If you like it, you should insure it Written by Wedgwood Insurance Limited on 11/29/2017 3:43 AM in jewellery, insurance, endorsement, floater. It has 0 Comments. In the illustrious words of Beyoncé, ‘If you liked it, then you should have put a ring on it”. Well, it’s obvious Prince Harry liked it, as he recently proposed to Meaghan Markle, star of the hit TV show Suits with a diamond ring designed by him. Perhaps right about now you’re thinking “Hang on, what does Queen Bey and the Royal family have to do with insurance?!” It’s simple – the ring. Unlike Harry, who has an entire Commonwealth footing the bill for his insurance, you need to be careful in ensuring your valuables are covered. Insuring them properly is important to prevent serious loss in the event of damage or theft. Let’s discuss how you can protect the finer things in life with additional coverage: The Basics Standard homeowners, condominium or renter’s insurance policies include a limited amount of coverage for jewellery and other valuable items. However, many policies limit the dollar amount of coverage for the theft or loss due to a covered peril of such items. To properly protect certain types of valuables, additional coverage is available through a policy endorsement or floater. A floater or endorsement is an addition to your current policy which can be used to schedule your valuable property that is subject to the special limits under your current policy. Once you have an endorsement or floater, it is important to periodically review your coverage limits to minimize the likelihood of being under insured due to outdated appraisals and/or inadequate limits of insurance. This floater or endorsement allows you to increase the amount payable to you in the event of a covered loss. The items of value are “scheduled” on a list that includes a brief description and the item’s dollar value. To determine each item’s value, an appraisal or sales receipt is typically required. This will help ensure that, in the event of a covered loss, the amount of insurance is enough to replacement the item. Items scheduled are typically not subject to the policy deductible. The Cost of Coverage The cost of coverage varies upon the item, but typically the fee is nominal. Our personal lines team of professionals can provide you with more information about coverage and an estimate for the cost of scheduling an item. Beyoncé only got it half right, but “If you liked it, then you should have put a ring on it (and made sure it was insured properly)” just doesn’t roll off the tongue the same way, does it?