2/14/2014 - Protecting your Valentine
With the arrival of Feb. 14, it's the annual time of year that sweethearts go out of their way to get something nice for their main squeeze. With approximately 16,200 florist establishments and close to 1,200 chocolate makers throughout the country - according to data from the U.S. Census Bureau - Americans have plenty of places to choose from before buying two of the more popular gift ideas for Valentine's Day.
But another frequent present often exchanged to show one another's affection is jewelry. In fact, in February 2012, nearly $2.7 billion in jewelry-related merchandise was sold by stores to couples of all ages, based on Census data.
No matter what men and women decide to get for their significant other, it's important to protect it with the appropriate type of insurance, according to Loretta Worters, vice president of the Insurance Information Institute.
"To properly insure jewelry, consider purchasing additional coverage through a floater," said Worters. "In most cases, you would also be covered for 'mysterious disappearance,' which means if your ring falls off your finger or is lost, you would be financially protected."
She added that while nothing can adequately insure the emotional and sentimental value of a ring, bracelet or necklace, lovebirds can rest assured that it can be replaced if it's broken or in some other way adversely affected.
Floaters are also known as endorsements and generally can be purchased as an add-on to a standard homeowners insurance or renters insurance policy, according to the III.