Valentine's Day Jewelry Spending Tops $6 Billion - But Many Gifts May Be Underinsured

As jewelry spending surges, Mercury Insurance warns many high-value gifts may exceed standard coverage limits

LOS ANGELES, Feb. 10, 2026 /PRNewswire/ -- Valentine's Day is one of the most popular times of year for gifting fine jewelry and other high-value items, from engagement rings and watches to heirloom pieces meant to last a lifetime. According to the National Retail Federation, Americans are expected to spend more than $6 billion on jewelry for Valentine's Day alone, making it the holiday's highest-spend gift category year after year. As spending peaks during the holiday, Mercury Insurance (NYSE/NYSE Texas: MCY) is encouraging couples to take a few proactive steps to help protect these meaningful investments before and after they're exchanged.

While many shoppers focus on the emotional significance of a gift, its financial value is often overlooked — especially once the excitement of the moment passes. Without proper documentation or insurance consideration, valuable items may be under-protected or not covered as expected.

Many standard homeowners and renters insurance policies include sub-limits for jewelry – often between $1500 and $2500, according to industry data – which may fall well short of the actual value of engagement rings, watches, or luxury gifts.

"High-value gifts tend to carry both deep sentimental meaning and significant financial value," said Larry Anderson, Director, Underwriting Operations at Mercury Insurance. "When a single piece of jewelry can easily exceed $5000 or more, it's important for consumers to understand how coverage limits work and whether additional protection is appropriate."

Mercury's guidance for protecting jewelry and high-value gifts

Keep purchase documentation

Save receipts, appraisals and certificates of authenticity. These records help establish value and make future coverage reviews more accurate.

Consider a professional appraisal

Fine jewelry and luxury items may increase in value over time. An appraisal provides a current valuation that can help determine appropriate coverage. Appraisals are typically recommended every 3-5 years, especially as precious metal and gemstone prices fluctuate.

Understand coverage limits

Standard homeowners or renters insurance policies often include limits for certain categories of personal property, including jewelry. Items that exceed those limits often require additional coverage. Industry limits often range from $1500 - $2500 for jewelry under standard policies.

Review coverage after major life events

Engagements, weddings and anniversaries often come with new high-value purchases. These milestones are a good time to review policies and confirm protection keeps pace with life changes.

Store items securely

Using a home safe or secure storage option can help reduce risk and preserve condition when items aren't being worn. According to insurance industry data, theft remains one of the most common causes of jewelry claims.

"As life evolves, so do the things we value most," Anderson added. "Regularly reviewing personal property coverage helps ensure protection stays aligned with what you actually own today — not what you owned years ago."

With engagement season continuing well beyond Valentine's Day – and billions spent annually on jewelry during this period – Mercury encourages consumers to treat insurance reviews as part of responsible ownership, helping protect not just the gift itself, but the investment behind it.

Valentine's Day consistently ranks among the top seasonal spikes for high-value jewelry purchases, making it a critical moment for consumers to reassess how those items are protected.

For more information about protecting personal property and reviewing insurance coverage, visit the Mercury Blog.

About Mercury Insurance

Mercury Insurance (NYSE:MCY) is a multiple-line insurance carrier predominantly offering personal auto, homeowners, renters and commercial insurance through a network of independent agents in Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury writes other lines of insurance in various states, including commercial, business owners and business auto, landlord, home-sharing, ride-hailing and mechanical protection insurance.

Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultra-competitive rates with excellent customer service, through more than 4,200 employees and a network of more than 6,340 independent agents in 11 states. Mercury has earned an "A" rating from A.M. Best, as well as "Best Auto Insurance Company" designations from Forbes and Insure.com. For more information visit www.MercuryInsurance.com or follow the company on X, Instagram or Facebook.

Media interested in receiving updates from Mercury can learn more at the Mercury Newsroom.

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SOURCE Mercury Insurance Services, LLC