By Luke Brown
Homeowners Insurance Florida | We know, the title may seem a little strange for the blog of an insurance company. But stay with us – it will make sense, and there’s a meaningful connection.
According to Forbes, the 2017 jewelry market is expected to reach $257 billion.Of that, according to Statisticbrain.com, about 17% will be purchased for Valentine’s Day (nearly $44 billion).That’s a lot of value on fingers, around necks and wrists, in ears, and left in houses, apartments, hotels, and cars.
What Is the Heart of the Matter?
Your American Integrity Insurance policy! Insurance does and should come in from the start. It should be the next consideration after deciding who you’ll buy the jewelry for and what to buy.
Why? Not just because you are making a substantial investment of money, but because the investment symbolizes the bond between you and the person you are giving it to. The bond includes the characteristics of honesty and sincerity, all synonymous with integrity. This isn’t just because many people get engaged on Valentine’s Day (a few years ago American Express estimated that number at about six million). It’s also because the celebration of Valentine’s Day is a historical tradition of romantic relationships. Therefore, as the tradition needs to be preserved, so do all of those gifts that symbolize love. That’s where insurance in general, and American Integrity Insurance Company in particular, comes in.
American Integrity Insures Those Tangible Expressions of Love
Homeowners insurance with American Integrity can insure the structure of your home, your personal property such as jewelry, and provide you with protection from harm you may cause to others, depending on the policy that you buy. What’s more, the protection of your property can extend to your personal belongings, like Valentine’s jewelry, when taken on a short trip to celebrate the romantic day.
Standard homeowners policies usually include some coverage for jewelry and other valuables, but the standard coverage has limits; for jewelry the standard limits are sometimes not adequate to cover the value of your item. The kinds of risks for which coverage is provided depends on the form of policy that you buy. That is, some “forms” may cover all risks, while some may be for only named perils, i.e. fire, windstorm, theft, and vandalism. It is important to discuss your needs and the type of property that you have with your American Integrity Insurance agent.
If you have received valuable jewelry or items that are hard to replace, standard coverage limits can be increased. This can be done by increasing the overall limits of the homeowners insurance policy (and thereby increasing the overall contents coverage). Although this is the less costly way, the amount recoverable for a single item will still be limited. The other way is to “schedule” the item(s) on a floater. Doing so will allow you to insure the item(s) for their value. This is the more expensive alternative because the additional premium will be based upon the stated value of the property, such as an engagement ring. American Integrity will require proof of the actual value of it by an appraisal from a qualified appraiser. Scheduling the jewelry or any other valuable item may also provide coverage for loss or damage from a greater number of causes of loss (risks).
We wish you a Happy Valentine’s Day and look forward to serving you, your families, your friends, and your neighbors for years to come.