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2014-05-07
By: Advocate Brokerage
Mother’s Day and the shopping season that precedes it, is a BIG day for retailers. In fact, it is 2nd only to Christmas. The statistics show that we love our moms and wives and that we take advantage of this special day to let her know just how we feel!
What are we doing to make the special ladies in our lives feel loved?
Well, next to dinner, lunch or brunch – it seems no one wants mom to have to cook on mother’s day – jewelry is the 2nd most popular choice. Jewelry sales in the days and weeks leading up to mother’s day are nearly $3 Billion dollars annually. If you are planning on giving a gift that sparkles to your wife, we would like to offer you some advice to consider so that it is protected!
The most important thing to know is that not all policies are the same. You will need to check with your insurance agent to find out what kind of coverage your policy provides.
Don’t assume that your homeowner’s policy will cover the loss of jewelry. While it may provide coverage for personal property, most policies set limits on the amount you can recover or will not provide coverage for a lost or damaged item. It is smart to consult your agent to be sure the coverage you need is the coverage that is being provided.
There are other important factors to consider as well:
What if the item is lost, stolen or damaged outside of my home? Will I be able to get a replacement? Again not all polices are the same, there are some that provide for worldwide loss and others that do not. Some policies insure on an Agreed Value and others on an Actual Cash Value (meaning the company reserves the right to replace the items instead of cutting a check).
Do I need to itemize my jewelry piece by piece or is there a policy that will provide coverage for all my items? The answer depends on your collection, but we always prefer itmes to be itemized. Some policies provide blanket coverage and some utilize a schedule of items with a detailed replacement cost list. Speak with your agent to be sure you have the type of policy that is right for you.
What happens if I only loose one of my earrings? There are many options available in the event of damage, loss or theft of one item in a set or pair. Your agent would be happy to review the options with you.
If you are giving a gift of jewelry to your wife, mom, mother-in-law or another special lady, please be sure to share the above information! Your mom will be happy not only that you shower her with sparkles, but that you care about protecting that gift of love.
Are you planning on gifting the special lady in your life with something sparkly? Leave a comment below or stop by our FB page and let us know about your mother’s day gift plans.
