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Do You Love Your Valentine's Day Gift? Insure it!

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Valentine’s Day. For some of us, this entailed a romantic date night or a gift for that special someone. Year after year, approximately 25% of Americans purchase jewelry, spending an average of $2,000 per year. In 2014, $50 million was spent on jewelry purchased solely for Valentine’s Day. Other popular gifts include electronics, artwork, antiques and wine. If you are anything like me, Valentine’s Day means big, pink heart-shaped boxes of assorted chocolates for 50% off on February 15th. But hey, different strokes for different folks.

If you are one of the jewelry-buyers mentioned in the statistics above, you may need to consider insuring these special items. While homeowners insurance typically covers valuables, it has its limits. Policies often restrict the dollar amount of coverage for individual valuable items and put a cap on coverage for certain categories of possessions. Homeowners insurance also limits coverage depending on how the damage was done. For example, certain perilous events such as fires, lightning, and windstorms might be covered, but simply dropping your ring down drain in the kitchen sink is not.

Collectibles insurance policies can be used to insure Valentine’s Day gifts. Electronics and authentic artwork fall right into the coverage of such packages. Floater policies usually pay for the difference between the real market value of an item and the amount that an external insurance policy will cover. With valuable items, two of the most common problems that consumers face while filing a claim are proving that an item is actually missing or stolen, and then establishing a value for those items. To prevent these issues from happening to you, make sure to take high-quality, detailed photos of your items that you wish to insure and provide a detailed description of each item. Also, keep all original sales receipts as proof of existence.

Need to know what’s best to protect your beloved Valentine’s Day gifts? Ask a Cobbs Allen Personal Lines Consultant today. Click here to get a quote.

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