If you watch enough TV, you realize at some point during the holiday season, you might be expected to give your special someone an expensive piece of jewelry to fuel a tender moment together. Usually, a male is the giver of such gifts. This is because it’s easy for most men to pick out some jewelry, have it gift wrapped, bring it home and hide it until the big moment. It’s a bit more of a reach for the typical woman to pick out an outboard motor, have it gift wrapped, bring it home and hide it until the big moment. We understand.
Ideally, the man in this scenario has contacted his insurance agent to have the jewelry scheduled on his homeowner policy. He’d do this because items listed on the personal articles schedule can be covered up to the scheduled amount, with no deductible, and scheduling the jewelry covers the greatest threat to the jewelry: the guy somehow losing it.
If you give your significant other some jewelry and you two are already living together with both of your names on the homeowner policy, that’s the end of the story. Nice job. However, please keep reading so you can educate your single male friend who might be giving jewelry to someone who isn’t covered on his homeowner policy. The point to understand here is that you can’t insure jewelry owned by someone who lives outside of your insured household and whose belongings are not covered on your policy.
Another complication: the average guy might not realize that once he gives away the jewelry, it’s no longer his. A guy could think the jewelry is on loan, and they can get it back if the relationship fizzles out. Or perhaps he believes the jewelry is a symbol of the love shared between two people, so naturally, he’s sharing the diamond, not giving it away. Therefore, the guy doesn’t think to call his insurance agent and let them know Operation Tender Moment was a success and the jewelry has a new owner.
Guys in this situation need to contact their insurance agent to tell them what’s going on with the jewelry and that the new owner will be covering it on their homeowner policy. There’s some flexibility on the timeline here, but only if the insurance company knows your plan. It’s appreciated when women help guys out on stuff like this. For example, I knew once I gave Mrs. Michael her engagement ring, that ring was HERS. We weren’t sharing it and it wasn’t on loan!
Just another fantastic reason to stay in touch with your insurance agent!!!