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 Washington Insurance Council Consumer Alert Contact:
Karl Newman, Executive
Director Washington Insurance Council Jewelry insurance: Is your Valentine’s Day gift covered?SEATTLE – Diamonds, pearls, gold and silver are just a few of the ways people express their feelings to their loved ones on Valentine’s Day. While giving the perfect piece of jewelry can be a priceless experience, it can cost you plenty to replace it if it’s not insured. “Most homeowner’s policies have some jewelry coverage,” said Karl Newman, executive director of the Washington Insurance Council. “However, if you’ve purchased jewelry or other items of special value such as furs, cameras, musical instruments, coins or fine arts, the included coverage is limited and may not meet your needs.” Typically, homeowner’s policies protect jewelry against losses from causes such as fire, theft, and windstorm up to a relatively small limit – such as $2000 for all jewelry owned in the household. Special coverage can be purchased to cover the full value of your jewelry for situations such as loss of the item, losing a stone, or for major catastrophes such as external flooding or earthquake. Be sure to contact your insurance company or agent for help in evaluating your needs. The Washington Insurance Council offers the following consumer tips to help you enjoy your new jewelry for many years to come: ¨ Examine your jewelry periodically for signs of damage or loose stones. ¨ Have your jewelry cleaned and checked annually. Many jewelers guarantee the safety of a stone if you have regular checkups. ¨ Keep a video, photographic and written inventory of all personal property, including jewelry, and keep receipts for all high-value items. This simplifies your insurance claim if you do have a loss. ¨ Talk with your insurance company or agent to research extra coverage that will give you broader protection. Washington Insurance Council is a non-profit, consumer education organization funded by member insurance companies. ### |
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