New Bling from Your Valentine? Make Sure It’s Covered

If you receive an expensive gem or a new Valentine’s Day bauble, make sure you have the  necessary insurance.  While no one can put a price on sentimental value, insuring your jewelry
will keep it financially protected if it is lost or stolen.

 What you should know about insuring your jewelry:

Jewelry can be covered in a standard homeowner policy under your existing policy. Types of  losses are theft, fire, windstorm,  and vandalism. However, all policies have limitations.

Steps you can take for the right coverage:

Have jewelry appraised and keep a copy of the appraisal in case you need to file a claim.
Ask your agent about adding an endorsement to cover your new item.
It is always good practice to review your policy whenever you purchase new, expensive items.

If you are an Erie Insurance Policyholder, you probably have a $3,000 limitation for the theft of personal items unless you have purchased an endorsement for the policy. If you own jewelry, watches, furs or precious stones that are worth more than $3,000 combined, or any one item is more than $3,000, you may want to purchase an additional endorsement on your existing homeowner’s policy.

Erie Insurance offers Policyholders various options to protect valuables. Those choices include:

1. Purchasing an expanded or enhanced endorsement. For an additional premium, Policyholders can increase their coverage limits from $3,000 to $5,000 for extra theft coverage. With this option, the most a Policyholder can claim on any one item is $3,000 and the homeowners deductible applies.
2. Purchasing a personal inland marine policy. Erie Insurance Policyholders can add an endorsement to an existing homeowners policy or purchase a separate personal inland marine policy for expensive items such as jewelry, furs, watches or precious stones. This type of policy provides all risk coverage, including theft, misplacement or losing a valuable item. The policy can be purchased with no deductible; or, for a premium credit, a deductible can be applied.

When you purchase an item with considerable value like jewelry, you should contact your Agent immediately. Find out how much coverage you have and if any additional coverage is needed.

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