Bought a High-Value Item
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 is this so nerve-wrecking? You asked her father. You have the ring. You have the plan. You made the reservations.
You thought of everything... Even planned a little surprise party 'afterward,' to celebrate with family and friends. And, you booked a hotel room for the weekend getaway. The "pre-honeymoon," so to speak. So, it's all set. Right?
As your insurance agents, we have to say it sounds absolutely perfect. Except for one detail: Did you get insurance for the ring?
High-value items are insured as part of the "personal property coverage" on a standard homeowners or renters policy, but only to certain limits. If the value of an individual item (such as an engagement ring) exceeds the stated limit, there is no coverage for the difference... unless you purchased a "scheduled personal property" endorsement.
This advice applies not only for jewelry, but also for antiques, art, high-value rugs, coin collections, firearms, and certain other items.
Jewelry is by far the most common high-value item to be insured (that's why we'll keep the focus on it in this article). However, if you have or buy an expensive item that fits any of the categories above (and you're wondering whether it is covered on your homeowners policy), give us a call (877-329-3261). We're happy to find the adequate protection for your valuables.
It's 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. Now the ring is at your house. It's in a box. In the drawer. Under the shirts. In the back corner. Safely tucked away. Just... how safely? 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?
Once you have the ring in your possession, things start to sink in.
Don't let your lifetime of happiness get off to a rocky start in the event the ring gets lost or stolen. A typical homeowners policy only covers jewelry up to $1,500. As soon as the ring is in your possession, it's time to protect it by adding a scheduled jewelry endorsement to your homeowners or renters policy.
One important note: If you and your girlfriend don't live together, the insurance question can become a little more complicated. As long as the ring is still in your possession, it can be insured on your homeowners or renters policy. However, as soon as you propose and give the ring to your fiancee, it becomes hers, and must be insured on her homeowners or renters policy. When in doubt, just give our office a call at 877-329-3261.
Of course, this advice doesn't apply only for an engagement ring. It's wise to protect all your expensive jewelry or watches with a jewelry endorsement. Are you going to give her those diamond earrings she's been dreaming about for Christmas? Is he receiving a Rolex for Father's Day or his well-earned retirement? Please get them insured.
Coverage is available for less than $12 per $1,000 value. Simply hold on to your receipt or obtain a professional appraisal to determine the value of the item. Your Protection Team at Hauswirth & Sons Insurance Consultants can help you take care of the rest.
You don't know Aunt Bertha well. You only saw her on rare occasions like holidays and the family reunion five years ago. 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 tenth birthday, 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. You're not sure what to do with it... most of it seems like big costume jewelry. Nothing too valuable, and not really your style, either.
Three 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...'
If you inherited jewelry, do yourself a favor and be sure to get it appraised. Nine times out of ten, people assume that the jewelry they inherited is costume jewelry of little value. Nine times out of ten, they are wrong.
Our office recommends an appraisal whenever you're in doubt. We even heard of a bracelet that, once appraised, turned out to be very rare Scottish jewelry from the mid-1800's worth $4,500. It was a piece that was just about to be given to the thrift store! Don't let that happen to you!
The cost of gold and platinum has been on the rise over the past few years. If you have jewelry that has been appraised five or more years ago, it may have appreciated in value and might need to be appraised again.
Any individual piece of jewelry that is valued at more than $1,500 should be insured on a special jewelry endorsement that is added to your homeowners or renters policy. In insurance terms, we call this "scheduling" your jewelry.
In order to schedule a piece of jewelry, we ask that you provide a picture of the item along with a receipt or professional appraisal. Depending on your insurance company, the cost for this endorsement usually runs about $12 per $1,000 value.
Even though we are insurance agents, we can pass along a non-insurance alternative for high-valued jewelry that you may be keeping to pass on to future generations, but don't plan to use now. You can invest in a safe deposit box for such items that are seldom used -- this may be less expensive than adding the items to your insurance policy. Just make sure you let us know if fashions change and you've brought some of those nostalgic pieces home to use regularly.
If you have any questions, please don't hesitate to give us a call. We're here to help!
Your family heirloom wedding band is precious. And valuable. Since you love it so much, it's not tucked away safely at the bank or even in your jewelry box. It goes with you wherever you go! You may take it off every so often, when you go swimming, are making meat loaf, or are cleaning the windows... but usually you're wearing it all the time.
That means it's exposed to whatever you're doing at any given moment, and it's at risk from all the dangers that come with the world out there: It could get lost, simply slip off your numb finger as you take off your glove on that freezing winter day, or the stone could fall out of its setting.
70% of all personal property claims involve jewelry. The good news: Jewelry is covered up to $1,500 per item on a standard homeowners or renters policy.
The not-so-good news: A typical homeowners poicy does not cover losses due to mysterious disappearance or loss of a stone from its setting.
The even-better solution: Scheduling jewelry items over $1,500 in value and adding a "special form" endorsement to your home insurance policy for lower valued items will cover these common losses.
If an item is scheduled, no deductible will apply to your loss! Please give us a call at 877-329-3261 for more information.