2/14/2012 - III advises lovebirds to properly insure gifts they give to their partner on Valentine's Day
The Insurance Information Institute reminds consumers that it may be in their best interest to insure the gifts they give to their special someone.
III notes that when two people who care for one another share gifts, they can often be expensive and valuable. As such, contacting an insurance agent
should be one of the first things done after purchasing them.
Loretta Worters, vice president with the III, said personal possessions are generally covered with a standard home or renters insurance
policy. Policy limits can vary but they're generally between $1,000 and $2,000. There are ways, however, to increase coverage.
"To properly insure jewelry, consider purchasing additional coverage through a floater [also known as endorsements]," 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 these types valuable gifts are often considered priceless, having them properly insured gives owners some recourse should they be lost or stolen.
For more tips from the Insurance Information Institute on how to protect your valuable items, click here