Posted on February 14, 2017
Valentine’s Day is upon us, and many will be using the occasion to show their feelings by surpassing the standard ‘card and chocolates’ - in the US alone, The National Retail Federation is expecting consumers to spend $18.2 billion buying gifts.
However, Duncan Sutcliffe, director, Mann Broadbent, has some words of advice: “Without wishing to put a dampener on love, we want to make sure people are aware that if they are spending a bit more this Valentine’s Day, such as on jewellery, then to check their insurance policy covers it should the worst happen.”
Many home contents policies will have a caveat limiting the coverage offered for loss or theft of jewellery. Have a look at the wording of your policy, as it may be worth speaking to your broker to increase the limit or indeed specifying particularly high value jewellery items, such as engagement rings and watches, on your policy.
Duncan continued: “If you are buying a high-value product, particularly those with precious stones, such as diamonds, then request a valuation certificate - this provides peace of mind to you that you are buying what you think you are, and also helps your broker and insurer to put in place the right cover.”
Other considerations for your insurance is the security requirements - your policy may specify that items of a particular value should be in a safe at home or in a secure bank deposit, in order for the insurance to be valid. Similarly, the cover available may differ for inside and outside the home, so if you are considering a trip away, then give your broker a call to update your policy.
Duncan concluded: “Love is in the air, just make sure you’re covered for both the ups and downs that come with it!”