Search
 

Jewelry May Come with a Price after Valentine’s Day

Last year, rings filed by claimants produced a RCV of $64.8 million. Still a category leader in burglary claims, jewelry costs insurers a pretty penny.

By Christine Washburn | Updated on February 12, 2014

While a box of delicious milk chocolates in a shape of a large heart has long been the default gift to loved ones on Valentine’s Day, nothing screams “I love you” louder than a diamond ring or luxury watch—or so advertisements would have us believe. 

Based on a longstanding tradition, jewelry is a durable staple of February 14. In fact, the National Retail Federation estimates that 19 percent of consumers will spend as much as $3.9 billion in total on “something sparkly” this year. Moreover, the Insurance Information Institute (I.I.I.) didn’t miss a beat, recently alerting the public about the importance of safeguarding jewelry gifts this time of year. In doing so, the I.I.I. cited how losses of rings, watches and other jewelry are “among the most frequent of all home insurance content-related claims.”

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.