How to Protect an Expensive Gift
If you were lucky enough to get a sparkly, expensive gift for Valentine's Day--like an engagement ring--don't forget to share the good news with your insurance agent! Homeowners and renters insurance policies include coverage for personal items and jewelry, but may only protect you for about $1,000 in the event of theft.
Consider purchasing an endorsement to your insurance or getting a separate jewelry policy that would insure you for any type of loss (including a mysterious disappearance if the ring falls off your finger while you're snorkeling in Bali on your honeymoon, for instance). That wouldn't keep you from shedding tears over your lost jewelry, but it would give you the money to purchase a replacement.
You may need to have the jewelry appraised, especially if it's an antique. Be sure to keep a copy of the store receipt, take a picture or video of the item, and add it to your home inventory. What's that--you don't have an inventory of all your personal possessions? It's easy to create one and to upload a photo of your new jewel using free software at KnowYourStuff.org.
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