Why Valentines, Jewelry and Home Insurance Go Hand In Hand

Valentines and proposals are in the air! And this means that you might find yourself with a new diamond ring or expensive piece of jewelry in your home.
Many people spend thousands of dollars on beautiful jewelry but don’t take the time to find out how to insure it. And this can be a big mistake!
If you have homeowners or renters insurance, then your jewelry is covered as part of the contents of your home. But there can be problems…

1. We don’t know what it is worth. It’s hard to get the full value of your jewelry back if you don’t know all of the specifics! Weight, color, cut, size, and so forth are all factors in the value. Ten years from now you might not even remember how much you paid.

1. You probably have a large deductible on your homeowners insurance. Typically, your contents coverage deductible is around 1% of your home value. So, if your home is insured for $200,000, and your deductible is $2,000. If your ring is stolen, you’d be responsible for the first $2,000 before insurance kicked in!

But there is a simple solution to avoid all of these problems. Our homeowners and renters policies allow you to “schedule” jewelry for a small additional cost.
You bring in the receipt and appraisal of the item and we add all of that information to your policy. (Sometimes we don’t need all of this, just call us first and we can let you know.)
You will be charged based on the value of the item, but it can be less than $40 per year! (Sometimes much less, sometimes a little more. It all depends on how much insurance is required.)
Plus, scheduled items don’t require a deductible. So if your ring is lost or stolen, you pay nothing out of pocket, but get to replace your precious jewelry.
Getting Engaged -Who Should Buy The Coverage: The Ring Buyer Or The Recipient?

The person who purchased the ring, or the recipient? The answer lies in the current ownership (location)—if the couple isn’t living together, then the person who is currently holding onto the ring, whether on a finger or at home, is the person who should make sure it’s insured.
So, if Anthony buys an engagement ring for Kelly, but has not yet proposed. At this point, the ring is still Anthony’s personal property.,and he needs to make sure the ring is covered under his homeowners, condo or renters insurance policy. Once Anthony proposes and Kelly accepts the ring, Kelly owns the ring. It is now Kelly’s personal property. So Kelly needs to make sure to purchase coverage for her ring under her homeowners, condo or renters policy. Once they are married and move in together they will cover it under their new home, condo, or renters insurance policy.
So, this Valentine’s Day or the next time you open a jewelry box and put a sparkling diamond on your finger, make sure that you are insuring your investment.
Have questions about scheduling items on your homeowners insurance? Call us today for assistance!
Tonya Brown is a licensed insurance agent/owner at Farmers Insurance-Tonya Brown Blisss Life Agency in Dacula, GA. Contact Tonya today for a no-obligation quote on your home/auto/business/life insurance at 678-615-2054.
© 2017, Tonya Brown. All rights reserved