We had what I would call an "eye-opening" discussion with a customer regarding their insurance policy.
They, like all of our customers, work diligently to achieve the life style they want, and value what they own.
Facing a disaster without having a personal property inventory is, basically, out of the question.
We talked about others who have an inventory, and how helpful the documents were in remembering and proving what they owned when they faced a tornado, fire and burglary.
As we discussed this specific customer's jewelry, we touched on policy limits, the need for riders and how to know when you need one.
This is a conversation we have frequently when we see a large amount of jewelry or very high-end costume jewelry.
Though we aren't insurance professionals, we have learned a lot about the insurance industry.
We have learned enough to know when someone might not have enough coverage and that we should recommend they have a conversation with their insurance agent.
Taking the photos and written report to show their agent helps them know whether they need a rider or not.
For example, insurance agents have told us that a standard rule of thumb for needing to have a jewelry item appraised and scheduled is when that piece has a value of more than $1000.
So what about all the items that cost less than $1000? Well, there is your standard homeowners policy, but it most likely won't cover all of your jewelry because of the jewelry limit.
Most policies have a limit somewhere between $1000 - $3000.
Consider this...
if you have just 2 bracelets worth $500 each, 3 necklaces worth $400 each and 5 rings valued at just $200 each, they don't warrant an appraisal or being scheduled individually, but you'll have exceeded the top range of the limits most companies place on jewelry.
It is extremely important to know your policy's limits.
It's highly likely you'll exceed your limit if you purchase your jewelry at jewelry stores and up-scale department stores.
Quickly scan your jewelry and get just a ballpark total of the value.
You'll find you mist likely will need to purchase a jewelry rider.
If you don't purchase this inexpensive addendum to your homeowners policy, you are at risk to lose thousands of dollars.
Knowing what you own is the first step in making sure you have proper insurance coverage.
An inventory of your contents will help you do that.
Our customer stated that she sees they have some gaps in coverage they need to close.
They, like all of our customers, work diligently to achieve the life style they want, and value what they own.
Facing a disaster without having a personal property inventory is, basically, out of the question.
We talked about others who have an inventory, and how helpful the documents were in remembering and proving what they owned when they faced a tornado, fire and burglary.
As we discussed this specific customer's jewelry, we touched on policy limits, the need for riders and how to know when you need one.
This is a conversation we have frequently when we see a large amount of jewelry or very high-end costume jewelry.
Though we aren't insurance professionals, we have learned a lot about the insurance industry.
We have learned enough to know when someone might not have enough coverage and that we should recommend they have a conversation with their insurance agent.
Taking the photos and written report to show their agent helps them know whether they need a rider or not.
For example, insurance agents have told us that a standard rule of thumb for needing to have a jewelry item appraised and scheduled is when that piece has a value of more than $1000.
So what about all the items that cost less than $1000? Well, there is your standard homeowners policy, but it most likely won't cover all of your jewelry because of the jewelry limit.
Most policies have a limit somewhere between $1000 - $3000.
Consider this...
if you have just 2 bracelets worth $500 each, 3 necklaces worth $400 each and 5 rings valued at just $200 each, they don't warrant an appraisal or being scheduled individually, but you'll have exceeded the top range of the limits most companies place on jewelry.
It is extremely important to know your policy's limits.
It's highly likely you'll exceed your limit if you purchase your jewelry at jewelry stores and up-scale department stores.
Quickly scan your jewelry and get just a ballpark total of the value.
You'll find you mist likely will need to purchase a jewelry rider.
If you don't purchase this inexpensive addendum to your homeowners policy, you are at risk to lose thousands of dollars.
Knowing what you own is the first step in making sure you have proper insurance coverage.
An inventory of your contents will help you do that.
Our customer stated that she sees they have some gaps in coverage they need to close.