From flowers and candy to jewelry and dining out, Americans spend nearly $20 billion to show their love on Valentine's Day, according to Forbes. If you're investing in an expensive jewelry gift this year, it's critical you protect that investment against loss or theft. The only thing worse than having a diamond necklace stolen is discovering that your current homeowners or renters insurance policies do not provide sufficient coverage!

Here are some things both the giver and the recipient should consider when thinking about insurance coverage for expensive jewelry.

When thinking about insurance coverage for jewelry, one of the most common questions revolves around who should buy the coverage if the couple does not currently live together. Should the recipient purchase coverage, or the gift giver? The answer lies in ownership: Whoever is in possession of the jewelry also needs to have coverage in their name.

Consider this example: You buy a pair of diamond earrings to surprise your girlfriend on Valentine's Day. If you do not currently live together, you would want to ensure the earrings are covered by adding them to your current homeowner's or renter's insurance policy. Once you gift the earrings, she would own them and need to obtain coverage under her policy.

Rental and homeowner's insurance policies typically provide personal property coverage at a percentage of the insurance on the structure of your home, according to the Insurance Information Institute. However, policies may also have specific dollar limits for expensive items such as jewelry.

Not sure which coverage you have or need? Talk to your insurance agent about your current personal property coverage limits to be sure your gift is properly protected.