Tag: value

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.

Bailee Insurance, Anyone?

Posted on by butlervetinsurance

Let’s face it, we live in a “service economy,” more and more businesses (such as auto body shops, dry cleaners, and parking lot owners) are taking temporary responsibility for property or equipment owned by others. Any damage or loss to any property under the care, custody, or control of your firm could cost thousands of dollars — unless you have Bailee insurance.

This Inland Marine policy covers the liability of a business (the “bailee”) for the property of customers under its care, custody, or control. Most Property policies don’t provide coverage for this type of exposure, unless it’s included specifically. You can also purchase Bailee insurance on a no-fault basis to protect customers’ property against any loss or damage and subsequent liability, regardless of negligence.

You should buy enough coverage to pay for the total value of other’s property that might be in your control at any one time. Many types of Bailee insurance are tailored to the specialized needs of a particular type of business (Jewelers Block policies, Furriers Block policies, etc.).

As an alternative to Bailee insurance, you can obtain coverage as part of a comprehensive Property policy that includes a “property of others” clause.

We’d be happy to help you evaluate your needs and find a solution to insuring property under your care, custody, and control. Just give us a call. 877-994-6787

Should You Drop Collision Coverage On Your Old Car?

Posted on by butlervetinsurance

Do you find yourself asking if it’s a wise investment to continue buying collision insurance for that old car? The answer depends on your individual situation.

First, what’s the true worth of the car? Any repair or replacement costs following a collision will be based on the value of the vehicle at the time of the claim. Also consider your deductible amount. For example, if your car is now worth $2,000 and your deductible for collision claims is $500, insurance will pay no more than $1,500 for your loss.

Once you’ve estimated the maximum that your policy is likely to pay for a collision, ask yourself whether the value of the car would create a significant financial hardship if it were totaled in an accident without insurance. Is the cost of collision coverage reasonable, considering the maximum you can receive at the time of a claim? Don’t forget peace of mind — if dropping collision will make you lose sleep at night over a possible loss, it’s better to keep your coverage and get some rest.

If you’re considering whether it’s still worth insuring your older car for collision, call our personal auto representatives. We’ll be happy to review your current coverage, give you the book value of your vehicle, and estimate the changes in cost of your insurance if you make any changes. Let us help you make the best decision. (877)994-6787