What’s more romantic than Valentine’s Day? It’s the day of love, and no other day has as much meaning for those true to the heart. Don’t make the mistake of forgetting your special person on February 14; 53% of women said they would end their relationship if they didn’t receive a Valentine’s gift.

With that in mind, The National Retail Federation estimates that Americans will shell out almost $20 billion to show their love this year. While the average bill will come to $146 for flowers, candy and other goodies, $4.4 million will be invested in jewelry.

Their survey also found:

  • 20% will give a valuable gift of jewelry (ring, bracelet or necklace)
  • 15% will just give a gift card
  • $681 million will be spent on pets

If the romance moves you to give a ring or another piece of expensive jewelry (keep in mind the average engagement ring costs around $5,000), make sure that you have it adequately protected. While your homeowners or renters insurance provides limited coverage for burglary or loss, high priced items need special insurance, often called scheduled personal property, to cover the amount they are worth. Scheduled personal property comes with no deductible and pays even if that diamond ring or necklace is damaged, lost, or accidently gets run through the garbage disposal. The Property Casualty Insurers Association of America recommends that you get a written appraisal of that special piece of jewelry to establish its value just in case it is lost or misplaced.

California Casualty

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