Now that the (sparkly) dust has started to settle after Valentine’s Day, there are a couple of things to consider.
First, let’s start with the numbers. According to WalletHub.com, a financial website, the amount estimated to be spent on Valentine’s Day 2016 was $19.7 billion (yes, with a “b”), which I’m sure not only warmed the hearts of the recipients, but the hearts of the merchants as well. That is a nice chunk of change, by anyone’s standard. Of that amount, an estimated 4.5 billion dollars was spent on jewelry, the rest spent in various other ways – from the basic to the imaginative – to say “I love you.”
Certainly, all expressions of love are worthy and meaningful. The difference is that, sadly, flowers die and candy becomes a sweet memory, but jewelry, hopefully, will be around forever! But in the event that it is not – through loss or stolen – you want to make sure that your token of love is covered.
Here’s the bottom line: If you gave or received expensive jewelry on Valentine’s Day (or anytime for that matter), don’t assume it is automatically covered by your homeowner’s insurance. Now would be the perfect time to call your insurance agent and verify that you are adequately covered, or increase your coverage.
Also, some insurance companies require reappraisals every three to five years for jewelry. With the incrase in value of precious metals, in particular, jewelry that you have owned for some time could be at risk, if your coverage is not keeping up with its value. Again, your agent can assist you with your coverage needs.
According to Brides magazine, 14 million marriage proposals were expected to be done over Valentine’s Day, just confirming what we all know – that love still “rings” true.