THURSDAY, FEBRUARY 19, 2015
Valentine's Day is a popular day for engagements. But I'm betting the word "insurance" is not the first thing you think of after he pops the big question. Your first step- after saying yes of course- should be to contact your insurance agent and ask what coverage you need for your new ring. Because after the claim happens is NOT when you want to find out your beautiful new ring ISN'T covered.
Jewelry claims are some of the most frequent claims paid. But there are steps you can take to make sure the thrill of your new engagement isn't tarnished.
Three Steps To Make Sure Your Jewelry is Covered
1) Contact your insurance professional immediately
Find out how much coverage you already have and whether you will need additional insurance. The standard amount under most Ohio homeowners insurance policies is $1,000. And you only get coverage if someone steals it from your house. So if your new ring is worth $3,000 and someone breaks into your house and steals it, too bad.
To properly insure jewelry, consider purchasing additional coverage through an endorsement called an inland marine floater. In most cases, these add-ons to a homeowners or renters policy would also cover you for “mysterious disappearance.” This means that if your ring falls off your finger and is flushed down a drain, or is lost, you would be financially protected. There is also the option to insure at NO deductible, so that means no out of pocket cost for you if there is a claim.
2) Forward a copy of the appraisal
The appraisal describes the jewelry item in great detail and establishes the value. Keep the appraisal with your important records and forward a copy to your insurance agent. This is what we require in order to add your jewelry to your Ohio homeowners insurance policy.
3) Add the item to your home inventory
An up-to-date inventory of your personal possessions can help you purchase the correct amount of insurance and speed up the claims process if you have a loss, so remember to add your new jewelry to your inventory. And if you don’t yet have an inventory, celebrate your engagement by creating one with your fiancée. Our Mobile App has an excellent home inventory feature that is easy to use. You can even include pictures of items. You can also send us an electronic version of the inventory that we can keep with your client file for safekeeping. You can download our Mobile App by visiting our website.
Please contact us with any questions concerning your jewelry coverage. Need to discuss your Ohio homeowners insurance? Call us at (937) 592-4871 or Contact Us. You can also visit our website to read more helpful information on homeowners insurance and to request a quote.
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