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, WHY is this so nerve-wrecking? You asked her father. You've got the ring. You got your plan. You've made the reservations.
You've thought of everything... Even planned a little surprise party 'afterwards', to celebrate with family and friends. And, you booked a hotel room for the weekend getaway. The "pre-honeymoon", so to say. So, it's all set. Right?
As your insurance brokers, 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 homeowner's or tenants 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.) But 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 homeowner's policy, give us a call. We're happy to find the adequate protection for your valuables.
Something sparkly for the one you love? Get it insured.
It is 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. So now the ring is at your house. In its box. In the drawer. Under the shirts. In the back corner. Safely tucked away. Just... how safely? And, 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?
Well, first of all, Congratulations on your upcoming engagement! Of course, 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 homeowner's policy only covers jewelry up to a limited amount. As soon as the ring is in your possession, it is time to protect it by adding a scheduled jewelry endorsement to your homeowners insurance or tenants insurance 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, the ring can be insured on your homeowner's or tenants policy. But as soon as you propose - and give the ring to your fiancée - it becomes hers, and must be insured on her homeowner's or tenants policy. When in doubt, just give our office a call.
Of course, this advice doesn't apply only for an engagement ring. It is 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 for expensive jewelry is available at a surprisingly low cost. Simply hold on to your receipt, or obtain a professional appraisal to determine the value of the item. Your team at Wedgwood Insurance Limited can help you take care of all the rest.
Protect against mysterious disappearance & loss of stones
Your family heirloom wedding band is precious. And valuable. You love it, and so it's not tucked away safely at the bank, or even in your jewelry box. It goes with you wherever you go. It may get taken off every so often, when you go swimming, are making meat loaf, or are cleaning the windows... but usually you're wearing it all of the time.
That means it's exposed to whatever you are doing, and it's at risk from all the dangers that come with the world out there: It could get lost or simply slip off your numb finger as you take off your glove on that freezing winter day. Not to mention, the stone could fall out of its setting.
70% of all personal property claims involve jewelry. The good news: Jewelry is usually covered up to a small maximum amount per item on a standard homeowners insurance or tenants insurance policy. Please inquire aboyt what that limit would be and any item of value above that limit can be added to your policy by a special jewelry endorsement. We call this "scheduling" your jewelry.
The not-so-good news: Some homeowners insurance policies do not cover losses due to mysterious disappearance or loss of a stone from its setting.
The even-better solution: Scheduling jewelry items over $1500 in value and adding a "special form" endorsement to your home insurance policy for lower valued items will cover these common losses.
And, if an item is scheduled, no deductible will apply to your loss! Please give us a call 709-753-3210 for more information.