represent a substantial financial investment. Unfortunately, many policyholders assume their standard Homeowners or Renters insurance fully covers these items.
The reality? Most standard policies have a “sub-limit” for jewelry (often as low as $1,500 for the entire collection). If a $5,000 ring is stolen, a standard policy may only cover a fraction of its value.
Why “Scheduling” is the Best Way to Protect Your Gift
To truly protect what matters most, we recommend “scheduling” your high-value jewelry. This is a specific endorsement (sometimes called a rider) added to your policy that provides several key benefits:
- Full Replacement Value: We list the item for its specific appraised value, ensuring that in the event of a total loss, you have the funds to replace it with a piece of like kind and quality.
- Coverage for “Mysterious Disappearance”: Standard policies often only cover theft or fire. Scheduling your jewelry typically extends coverage to accidental loss, like a diamond falling out of a setting or a ring being left behind at a hotel.
- Zero Deductible Options: In many cases, scheduled items are not subject to your standard policy deductible, meaning you don’t have to pay out-of-pocket to start the replacement process.
Your 3-Step Jewelry Protection Checklist
We believe caring makes the difference by being proactive. If you’re gifting (or receiving) jewelry this month, follow these steps:
- Get an Appraisal: Ensure you have a professional, written appraisal that describes the 4 Cs (cut, color, clarity, and carat) and provides a current market value.
- Take Clear Photos: Document the piece from multiple angles. This is invaluable for claims adjusters and for replicating the design if it’s ever lost.
- Contact Parkway Insurance Group: Call us as soon as the purchase is made. Coverage doesn’t always apply automatically, and “binding” the coverage immediately ensures your surprise is protected the moment it leaves the store.
Keep the Sparkle Secure: Don’t let the unexpected dim your celebration. Contact us today by sending us an email at info@parkwayinsurancegroup.com or calling us at +1 281 558 1991 to add a jewelry rider to your policy and enjoy your Valentine’s Day with complete peace of mind.
