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If you recently gave your sweetheart jewelry, you may feel like you’ve just successfully conquered another romantic holiday. But there’s one thing you may have forgotten — insurance.

If something were to happen to this expensive gift, would you be covered under your current homeowner’s or renter’s insurance policy? You’ll want to examine your policy carefully to see what type of coverage it offers for fine jewelry. It’s likely that your policy probably covers theft, but not loss from other reasons like lost or damaged jewelry.

“Usually, renter’s and homeowner’s insurance policies set limits for the loss of certain categories of personal property, including jewelry,” says Carly Wickell, About.com Guide on Jewelry Insurance. “Homeowner’s policies typically pay a maximum of $1,000 for jewelry theft. A renter’s insurance policy might have a lower limit for jewelry loss — $500 is common.”

If you have questions, call your agent and ask him or her to specify what types of losses are covered on your standard policy. Your agent can help you determine if it’s necessary to purchase additional insurance for your jewelry.

Wickell suggests asking your agent about the following topics:

• Is there a deductible? How much? Does raising or lowering the deductible change the cost of your policy?

• Do you need to obtain an appraisal on your jewelry prior to getting more insurance? Are there certain appraisers you must use?

• Are your jewelry items covered no matter where the loss takes place? For instance, would your policy cover a loss during domestic or international travel?

• Is the jewelry covered for full replacement cost? Do you have to replace the item or can you get a cash settlement?

• Does the policy cover repairs to damaged jewelry?

Knowing how your jewelry is protected in the event of a loss can help give you and your sweetheart peace of mind.

About MAX: Protect your investments in fine jewelry. Now is a great time to review your homeowners insurance and look into additional coverage if needed. We also offer  farm, auto, renters, and other personal lines to help protect the members of the faith-based community. Our friendly, experienced agents can help answer all your questions about insurance. Visit www.faithbasedinsurance.com/contact-us, email wholeness@faithbasedinsurance.com or call us toll-free at (877) 736-5681.

Source: Wickell, Carly. “Jewelry Insurance: Insuring Engagement Rings and Other Fine Jewelry.” About.com. Retrieved February 20, 2012, from http://jewelry.about.com/cs/jewelryinsurance/a/insure_jewelry.htm.