Insuring Your Valentine’s Day Gifts

February 15, 2012

Heart Necklace

Over the years Valentine’s Day has been steadily growing into one of the largest spending days of the year. To give you a little perspective here are some quick stats about Valentine’s Day spending:

  • It is estimated that Americans will spend about $17 billion this year on Valentine’s Day gifts this year on everything from flowers to fancy dinners.
  • To break that down a little more, it is expected that 18.9%, or $4.1 billion, will be spent on jewelry.
  • So how much is each individual person spending? The average person will spend $126 on gifts this year.
  • When buying jewelry people tend to spend even more. For example, Tiffany & Co. offers gifts ranging from their $125 necklaces all the way to their $15,000 engagement ring.

But what about after these gifts are bought, presented, and awed over? Few people take the time to think about protecting these special and, often, expensive gifts. And once you decide to insure that gift, how should you insure it? Well, here are some tips to help you and your Valentine.

For adults who own their own home and have insurance it is as easy as listing their gift under their homeowners insurance which generally covers valuables items. However, there are some stipulations under each insurance policy that you should make yourself aware of, such as limits on the individual item value or the total amount of coverage you are allowed under your policy. Also, most policies only cover “named perils” like fire or theft so make sure to check that as well.

However, for college students they must take extra steps to insure their gifts as most landlords and colleges don’t protect students’ personal belongings. And insurance is even more important for students who are living in close quarters with people they don’t know and have their valuables sitting around. Theft is extremely high among college students, which is why people should protect themselves and their valuables.

One popular solution is renters insurance. GradGuard offers renters insurance which can protect your stuff, as well as, your own liability if damage is done to property or someone is hurt at your residence. These plans can cover up to $50,000 in personal property coverage, $300,000 in personal liability coverage and replacement cost coverage which will reimburse you should your belongings be damaged or stolen. Take an inventory of your belongings (and those new gifts!) and determine if it is worth the money to know that you and your Valentine’s Day gifts are protected. Policies run around the range of $100-$200 a year.






Photo by Cia Gould

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