A guide on insuring jewelry and pricey gifts

Contact: Jennifer Bowen
(334) 269-3550


The holiday season is a common time to pop the question with a shiny engagement ring or to buy an expensive gift for a loved one. Insurance should factor in when buying valuable gifts like jewelry, vehicles and major electronics. The National Association of Insurance Commissioners (NAIC) offers these considerations for insuring these gifts.

Know Your Coverage

Most homeowners and renter's insurance includes limited coverage for jewelry. Most policies will protect against theft, but you may need additional coverage to protect your jewelry against damage or loss. Check with your insurance agent to better understand the scope of your policy.

If it's not enough to cover the items you want to protect, consider purchasing a separate policy or adding an endorsement to your existing policy.

Obtain an Appraisal

An item's dollar value has the most influence on your premium and deductible, which is why an accurate appraisal is important. Plan on providing your receipt and a recent appraisal.

Purchasing a Vehicle as a Gift

If you're buying a new car, SUV or truck as a gift, make sure the recipient updates their insurance. If you share an auto insurance policy with the person receiving the new gift, the process can be easy. Simply add the car to your shared policy and transfer the title.

Updating Your Home Inventory

Remember to add any expensive or sizable gifts to your home inventory. If you need to start a home inventory, we encourage you to use the NAIC myHOME Scr.APP.book application (Apple Play or Google Play) or the Insure U checklist. Include as many details as you can, take photos of each item and take videos of rooms in your house. Most home insurance policies have standard limits for big-ticket items like electronics, art, jewelry or sporting equipment. You may need special coverage.