The countdown to Christmas is on! The holidays are a magical season in which we can truly enjoy time with our loved ones and make memories. This holiday, you may be planning on gifting a present that is exceptionally high value—that engagement ring she’s been wanting, that laptop he’s been eyeing, or even that sweet new set of wheels to your much deserving loved one. Whatever you are gifting this year, you want to be focused on the joy of giving, not on the safety of your gift. You may want to consider giving yourself the gift of insurance—that is, insuring your high-value holiday presents this year.
Home Owners’ Insurance May Not Cover Your Presents: Home insurance is supposed to cover the items in your home—including presents—in the event of a fire or theft. However, most home owners’ insurance policies are capped and may only cover a portion of your present. If your present is lost to something that is not covered in your home owners’ policy, you may be left with no way to replace it. Review your home owners’ policy with your insurance agent and make sure you fully understand what it does and does not cover over the holiday season.
Get Your Presents Appraised: If something were to happen to your high-value gifts, you’ll want to be able to replace it as quickly and as seamlessly as possible. In order for that to be possible, you must be able to prove the value of the present. We recommend that you get your high-value presents appraised. If you are gifting jewelry, you can go to a licensed jeweler to get a certified appraisal. For other high-value gifts—like a piece of art —you will need to go to a specialist.
Insure Your Assets: Once you get your high-value gifts appraised, meet with your personal insurance agent to discuss what your best options are moving forward. You may determine together that you need to insure that family heirloom you plan on gifting to your girlfriend or that new high-tech gear you’re giving to your child before they head off to college. While you cannot replace the sentimental value of a priceless family heirloom, you can protect its financial value.
Be Wary of Theft: Proactively protect yourself and your assets this holiday season and take measures against theft. The holidays see a spike in burglary so be sure to keep your doors and windows locked and your alarm systems on. If you are going to be out of town for the holidays, do not publicize your plans on social media. If a burglar knows your home is unoccupied, your property becomes a much more enticing target.
The holidays should be a joyful time of year filled with love and the spirit of giving. Eliminate the extra stress of worrying about your high-value presents this Christmas and give us a call today. Our Penny Premier Concierge team has the industry insight and experience necessary to help you determine your best insurance option. At Penny Insurance Agency, your peace of mind is our priority. Happy Holidays to you and yours!
By now, you probably know that valuable items are not fully covered in your homeowner’s insurance policy. Most agents will advise you to purchase valuable items insurance to cover items of significant value – whether they be family heirlooms or recent purchases.
Just as you would cover your car, you can also take a policy out on jewelry! If your jewelry is lost, it would mostly likely not be covered under your normal policy. By purchasing jewelry insurance, you can ensure your valuables are properly covered.
Whether you currently have a policy or you are getting ready to purchase coverage, you should have your jewelry appraised regularly. We suggest at least once every five years – changing market conditions, fluctuation of the credit market, and wavering domestic and foreign currency rates all have an impact on the value of jewelry. The more expensive the item, the more often you should get your appraisal re-evaluated. For all appraisals and evaluations, be sure you are using a professional jeweler with a graduate diamond or gemologist certification. Many insurance providers, like Chubb, can recommend qualified jewelers and appraise within their preferred services networks.
After your jewelry has been appraised, you can line up a policy for your valuables. There are several different options for policies, as well as additional insurance protection to safeguard against price fluctuations. A common misconception is jewelry insurance will be expensive. In fact, these policies are typically only one to two percent of the appraised value, with providers like Chubb offering incentives for jewelry stored in a vault. You can also choose between itemized coverage or blanket coverage depending on your inventory. Your Penny Insurance agent will be able to guide you to what coverage would be best for your valuable items.
Jewelry insurance is a great investment to safeguard your precious pieces. The process to insure pieces is not length and will save you a lot of heartache on the backend. Even with advances in home security technology, all valuables are potentially at risk. While we may not be able to recover your jewelry after it is lost, you will at least have the piece of mind that your investment is safe with jewelry insurance.
Jewelry is a sure way to a woman’s heart, but what happens if peril befalls that special piece; say, for example, it slips down the drain while washing dishes or is lost on a run? Would your homeowner’s policy cover the expense?
Most people are unaware that their homeowner’s policy has special coverage limits for many items, including jewelry. These special limitations can specify that only a set amount is all the policy will pay in case of lose or damage, but they may also set payment guidelines based on how the item was lost or damaged. The most common claims submitted on jewelry are oftentimes not adequately covered by the standard homeowner’s policy. In order to prevent this from happening, first talk to your insurance provider to determine any shortages.
If shortages occur, they are easily corrected. Coverage can always be added to your homeowner’s policy in the form of a “scheduled jewelry rider”. A scheduled rider provides additional coverage that’s over and above the typical homeowner’s policy. With this type of coverage each item to be scheduled needs to be added separately to the insurance policy.
To schedule your jewelry, you will need an appraisal from an expert to determine the value of the item. Then, submit the appraisal to the insurance company with your request to have the item scheduled on your policy. Be aware, though, some homeowner’s policies will not go above a predetermined dollar amount per item. If the item is more than this limit, it will need to be insured on a separate jewelry floater.
There are several advantages of scheduled personal property coverage. Jewelry covered in this way is covered on a replacement cost basis. This means that you would be reimbursed for the real cost to replace the item, based on the jewelry’s appraisal, rather than the depreciated value of the item. Additionally, scheduled property covers more hazards than a standard homeowner’s policy. By scheduling your valuable property items, you gain coverage for almost anything that might happen, without the responsibility of paying a deductible.
This Valentine’s Day, before you take her breath away, take the time to ensure that your gift of jewelry is protected. Contact your local, independent insurance agency to make sure you have the insurance coverage you need.