Professional Insurance Programs

Is Your Valentine Gift Insured?

Valentine’s Day can create some high expectations for gifts… and it’s the most popular day for couples to become engaged. Whether your gift is jewelry or something else of real value, it’s a good idea to make sure it’s insured in case of loss or theft.

“While it may not sound very romantic, after you fiancé says yes, your next call should be to your insurance agent to be sure you have the proper coverage,” advises Ron Von Haden, CIC, Executive Vice President of the Professional Insurance Agents of Wisconsin (PIAW).

“Many people have the false impression that their jewelry and other expensive items are automatically covered under their homeowner’s policies,” Von Haden says. “What they don’t realize is that unless the loss is from a cause specifically mentioned in their policy, it may not be covered.”

Gift givers should also be aware that coverage for theft or loss is generally limited and may not be enough to cover engagement rings or other types of expensive gifts.

Often consumers need a rider or extra coverage added to their insurance policies that specifically covers specific items. “The insurance company will often need a bill of sale,” notes Von Haden. “However, if the item is an heirloom or the store offered a large discount, you may need the item appraised to be certain you are covered for the full value of the item. Your insurance agent can advise you on the type of documentation you’ll need.”

A rider will also cover what is called a “mysterious loss” while a standard homeowners policy will not. In some cases, this extra coverage will cover partial losses if a gemstone is chipped or damaged, or if a single stone is lost.

With the dramatic increase in the value of gold, owners of older pieces of jewelry may want to have those items reappraised.

“It’s best to contact your agent and let them know about the jewelry and other items that you have,” Von Haden says. “They can advise you on the steps to take to protect that valuable property.”

For a review of your homeowners policy and to ensure you have enough coverage on your valuables, contact Professional Insurance Programs today at 800-637-4676 or