Keep posted, keep informed.
Like many big purchases, jewelry is a major investment for both sentimental and monetary reasons. This is especially true for wedding and engagement rings. And since millions of men lose their wedding rings every year, having specialized insurance to cover related losses is crucial.
Whether it’s an engagement ring or a necklace that belonged to a great-grandmother, having insurance to cover these items is important for a High Value Homeowner. And while having homeowners insurance is important on its own, it may not be enough to cover jewelry or family heirlooms.
Having specialized insurance will protect against financial losses and preserve the sentiment behind the gift through reimbursement and replacement options.
Here are some tips that High Value Homeowner clients can use in order to insure their prized possessions more effectively.
Review Current Insurance
A High Value Homeowner will want to start by reviewing their current homeowners insurance policy to look for certain limits in their coverage. This can include limits on coverage for items like jewelry, heirlooms, art, and high-tech equipment. If the cost of replacing high-value items exceeds their policy limit, they should be prompted to purchase additional coverage.
Identifying High-Value Items
Items that a high value homeowner needs to schedule on a Personal Articles Floater will depend on their current policy. Once they have reviewed their policies, they should have a better idea of what items need more coverage.
Some items that may need to be listed on a Personal Articles Floater include jewelry, art, antiques, guns, collections, musical instruments, silver, furs, and electronic equipment. After figuring the value of these items, owners should be advised accordingly when it comes to purchasing additional coverage. In general, any items more than $1,000 should have additional coverage.
Purchasing Scheduled Personal Property Coverage
Once a high value homeowner has identified these items, they can protect those items by purchasing scheduled personal property coverage. But before they choose this option, they should take a few steps.
- Consider Deductible Amounts: First, a high value homeowner should consider the amount of their deductible as it impacts their policy premium. Any time they make a change to their policy, it’s important to look at their deductibles and see if any adjustments need to be made.
- Appraising Items: If a high value homeowner doesn’t know the value of the items they own, they should have an expert appraiser help them out. Each item should be listed with a description and its value.
There may be a limit on the value that can be insured, even under scheduled personal property coverage. If there are items in possession that exceed that limit, they will need to be insured under another policy.
Always Keep Documentation
If a high value homeowner needs to file a claim on one of their items, they should keep copies of receipts for purchases of high-value items. Another way to document their items is to take pictures of each item as in some instances, some lost or stolen pieces of jewelry can be recreated if a jeweler has a good photo or video to work from.
Lastly, a high value homeowner should keep copies of appraisals, photos of items, and receipts in a safe location, like a safe or deposit box.
About Mavon Insurance
At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (855) 248-1480.