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

No one can put a price on sentimental value, but insuring your jewelry will keep it financially protected should it ever be lost or stolen. So, if you receive a gem for Valentine’s Day, here are a few things to help you understand and protect its value.

First, have it appraised. That can help you assign a dollar value to this meaningful item. Keep your receipt or appraisal with your home inventory records and take a picture of the item, too. If it’s not something you’ll use often, consider storing it in a safe or a safety deposit box.

Then, once you know the value, think about how the item will be financially protected.

If you’ve purchased homeowners through Erie Insurance, you probably have a $3,000 limit for the theft of specific types of personal items, automatically. If you own jewelry, watches, furs or precious stones that are worth more than $3,000 combined, or if you own any one item that’s worth more than $3,000, you may want to purchase additional insurance.

ERIE offers several options that can help you protect these valuables:

• Purchasing an expanded or enhanced endorsement. For an additional premium, you can increase your per item coverage limits from $3,000 to $5,000 for extra theft coverage. With this option, you can make a claim on any one item up to $5,000. The homeowners deductible applies.
• Purchasing a personal inland marine policy. You can add a personal inland marine endorsement to your Erie Insurance homeowners policy or purchase a separate personal inland marine policy from ERIE. These policies specifically cover expensive items such as jewelry, furs, watches or precious stones. This type of policy provides comprehensive coverage, including theft, misplacement or losing a valuable item. The policy can be purchased with no deductible. Or, for a reduced premium, a deductible can be applied.

Thinking about how to protect your belongings doesn’t have to be hard. Give us a call. We can help you review your coverage and determine if more coverage is needed.

ERIE^® insurance services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York). Not all companies are licensed or operate in all states. Not all products are offered in all states. Go to erieinsurance.com for company licensure and territory information.

Next steps:

• Learn 8 ways to save money on your house insurance
• Make sure you have the right homeowners coverages
• Contact us for more information or a review of your home insurance needs

The information in this post is general in nature, and geared toward insurance conditions in Western New York.  As always, you should speak with an insurance adviser to determine your specific insurance needs.