A valuable item can take weeks, months or even years worth of income to purchase, but only a few seconds to be lost due to theft, natural disaster or other unforeseen events. While there is no way to insure the sentimental value of a valuable gift, having it properly insured will provide financial protection in the event it is lost or stolen.

Here are seven strategies for protecting your valuables.

  • Contact us immediately. Your agent is a valuable resource for protecting your belongings. Let your agent know that you are now in possession of a valuable item. Find out how much coverage you have and if additional insurance is needed.
  • Have the item appraised. Heirlooms and antique jewelry will need to be appraised for their dollar value. Ask your independent agent for recommendations regarding a reputable appraiser.
  • Keep a copy of the store receipt. Forward a copy of the receipt to your insurer so that the company knows the current retail value of the item. Make sure to keep a copy for yourself.
  • Know who is responsible. If you receive an engagement ring, be sure to check with your independent agent to see whose insurance policy should carry the coverage in case of a loss — the purchaser or the recipient.
  • Add the item to your home inventory. Everyone should have an up-to-date inventory of their personal possessions. An inventory can help you purchase the correct amount of insurance and speed up the claims process if there is a loss.
  • Take a picture of the item. Get into the habit of keeping a visual record of all of your personal possessions. This helps to document your loss and speed up the claims process. It is also useful to document antique and unusual pieces of jewelry and art.
  • Keep the item in a secure location. Always make sure to store your jewelry in a secure location, especially if you will be away from your home for a while. If you do not plan to wear the item regularly, consider keeping it in a safe deposit box.

Not sure what’s worth covering or how much coverage you need? Not a problem. For more information to help you keep your precious possessions safe, please contact your agent by email or call us at 877.381.3570.


[SOURCE: The Hanover]