Valuables and jewelry are worth protecting

It is the time of year when Cupid is shooting off his arrows and the overwhelming feeling of love and romance is driving men and women to buy that special something for that special someone.

But something those lovebirds with the expensive gifts can forget is insurance.

The Insurance Information Institute warns those receiving engagement rings, diamond earrings and other expensive Valentines jewelry to get the appropriate insurance.

Some standard homeowners or renters insurance policies may not cover such valuable items. Other policies may only cover theft or loss to a certain limit, which is usually $1,000 to $2,000.

"To properly insure jewelry and other expensive items, consider purchasing additional coverage through a floater or an endorsement," says Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I.

Floaters and endorsements also cover jewelry that disappears off your hand or down the drain. According to the I.I.I., there are no deductibles for insurance through floaters or endorsements and you can sometimes get a choice of having the item replaced or receiving the value of the item in cash.

Blanquart said his store recommends that buyers get additional insurance. "It all depends on the value of the jewelry," Blanquart said. "We offer Jewelers Mutual Insurance, which allows you to use insure your items through them with your own insurance company." He also said any jewelry over $1,000 needs to have a written appraisal. All jewelry under $1,000 should be combined for appraisal.

The I.I.I. has a few suggestions for protecting your jewelry:

- Contact your insurance professional immediately. Once you receive your gift, call your insurance agent. Find out if your insurance will cover jewelry or get the additional insurance.

- Have the item appraised. If you inherit the item, you will need to have it appraised to get insurance. The appraisal will be the base value of the insurable item.

- Keep a copy of the store receipt. It doesn't hurt to know how much your honey spent. But for insurable purposes, forward a copy of the receipt to the insurance company and one for yourself for inventory.

- Store valuables in a secure location. If you aren't wearing it, put it in a safety deposit box. Some insurance companies will give you a deal if it is in a vault. But you have to let your insurance company know if you plan to wear it for a special occasion. If you do wear it under the in vault coverage and it is lost or stolen, you may not get the value of the item back.

- Update the value of your jewelry. Talk to you insurance agent about how to keep your jewelry at its best value.

- Take a picture of the item or collection. Visual records are always a plus incase of fire or loss. Keep copies for inventory and for the insurance agent.

- Add the item to your home inventory. To create a home inventory, go to www.knowyourstuff.org.

You can add photos and scan receipts on to the Web site.

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