Financial Advice Blog

Bling for Valentine's Day? Wear it With Care

by Community Manager  |  Retired, Army  |  San Antonio, TX  |  ‎02-10-2014 07:29 AM

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It’s February:  the month for sweethearts, chocolate and jewelry — and perhaps a groundhog, but he doesn’t fit in my story. So, what am I focused on this week?  Probably not what you think but we’ll get to that in a minute.


As a USAA employee, I get to travel quite a bit and speak to groups about personal finance. Oftentimes, I’m the first USAA employee people have ever met face to face. And what’s cool is that the vast majority of the feedback I get is the positive, happy type (except for some folks who are hoping I can influence their insurance rates. Hint: I can’t).


At a recent military spouse gathering, I was approached by a very nice lady who wanted to share a story of insurance premiums well-spent.


Due to PCS orders, she moved halfway across the country and arrived at her new destination without her wedding ring. She never completely pieced together what happened, but her best guess was that she removed it before showering at a hotel during the journey, and forgot to pick it up before leaving.


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She never saw the ring again.


Luckily, she had Valuable Personal Property insurance that covered the loss. The ring was replaced, and minus some sentimental value, she was whole again. So have you figured out where I’m going with this yet?


Valentine’s Day is the day of sweethearts, chocolate and jewelry. If you lose a card or some chocolate, it’s no big deal. But jewelry? That’s a whole different story. Whether your jewelry is lost or stolen, it’s a downright devastating experience, financially and emotionally. Bottom line: It’s going to be a bad day and if this happens to you, the right insurance might be the only thing to make a really crummy situation a little better. At the very least, it’s a great product to know about, so here are some key aspects of USAA’s coverage.


No deductible. While renters or homeowners insurance gives you some protection for expensive items, you’ll be subject to the policy’s deductible and limits. That’s not true of VPP because there’s no deductible.


It’s easy. In most cases you can sign up online in just a few minutes.


It’s inexpensive. At our house, we have the coverage, and it’s less than 10 bucks a month. You can actually get coverage for as low as $4 a month. Of course, the premium will vary, depending on what you’re protecting, and you’ll typically need renters or homeowners insurance too, but you could even save money on those policies by adding VPP.


It’s for more than just bling. Sure, jewelry can be covered by these policies, but that’s not all. You can also cover silverware, fine arts, coins/stamps, cameras, guns, furs and musical instruments, to name a few.


With any luck, you’ll have a great February, Valentine’s Day will be full of warm, positive memories, and any pricey gifts you receive will be in your possession forever. Still, you never know. So enjoy the chocolates and the flowers, but don’t forget to protect the jewelry!




Further Information

Community Managers
Scott Halliwell

Scott Halliwell is a CERTIFIED FINANCIAL PLANNER™ practitioner.

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J.J. Montanaro

Joseph "J.J." Montanaro is a CERTIFIED FINANCIAL PLANNER™ practitioner.

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