Insuring Your Valentine’s Day Gifts

Valentine’s Day is a popular time for couples to exchange gifts. While some may just do a card, dinner, flowers and maybe box of chocolates, others might exchange very nice gifts such as jewelry and electronics. American Heritage Insurance Group wants people to know that they should insure expensive gifts with valuable item insurance. It’s not a common coverage but it’s fairly inexpensive and can be a big cost saver if anything were to happen to those new gifts.

What Does Valuable Item Insurance Cover?

Valuable item insurance is a supplemental coverage to protect items of higher monetary value. Items can include but are not limited to:

• Cameras and Equipment
• China & Crystal
• Firearms
• Furs
• Golfing Equipment
• Jewelry
• Musical Instruments
• Personal Computers
• Stamps
• Silverware
• Fine Art (Paintings, Etchings, Pictures, Oriental Rugs, Statuary, Rare Books, Manuscripts)
• Historical Value or Artistic Merit Items

Standard homeowner’s policies only allots certain amounts of coverage so these items might not be replaced in the event of a loss. Valuable item insurance gives added protection in the event of theft, accident, or natural disasters.

When Should I Consider Adding Valuable Item Insurance Coverage?

Most homeowners insurance policies have set dollar limits to specific items: jewelry and furs ($1,000), firearms ($2,000), and silverware ($2,500). Most companies have an optional add on valuable item coverage, but even then these normally only go up to $50,000, for each item $10,000.

If you own anything that is worth more than $10,000, whether it’s one item or a collection, this is when you should consider valuable item insurance coverage as a separate insurance policy. You can receive better coverage options for high-valued items.

Steps to Take After Receiving an Expensive Valentine’s Day Gift

1. Contact Your Insurance Professional Immediately
2. Obtain a Copy of the Store Receipt
3. Is it an Heirloom? Have it Appraised
4. Add it to Your Home Inventory

---

Sources: Insurance Information Institute, Liberty Mutual, Travelers