Did you know that each year 58 million pounds of chocolate candy is bought to celebrate
Valentine’s Day? However, if a loved one skipped out on the chocolate this year and is
splurging for an expensive gift such as a ring, mink coat or handgun, then it’s time to talk
to your insurance company.

Standard homeowners and renters policies include content coverage for jewelry and other
valuables. But, many policies limit the dollar amount of coverage for theft of guns, furs,
jewelry and silverware from $1500 to $2500. You will find this language under
SPECIAL LIMITS OF LIABILITY in your homeowner’s policy. This dollar limit is not
per item, this is the most they will pay for one theft claim. Therefore it is important to
have these special items properly insured using floaters or endorsements.

Floaters and endorsements are available as additions to your homeowners or renters
insurance policies. Prices vary and are based on the type of jewelry or valuable being
covered, the insurance company you choose, where you live and where the item will be

Floater insurance is a type of policy that covers property that is easily movable and
provides additional coverage over what normal insurance policies do not. Floaters are
available for just about anything you own including jewelry, furs, fine art, musical
instruments and even golf equipment. Adding a floater assures the homeowner that the
full value will be replaced in the event of theft, loss or damage.

To make sure your new gifts are adequately protected, here are a few tips:

  • Keep a copy of the store receipt
    It’s not very romantic, but keeping the receipt will protect you. Give a copy of
    the receipt to your insurer so the current retail value is documented.
  • Store valuables in a secure location
    Protect your jewelry by storing it in a secure location in your home or, if you
    don’t plan on wearing your jewelry all the time, consider keeping it in a safe
    deposit box. You may save money on the cost of insuring it as some companies
    offer “in vault” coverage.
  • 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 can speed up the claims process. It also
    helps when preparing your home inventory.
  • Remember to add the item to your home inventory
    Everyone should have an up-to-date inventory of their personal possessions,
    including valuables. This can help you purchase the correct amount of insurance
    and will make the claims process easier if you suffer a loss. To create a home
    inventory, go to www.oid.ok.gov/home-inventory/

While it is impossible to put a price on love, purchasing the right coverage to protect
those tokens of appreciation against theft, loss or damage adds peace of mind to your
expression of love.

For any other insurance information contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.ok.gov.