Valentines Day and a Leap Year Make for the Perfect Chance to Propose to Your Man, But If You Give Him an Expensive Gift, Make Sure Its Properly Insured
NEW YORK, February 8, 2012 — According to lore, women can propose marriage during a leap year—and what better day to pop the question than Valentine’s Day? Whether you present your intended with an expensive watch, ring or even a new set of golf clubs, your token of love needs to be properly insured, according to the Insurance Information Institute (I.I.I.).
- Contact an insurance professional immediately. Let your agent or company representative know that you now own a piece of jewelry, a fur or other expensive item. Find out how much coverage you have and whether additional insurance is needed.
- Keep a copy of the store receipt. Forward a copy of the receipt to your insurer so that the company knows the current retail value of the item. Keep a copy for yourself and include it with your home inventory.
- Have the item appraised. Heirlooms and antique jewelry will need to be appraised for their dollar value. Ask your insurer for recommendations regarding a reputable appraiser. It is important that expensive items be appraised properly—if you purchase a floater, you will pay a premium based on the appraised value and in the event of a claim, be compensated for this dollar amount.
- Take a picture of the item. Get into the habit of keeping a visual record of all of your personal possessions. This helps to document your loss and speed up the claims process. It is also useful to document antique and unusual pieces of jewelry.
- Add the item to your home inventory. An inventory can help you purchase the correct amount of insurance and speed up the claims process when there is a loss. To make creating your inventory as easier as possible, the I.I.I. has free Web-based home inventory software, Know Your Stuff®. The software includes secure online storage so you can access your inventory anywhere, anytime. If you have an iPhone, you can also download the new Know Your Stuff® - Home Inventory app in the iTunes App Store (or search for “iii inventory”). Information about your belongings can be entered either through the iPhone app or the Web-based software and your data will automatically synchronize between the two. All of your information will be kept in your personal, password protected account, on Amazon secure servers. And, like the online version, the Know Your Stuff® app is free of charge.
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500