American Property Casualty Insurance Association
  • Staff Contact: Brooke Kelley     
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  • February 10, 2015
  • PCI Offers Three Special Valentine’s Day Tips
  • If you’re going to put a ring on it; consider insurance 

    CHICAGO – If you’re purchasing jewelry for that special someone as a Valentine’s gift, chances are you have a lot invested, both emotionally and financially, in that diamond ring or sparkly piece of jewelry. As with any investment, you want to make sure you’re properly protected and the Property Casualty Insurers Association of America (PCI), reminds Valentine’s Day shoppers to consider insuring that perfect piece of jewelry.

    It appears there may be a little more love in the air this year as one in five Valentine’s Day shoppers are expected to purchase jewelry and spend a total of $4.8 billion, which is the highest amount recorded by the National Retail Federation’s Valentine’s Day Consumer Spending Survey conducted by Prosper Insights and Analytics.

    “On Valentine’s Day and other special occasions when consumers make big purchases, they should also consider protecting those items by ensuring that they have the right amount of homeowners insurance coverage,” said Chris Hackett, director of personal lines for PCI. “It might be tough to think about, but if that expensive piece of jewelry is lost or stolen you will want to make sure you’re covered and it can be replaced. Your homeowners or rental policy generally covers up to $1,500 if your jewelry is lost or stolen. If you paid more than $1,500 then you’ll want to get a special add-on to your current policy or some companies offer separate policies.” 

    While you’re on the phone with your agent or insurance company, you might want to look at other valuable items in your home such as electronics or other jewelry items. It will save you a headache if something happens and you have to file a claim. If your insurer has the proper documentation for the ring such as the receipt or an appraisal it will help save time in the claims process. Also, PCI encourages you to use your smartphone to take pictures or video of those big ticket items and store them in the cloud or email so you have them on hand in case something happens.

    PCI Three Special Valentine’s Day Tips and Info-graphic:

    1. To be sure that all your jewelry is sufficiently covered, speak with your insurance agent. You can get an optional add-on to your current policy or a separate policy. If you go over the details of your policy with your agent you will know what types of losses are covered.  
    2.  Get an appraisal. Although you might not need one under a basic policy, it’s good to get a written appraisal at the time of purchase to establish the value of the item. 
    3. Make sure you know what your deductible is if the item is lost or stolen.

    Keep a record of your insurance company’s free number on hand or saved in your cell phone. PCI list of toll free claims numbers. Continue to follow PCI on twitter @PCIAA use #becovered for more Valentine’s Day Tips.

  • PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $195 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 28 percent of the homeowners market, 33 percent of the commercial property and liability market and 35 percent of the private workers compensation market.
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