Thursday, February 14, 2013

What YOU need to know about your Valentine’s Day purchases!

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With Valentines Day right around the corner, you may be planning a trip to the jewelry store.  Getting your special someone a sparkling gem is very exciting!!  So…in light of the up coming festivities, I will be pointing out some great tips on ensuring your jewelry is adequately covered just in time for the 14th of February!!

Although basic tenants, condo or homeowners insurance might include a limited amount of coverage for jewelry, the coverage is best purchased as an extension, or floater, to your property policy.  A current appraisal is often a requirement however this is something that is commonly provided by the jeweler at the time of purchase.  

Now read very closely. THE BIGGGEST reason why you want to schedule an item is simply because, if a diamond or stone goes missing, it gets replaced and covered for the FULL appraised value.  An added bonus is that the deductible does not apply to this type of claim.

It’s important to keep in mind that jewelry should be appraised periodically to accommodate fluctuation in value and to protect your investment.

Remember, it is of utmost importance to call your Insurance Broker should the value of your item increase.

Happy Valentine’s Day to all you lovers out there!!


Written by Geneviève St-Denis, Account Executive, Rhodes & Williams


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