New Jewelry From Your Valentines Make Sure It’s Covered

Receiving a beautiful gem or a stunning new bauble on Valentine’s Day is always a special moment. While sentimental value is priceless, ensuring your jewelry is properly insured can provide financial protection in case it is lost, stolen, or damaged.

Why Jewelry Insurance Matters

Most homeowners and renters insurance policies offer coverage for expensive personal belongings like jewelry. However, many policies have limits on theft coverage, meaning high-value items may not be fully protected. To ensure complete peace of mind, consider purchasing an additional rider or policy extension to expand your coverage.

Understanding Your Coverage Limits

If you are an Erie Insurance customer, your policy likely includes a $3,000 theft limitation for personal items such as jewelry. If you own high-value jewelry, watches, furs, or precious stones—especially if a single item exceeds $3,000—you may need additional coverage or a personal inland marine rider to ensure full protection.

What is an Inland Marine Policy?

The term “inland marine” dates back to the 19th-century shipping industry, originally describing coverage for goods in transit. Today, this type of policy protects valuable personal property, including jewelry, from various risks such as theft, loss, or accidental damage.

Insurance Coverage Options

Erie Insurance offers multiple options to safeguard your valuables:

1. Expanded Policy Coverage

• Increase coverage limits for theft losses from $3,000 to $5,000 or $10,000 for an additional premium.
• A $3,000 per-item limit applies, and the homeowner’s deductible remains applicable.
• If you own individual pieces valued over $3,000, consider scheduling insurance, which specifically lists items on your policy.
• Coverage varies by state, so consult your agent for details.

2. Personal Inland Marine Policy

• Provides broad protection for high-value items such as jewelry, furs, watches, or precious stones.
• Covers theft, accidental loss, and misplacement.
• Can be purchased without a deductible or with a deductible for a lower premium.

Tips for Protecting Your Jewelry

Whenever you acquire a valuable item like jewelry, take these steps to ensure it remains protected:

✔ Check your insurance coverage – Review your policy and confirm coverage limits.

✔ Get an appraisal – Establish the item’s current value, especially for antiques or older jewelry.

✔ Keep receipts and photos – Maintain store receipts and take pictures for documentation.

✔ Store safely – Use a secure safe or deposit box for items not worn daily.

Valentine’s Day is all about celebrating love, and part of that is ensuring your cherished gifts are well-protected. By reviewing your insurance coverage and taking proactive steps, you can safeguard your valuable jewelry against unexpected events. For personalized guidance, contact your insurance provider to explore the best coverage options for your needs.