FOR IMMEDIATE RELEASE
February 13, 2009
IDFPR Offers 5-Step Plan to Protect Valuable
Valentine’s Day and Other Gifts and Heirlooms
Review of Homeowner and Renter Insurance Policies Encouraged
CHICAGO – The Illinois Department of Financial and Professional Regulation (IDFPR)
Division of Insurance today issued tips on how families can use homeowner and renter insurance
to protect precious and valuable belongings for Valentine’s Day and other special occasions.
“Valentine’s Day reminds us not just of the loved ones in our lives, but also of the many family
treasures that hold sentimental and sometimes economic value,” said Michael T. McRaith, Acting
Secretary of IDFPR and Director of the Division of Insurance. “Consumers should use this
opportunity to carefully review their coverage needs, work with their insurance agent to ensure
those needs are met, and contact the Division of Insurance if they encounter any problems.”
Below is IDFPR’s five-step plan for consumers who want to make sure precious gifts and family
heirlooms are covered under their homeowner or renter policy.
1. Review Your Current Coverage
With most homeowner and renter insurance policies, jewelry is a type of personal property you
can insure. However, the policy may not provide enough coverage since many policies limit the
amount of coverage and might not protect against all incidents.
Homeowner and renter policies have a maximum coverage limit for the combined value of all of
your jewelry, and this limit might be only a fraction of the value of any items. Most policies will
protect against theft; however, you also might be able to protect against damage or loss.
Review your policy or check with your insurance agent to determine the scope of your current
coverage. If insufficient, you can purchase a separate policy for the item or add an endorsement
to the existing policy. You should also talk with your insurance agent or company about how a
jewelry loss wou