Jan. 28, 2014
/PRNewswire/ -- Valentine's Day is a romantic day to share with a special someone and one of the more popular days to get engaged. Protecting a sparkling new engagement ring may not be top of mind, but imagine paying for that ring all over again if it gets lost or stolen.
Personal property within your insurance policy for a homeowners, renters, condo, or manufactured home may offer a set limit that will only pay up to a certain dollar amount for each piece of insured jewelry or group of valuables such as golf or fishing equipment, musical instruments or fine arts. Jewelry, like an engagement ring, that exceeds that amount may need additional coverage. Allstate's
scheduled personal property
(SPP) product covers most valuable items against perils like fire, theft and loss.
"Our data shows the highest percentage of the company's scheduled personal property items are added to property policies during the months of January and February," said
, Allstate line manager. "These are times when more valuable gifts may be given that include pricy jewelry and engagement rings."
The company has tips to help consumers protect their jewelry investment:
- Have a detailed appraisal and be sure to keep the bill of sale. To keep coverage current, have jewelry appraised every five years.
- Keep and maintain an inventory of jewelry and individual valuables - this should be part of a broader home inventory to help better understand everything someone owns.
- The personal property coverage within your homeowners, renters, condo or manufactured home policy does not cover valuable items such as jewelry if they are lost.
- Review your current insurance coverage to determine protection levels to fit individual needs.
The company also advises consumers consider additional personal property coverage questions when thinking of protecting their valuables, such as:
- Is there a homeowners, renters, condo, or manufactured home policy to attach the SPP policy to? Whose name is the policy in?
- Does the item's value warrant additional coverage from an SPP or can it be covered under an existing policy with property coverage?
- Will the valuable personal items be taken out of the country?
- Is there a detailed description and/or bill of sale for all valuable personal items that can be retrieved in case of a loss?
If valuables exceed per item limits, consumers may want to ask an agent about a scheduled personal property coverage option to better protect more valuable items.