If you received an expensive piece of jewelry on Valentine’s Day, make sure you have the necessary insurance coverage. While insurance cannot replace the sentimental value that piece of jewelry may have, insuring your jewelry will protect you financially if it is lost or stolen.

Most homeowners and renters insurance policies provide coverage for items such as jewelry, but most limit the amount of coverage you could receive due to theft. It is probably in your best interest to purchase an inland marine policy to cover your new piece of jewelry. I would always recommend reviewing with your agent anytime an expensive item is purchased.

If you are an Erie Insurance or Grange Insurance Customer, you probably have a limitation of either $3,000 or $5,000 for theft of personal items such as jewelry. If you own jewelry, watches, furs or precious stones, and any one item is valued at more than $3,000, you may want to add an inland marine rider to your homeowners policy or purchase a separate inland marine policy.

The name “inland marine” is an old-fashioned term dating back to the 19th century shipping industry. The name described insurance coverage for ship cargo in transit (cargo moving inland from ships to barges, wagons, trains and other vehicles). Now, the insurance term describes coverage that helps protects jewelry or specific property (already on land).

You can add by endorsement an inland marine rider to an existing home insurance policy or purchase a separate inland marine policy, either way, the inland marine policy or rider provides broad coverage, including theft, for items such as jewelry, furs, watches or precious stones. The inland marine policy or rider can be purchased with no deductible; or, for a lower premium, a deductible can be applied.