Tag: jewelry insurance

End Valentine’s Day With a New Ring? Then You Need To Read This

Posted on by butlervetinsurance

Insuring your engagement ring can help to keep is protected.

Your engagement ring is much more than just a ring. It signifies the love between you and that special someone. While insurance may not be very romantic, it is the best way to give you the peace of mind that you deserve as you start the new chapter of your life.

You have a couple choices when it comes to insuring your engagement ring. The first option is to schedule your ring within your renter’s or homeowners insurance policy. When you schedule your ring, you will get additional coverage that goes beyond the personal property portion of your policy. You will have to prove the value of your ring with either a receipt or an appraisal to ensure it is protected for the right amount.

The second option is to invest in a specific jewelry insurance policy. Jewelry insurance is only available through certain insurance companies, so talk with your insurance agent to find out if your current insurance company offers the coverage. Just like when you schedule your ring, you will need to provide proof of the value through a receipt or appraisal.

The cost of your engagement ring will depend on many factors, including the value of your ring and how much coverage you want. In most cases, engagement ring insurance will cost $1 or $2 for every $100 in replacement coverage that you want. That means if your engagement ring is worth $9,000, you would be paying between $90 and $180 for your coverage.

Working with an independent insurance agent can help you get the right amount of coverage for your symbol of love. For all of your insurance coverage needs, contact the experts at Stromsoe Insurance Agency. We will work closely with you to make sure you have the protection that you deserve, all at the right price to fit your budget.

Protecting Your Jewelry

Posted on by butlervetinsurance

You have timeless hours making your jewelry choices — not to mention paying thousands of dollars — so why fall short when it comes to finding the right coverage for your jewels? Getting the correct protection is easy; you just need to understand what your Homeowners insurance will cover.

The standard HO-3 policy provides only $1,000 worth of coverage for a single item of jewelry and $1,500 for your entire collection. For example, if you lost your $6,500 engagement ring, a pair of $500 earrings ,and a $1,000 class ring, you would receive a reimbursement of only $1,000, not the actual value of $8,000. So be sure you’re protected by extra insurance. The cost is minimal compared to the risk of losing expensive jewelry and being unable to replace it.

You might consider a stand-alone policy that offers broader coverage than the typical Homeowners policy. For instance, it covers “mysterious disappearance” (when you lose jewelry and have no clue where it went); and “pairs and sets” (which buys you a new set of earrings even if you lost only one).

If you have highly valuable items of jewelry, you might also take out a “rider”(separate coverage) on them. Keep in mind that, to obtain additional coverage, your insurance company will require you to have a professional appraisal to set an objective value for your property, which might be significantly higher or lower than what you think it’s worth!

For more information one of our Protection Coaches® can provide advice on the types and amounts of coverage a home owner needs. Here are 4 Easy Ways to Reach Us:
Call 951-600-5751 or 877-994-6787
Fax 951-677-6265
Email – [email protected]
Visit agency.thebutlerweb.com

 

Homeowners Insurance Policies & Jewelry

Posted on by butlervetinsurance

After receiving valuable jewelry, it’s important to contact your insurance agent immediately. It’s important to keep in mind that most Homeowners policies place limitations on coverage for personal valuable items. This means that owners of these valuable items might not receive the full value if any of the items are stolen or lost. As a general rule, most Homeowners policies provide coverage for possessions up to 50% of the total coverage amount chosen. This means that a person who has a $600,000 policy would enjoy coverage as much as $300,000.

However, most policies place limitations on certain types of personal belongings. For example, a policy provider may offer to cover $1,500 or more for all jewelry if theft occurs or the jewelry is damaged. There are several other categories of personal belongings that have limited reimbursement terms. Firearms, stamps, furs, coins and silverware are examples of such items. Homeowners should be sure to read the section of their Homeowners policies regarding contents and additional coverage. It’s important to remember that accidental loss is not usually covered. This means that a woman who loses her engagement ring will not receive payment from the Homeowners insurance company.

Homeowners who want to raise their coverage limit to ensure protection for loss and theft cases should contact an agent immediately. It’s best to ask the agent to schedule the particular jewelry item or add a special rider to an existing policy. In some cases, a written appraisal may be required, so it’s best to ask an agent if this will be necessary. Usually a detailed receipt is sufficient proof for the value of the item. After a value schedule is assigned to the item, the owner has full protection for the total amount if the item is lost, destroyed or stolen. This makes the claims experience simpler since there isn’t a need for an investigation about the item’s value. In addition to this, there is no deductible assigned to the items.

Since additional coverage is so affordable, it’s best for all homeowners who have valuable jewelry or other special items to speak with their agent. Agents are able to make an assessment of what should be insured and provide valuable advice. As a general rule, Homeowners policies don’t assign specific limits on electronic devices aside from the overall limit for possessions. It’s best for homeowners to insure their valuable items in such a way as to ensure that replacement-value coverage is in place. To learn more about the various types of riders and affordable coverage options, contact the Insurance Doc Today!

Here are 4 Easy Ways to Reach Us:

  1. Call 877-994-6787, that’s 877-99-INSURE
  2. Fax 951-677-6265
  3. Email – [email protected]
  4. Visit – agency.thebutlerweb.com 24/7