American Property Casualty Insurance Association
  • Staff Contact: Nicole Mahrt-Ganley     
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  • February 10, 2016
  • Millions Plan to Pop the Question on Valentine’s Day
  • PCI Encourages Couples to Insure their Symbol of Love

    CHICAGO - A lot of time, money and thought goes into planning the perfect engagement moment and the Property Casualty Insurers Association of America (PCI), reminds Valentine’s Day shoppers to take a moment or two and ensure their symbol of love is protected by insurance.

    Without a doubt, jewelry is one of the go-to expressions of love as consumers spent $4.8 billion on rings, necklaces and other trinkets for Valentine’s Day in 2015 according to the National Retail Federation. But with the average cost of engagement rings, wedding bands and other items exceeding the typical coverage limits for homeowners and renters policies, it is important to contact your insurance agent or company so that your valuables can be properly insured. 

    “Making a big purchase like an engagement ring is a major investment and knowing that it is protected will give you and your future spouse peace of mind,” said Christopher Hackett, PCI director of personal lines policy. “Too often, people don’t realize that a typical homeowners or rental policy generally only covers up to $1,500 if jewelry, furs and other valuables are lost or stolen. However, it is easy to add these items to your policy with what is called a scheduled personal policy endorsement so that your valuables can be insured for their full appraised value. This is also the perfect time to go over all of your coverage options and policy details with your insurer.”

    Tips for Protecting What’s Important to You:

    ·         Talk to your insurance agent or company and be sure your jewelry is adequately covered. 

    ·         Get an appraisal and save it along with your receipt in a safe place.

    ·         Take and save a picture of your ring.

    ·         Store jewelry in a safe and secure location.

  • 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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