Filed Under:Agent Broker, Personal Lines Business

8 Tips for Valentine’s Day Jewelry Protection

Give your clients tips to prevent jewelry loss, mitigate risk

Diamonds are a girl’s best friend, especially on Valentine’s Day. Jewelry is one of the top gifts of all time, and heart-shaped gems are the most popular of the jewelry items gifted, as a sign of love and devotion.

But that shiny, new diamond heart needs to be protected.

“What a shame it would be to have your heart stolen when it’s not by the one you love! Yet theft is the number one cause of loss for jewelry,” said Rebecca Hudzik-Presson, assistant vice president of claims and risk services at Fireman’s Fund Insurance Co.

The majority of jewelry thefts occur when personal jewelry is visible or accessible to be stolen by thieves, coworkers, or even friends.

Sparkly new engagement rings are another top Valentine’s Day gift. With the U.S. jewelry market being upwards of $71 billion, $7 billion is spent on diamond engagement rings, making them an extremely valuable investment that warrants proper insurance.

Although insuring that diamond ring may not be the first thought when thinking about a romantic proposal, but it should be a top priority. According to crime statistics, diamond engagement rings and wedding rings are most likely to be stolen.

“Jewelry is a reflection of who you are and connects you to special events and people in your life. The most important way to protect your jewelry is to create a pre-disaster plan that includes inventory, theft prevention and damage from water or fire,” Hudzik-Presson said.

It only takes a matter of seconds for a thief to swipe valuable jewelry, but that beautiful ring or bracelet can also lose stones, or be subject to dents and scrapes.

Prevention is key, and in taking the proper security measures, that beautiful Valentine’s Day gift can be protected. Protect your jewelry from damage and theft with these 8 tips:

  1. Don’t place your jewelry in jewelry boxes or dresser drawers. These places are common to store jewelry, but their commonality makes them the first place that a thief will look. Keep your jewelry in a safe that is fire resistant, UL rated, torch and tool resistant, bolted to the structure and keep it in an area of the home that is not easily accessible. The best place for jewelry storage is an off-site bank safe deposit box. This is a great option for your most valuable jewelry.
  2. Have your jewelry appraised by a qualified jewelry appraiser for insurance replacement purposes.
  3. Know who has access to your jewelry. There have been several cases of domestic employees stealing jewelry from their employers in the news lately. Being aware of who has access to your jewelry collection, and having background screenings on domestic employees will help prevent any mishaps.
  4. Take precautions when you’re wearing gloves. Prongs from rings may catch on the fabric, which could result in loss.
  5. Don’t place jewelry in your pockets. If your pockets open, or you run your clothes through the wash, you’re at risk of losing jewelry.
  6. Keep jewelry away from sinks, counters and public areas. Setting the jewelry beside the sink when washing your hands or doing the dishes could result in loss, or it could be forgotten or stolen.
  7. Prevent damage by removing your jewelry. When performing outdoor activities, including playing sports or doing lawn work, remove your jewelry to avoid damage and place it in a safe location.
  8. Have your jewelry regularly inspected. Bringing your jewelry to your jeweler for regular inspections will help you to prevent any damage. Making sure the mountings and prongs are checked once a year can help avoid any loose stones, and prevent  accidental loss.

 

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