High Valued Jewelry, Watches, Furs, Guns, etc.
She’ll love it. Of course she will. And, of course, she’ll say yes…You’ve talked about getting married, starting a family…and you agreed on everything. She’ll say yes. She’ll love the ring.
So why, WHY is this so nerve-wrecking? You asked her father. You’ve got the ring. You got your plan. You’ve made the reservations.
You’ve thought of everything…Even planned a little surprise party ‘afterwards’, to celebrate with family and friends. And, you booked a hotel room for the weekend getaway. The “pre-honeymoon”, so to say. So, it’s all set. Right?
As your Auburn insurance agents, we have to say: It sounds absolutely perfect. Except for one detail: Did you get insurance for the ring?
Many homeowners make the mistake of thinking that any high valued item that they own will be covered with the “personal property coverage” in their homeowner’s insurance policy. Your high value items will be covered, but only to a certain limit. If you have an individual item, like an engagement ring, that exceeds the stated limit in your policy, you will not be covered for the difference. To fully cover your item, you will need to purchase a “scheduled personal property” endorsement.
High value items are not exclusively nice pieces of jewelry. We also insure antiques, art, high value rugs, coin collections, firearms, and other similar items. If you have a question about an item that you would like to insure, talk to one of our Resource Insurance Group agents and we will help you find the coverage you need to protect your valuable item.
Something sparkly for the one you love? Get it insured.
It is a beautiful ring…princess cut stone with two smaller diamonds left and right, and a delicate white-gold band. You picked it up already because you are planning to propose to your beautiful girlfriend on your long-awaited trip to Mexico. So now the ring is at your house. In its box. In the drawer. Under the shirts. In the back corner. Safely tucked away. Just…how safely? And, the sheer thought of taking it out of its hiding place, to transport it all the way to Mexico makes you sweat a little bit. What if you lose it? Or, heaven forbid, what if it’s stolen?
Don’t let your engagement get off to a bad start by being unprepared. A typical homeowner’s insurance policy will cover up to a limited about in the event that your valuable jewelry is stolen or lost. Make sure that you have adequate coverage as soon as the jeweler puts that ring in your hand. And after you put it on her hand, make sure that your fiancé has the coverage needed on her homeowner’s or renter’s insurance policy.
For any piece of jewelry that you want to protect, give us a call and we will set you up with a policy that is perfect for you. Coverage for expensive jewelry is available at a surprisingly low cost. Simply hold on to your receipt, or obtain a professional appraisal to determine the value of the item.
Inherited a jewelry box? Please follow this advice
You didn’t know Aunt Bertha well. You only saw her on rare occasions like holidays and the family reunion five years ago. But you remember her as a jolly lady who loved her afternoon tea, hats with big flowers, and big jewelry to go with them. You liked Aunt Bertha. For your birthday, when you turned 10, she sent you this lovely bracelet with colorful charms that you adored. You returned the favor, sending her a long thank-you note, including a hand-drawn watercolor picture of her favorite flowers, peonies.
She must have been very touched by this, because now, 20 years later, she passed away and left you her entire jewelry box. All of it. You’re not sure what to do with it…most of it seems like big costume jewelry. Nothing too valuable. And not your style, really, either.
3 years later it’s still in your garage, and you’re thinking, it may be time to take it all to the thrift store. No offense, Aunt Bertha…
Before you give it away, get it appraised. If you have inherited a chest full of costume jewelry that you know you will never wear, it is wise to actually make sure that it is costume jewelry and not something worth much, much more.
Even if it is fairly new jewelry, we recommend getting it appraised often. The price of gold and platinum is on the rise and if you are looking into insurance, you will want to have a current and accurate idea of the value of your item.
As a general rule, an item that is worth more than $1500 should be insured above what is covered by your homeowner’s insurance policy. Simply call our office and we will help you determine the best way to handle your new inheritance. In fact the best solution may be not to insure it at all but to put it away in a safety deposit box. Just talk to one of our agents and we can help you with a plan of action.
Protect against mysterious disappearance & loss of stones
Your family heirloom wedding band is precious. And valuable. You love it, and so it’s not tucked away safely at the bank, or even in your jewelry box. It goes with you wherever you go. It may get taken off every so often, when you go swimming, are making meat loaf, or are cleaning the windows…but usually you’re wearing it all of the time.
That means it’s exposed to whatever you are doing, and it’s at risk from all the dangers that come with the world out there: It could get lost or simply slip off your numb finger as you take off your glove on that freezing winter day. Not to mention, the stone could fall out of its setting.
Although the chances of someone breaking into your house to steal your heirloom jewelry are pretty low, losing the item all together or just a stone happens all the time.
Seventy percent of personal property claims filed are for jewelry and that is usually covered under your
homeowner’s insurance policy. That being said, a typical homeowner’s insurance policy does not cover for mysterious disappearance or loss of stones. Why take the risk? Simply set up a scheduling endorsement for your jewelry and these more common losses will be covered.