From flowers and candy to jewelry and dining out, Americans spend nearly $20 billion to show their love on Valentine’s Day, according to Forbes. And with Valentine’s Day just around the corner, now is a good time to consider protecting your investment if you plan on buying an expensive jewelry gift this year.

So when it comes to jewelry, who buys the coverage? This is a common question asked when considering this specialty insurance, especially if the couple does not currently live together. Should the recipient purchase coverage or the gift giver? In short, the answer lies in ownership: Whoever possesses the jewelry needs to have the coverage in their name. Once gifted, the jewelry has changed ownership.

One important thing to note is not all homeowner’s or renter’s insurance policies offer appropriate coverage. If the piece of jewelry were stolen, many times your home/renter policy can come up short in covering the value of the jewelry. Rental and homeowner’s insurance policies typically provide personal property coverage at a percentage of the insurance on the structure of your home. However, many policies have specific dollar limits for expensive items, such as jewelry. It’s also a good idea to get your jewelry appraised every so often!

If you’re interested in finding more about jewelry coverage, we at Ramey King would love to talk more about it. Feel free to reach out to us today to learn more about jewelry coverage this Valentine’s Day!