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A piece of jewelry is perhaps the most expensive gift that can be given on Valentine’s Day. Surely, a necklace or ring that’s purchased by a loved on has plenty of sentimental value that cannot be replaced. However, it’s important to keep in mind that a Valentine’s Day gift could get lost, stolen or damaged. Fortunately, there are some insurance options available to protect precious jewelry items from such events.

A Georgia homeowner’s insurance policy typically covers personal possessions such as electronics, artwork, jewelry and furniture. However, each item is only covered up to a maximum amount. For this reason, an expensive diamond ring might only be covered for up to a fraction of the actual market value. If you receive a jewelry piece that costs several thousand dollars, you may want to consider purchasing a schedule personal property insurance. This policy typically provides compensation for the full value of bracelets, rings, earrings, necklaces, and other pieces. Some insurance policies will require you to use the cash settlement to repair damaged jewelry or replace stolen pieces.

Floater insurance is another type of option that can protect a precious jewelry piece that has been given as a Valentine’s Day gift. This policy also offers compensation for the market price of an item that’s insured. An official appraisal is needed to properly insurance jewelry. The original sales receipt is usually acceptable as a form of appraisal. However, some insurance companies will want an independent evaluation of a piece from a jeweler who did not sell the item being insured.

Renter’s insurance policies may provide some money to replace stolen or lost jewelry items. However, such plans usually have a ceiling policy that clearly defines the amount of money that can be reimbursed for each claim. It’s important to create a detailed inventory when insuring jewelry and valuables under this policy. 

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