Think Outside the Box: All that Glitters May Be Underinsured
A great article from the Springfield Business journal:
(ARA) - Valentine’s day represents a special time for gift giving, including some gifts that sparkle more than others. While this is a time of year where it’s the thought that counts, when it comes to more expensive thoughts, there are other things to think about as well - such as insurance.
Although it’s hard to put a price on sentimental items, valuables such as diamond rings need to be properly insured against loss or theft. Each year, according to the U.S. Department of Justice, consumers spend $50 billion on jewelry, of which $1 billion is lost, stolen, or otherwise disappears. Perhaps surprisingly, your existing insurance probably doesn’t provide enough coverage for higher-valued items. In fact, the vast majority of these items are underinsured, which means they can’t be adequately replaced.