I Received a Beautiful Piece of Jewelry for Valentine’s Day, Is It Covered?

If you are feeling the love this week and plan on getting your significant other a nice piece of jewelry, your first thought may not be what happens if he or she loses it.

But, what happens if he or she loses it?

First thing is most likely panic and upset. A friend of ours lost the emerald cut diamond from her engagement ring after stripping the wallpaper from the bathroom. The bleach she used to wash the walls caused the setting to break, dropping the diamond. She didn’t realize it was gone till the stripped wallpaper was in a garbage bag down in the cellar.

In a panic, she searched every place in the house she’d been, to no avail. Then she and her husband poured the bag full of trashed wallpaper and searched. Low and behold, he saw a sparkle and there it was!

So what would have happened if our friend wasn’t so lucky and didn’t find the diamond…would her homeowners policy have paid for it?

The short answer is that without special coverage her home insurance policy wouldn’t pay for her loss of the jewelry. But there is a coverage that we could add to your home insurance policy that will pick up what we call “Mysterious Disappearance.”

We can add a Jewelry Floater to your homeowners policy that would pay for, among other things, accidently losing your piece. But there’s more. If your jewelry is stolen, your policy does respond, but usually for only $1,000. A Jewelry Floater eliminates that limitation.

All you have to do to get this coverage is send us the receipt for the new piece that you just purchased. If you got a discounted deal, get us the full replacement cost of the item.

Or, let’s say you give your spouse this Valentine’s Day something handed down from another person in the family, your mother or grandmother. In this case get your item appraised at your local jewelry store. Send us the appraisal and we will cover your piece for that amount.

If you’re wondering about the cost, give us a call with the amount of coverage you are looking for and we’ll quote it for you. There are also ways that we can add an endorsement to your home insurance policy that would include jewelry for a stated amount without insuring separately on a floater.

Either way, give us a call if you plan on surprising your significant other with a fine piece of jewelry. Or, maybe you’re getting engaged this Valentine’s Day…if so, congratulations from all of us here at SZW!!

Until next time,
Your SZW Team

Scalzo, Zogby & Wittig, Inc. is your New Hartford area independent insurance agent. Call us for a quote on insurance for your home, car, business, or life at 315.792.0000. Or request a quote here.