WORCESTER, Mass., Feb. 11, 2013 /PRNewswire/ -- On Valentine's Day, couples often demonstrate their love with everything from heart-shaped chocolate to expensive jewelry. As the prices of platinum, gold and other precious metals continue to rise, and with jewelry being one of the top items thieves target, there is more need than ever to protect, and insure your precious valuables. With this in mind, The Hanover Insurance Group is offering strategies for protecting your jewelry and getting proper insurance in case of loss, damage or theft.
"While standard homeowners' insurance policies typically include coverage for personal items such as jewelry and other valuables, there is often a limit of $1,000 to $2,000 for the theft of these personal possessions," said Mark Desrochers, president, personal lines insurance at The Hanover. "It is important, for example, for consumers who have received an engagement ring or a new piece of jewelry to check with their independent insurance agent to talk about how they can protect these precious items."To help keep your jewelry safe and properly covered, The Hanover recommends following these seven strategies:
- Contact your independent insurance agent immediately: Your agent is a valuable resource for protecting your belongings. Let your agent know that you are now in possession of a piece of jewelry. Find out how much coverage you have and if additional insurance is needed.
- Have the item appraised: Heirlooms and antique jewelry will need to be appraised for their dollar value. Ask your independent agent for recommendations regarding a reputable appraiser.
- Keep a copy of the store receipt: Forward a copy of the receipt to your insurer so that the company knows the current retail value of the item. Make sure to keep a copy for yourself.
- Know who is responsible: If you receive an engagement ring, be sure to check with your independent agent to see whose insurance policy should carry the coverage in case of a loss – the purchaser or the recipient.
- Add the item to your home inventory: Everyone should have an up-to-date inventory of their personal possessions. An inventory can help you purchase the correct amount of insurance and speed up the claims process if there is a loss.
- Take a picture of the item: Get into the habit of keeping a visual record of all of your personal possessions. This helps to document your loss and speed up the claims process. It is also useful to document antique and unusual pieces of jewelry.
- Keep the item in a secure location: Always make sure to store your jewelry in a secure location, especially if you will be away from your home for a while. If you do not plan to wear the item regularly, consider keeping it in a safe deposit box.
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