Globe Money Watch » Insurance

Jewelry Insurance Myths

admin — Fri, 05 Feb 2010 07:07:28 +0000

Myth #1 - I don’t require any additional insurance when my engagement ring is already covered on my homeowners policy. Very often homeowners polices cover just a small dollar amount for jewelry loss. Understand that a jewelry claim of loss or theft can possibly effect the premiums on your homeowners eligibility. Myth #2 – Regardless of the reason the jewelry is missing, my HO coverage includes jewelry damage or loss. A mysterious disappearance is typically not covered in homeowners policies.
Myth #3 - I can use the jeweler of my choice to handle the replacement, regardless of the insurance provider, in the event of a jewelry insurance claim. This is generally not true, they want you to work with their preferred replacement company. Some jewelry insurers will allow you your choice of repair or replacement. Myth #4 – I had my items appraised when I first received them. Is there actually a need to have them re-valued? Along with the current retail replacement value at the time of the evaluation, an insurance appraisal provides a complete description of the jewelry for insurance purposes. At the time of inspection, re-valuation can happen at that time. As a part of protecting jewelry, valuations and inspections are an important part of ownership.

Your Valuables may be Vulnerable

admin — Sun, 17 Jan 2010 07:10:16 +0000

Thieves love houses that are empty. If you are planned to travel this summer, your valuables may be vulnerable while you are gone. Jewelry is one of the most commonly stolen items because it is easy to fence and highly portable.
Precious metals, like gold, are appealing because of their increased value these past few years. Make sure your jewelry is properly insured with a specialized policy. Consider storing those hardly worn pieces in a bank safe-deposit box. An in-home safe should weigh at least 150 pounds and be bolted to the floor. Bedroom closets are very obvious so avoid them. Instead choose an inconspicuous place and it should have a combination lock.
Additional protection for your home while you are on vacation can include automatic light and radio timers. Leave a house key with your neighbor now under your front door mat and don’t leave ladders outside where burglars can make use of them. Put a hold on your newspaper and mail delivery and plant thorny shrubs near the windows of your house. And keep your gardener on his regular service.

How to Insure Jewelry

admin — Wed, 23 Dec 2009 07:12:07 +0000

It is a good idea to have all of your fine jewelry appraised by an independent appraiser and to make sure each item is listed, described and valued on paper. Then, read your home owner’s or renter’s insurance policy. You must find out the amount of coverage it provides for each item, such as jewelry. The best insurance you can get will cover loss, theft and damage.
Be aware that rates for personal jewelry insurance may differ according to your state or country. It is your choice to select coverage with or without a deductible. Talk with your insurance agent about adding a rider to your home owner’s policy. This will cover jewelry that goes beyond the value of personal property covered in the basic policy.
Maybe you can consider separate jewelry insurance (such as that offered by the Jewelers Mutual Insurance Company) as another alternative. Compare many insurance plans, as well as the reputation of each company. Choose the one that gives you the most coverage for your money and the most flexibility if the need arises to replace any jewelry.

Home Content Insurance

admin — Thu, 26 Nov 2009 07:14:24 +0000

Some examples of the type of home contents to be insured can include guns, antiques, jewelry and even collectibles. In the event that certain items in your home are damages, stolen or even lost, home content insurance will provide protection for them.
First of all, make a detailed list of all your homes content items that you want to protect and insure. Be sure to include all items of value and their replacement cost. Review and understand that not all home content items have cash value. You should realize that some of your home items are of sentimental value, and therefore have no cash amount to replace. Request various home content insurance quotes from multiple insurance companies. This can be done online to compare the differences in cost and coverage.
Update your Home content insurance policy on an annual basis. Take time to inventory your home of new items that are not included on your current home content policy. Keep receipts on items and file them in a safe place, preferably in a fire proof strong box.

Classic Car Insurance

admin — Thu, 05 Nov 2009 07:16:12 +0000

Your classic car could be substantially under insured and the standard car insurance company does not have the best insurance price for collector cars. These insurance companies and their agents are not specifically classic car insurers.
In the auto insurance industry, there are three type of insurance available and two of those three will work with classic cars. First is the ACV, actual cash value and is for standard cars, not classics.
The Stated Value insurance allows you to state the value of the car allowing for you to over-depreciate that value. The Agreed Value is the insurance choice for classis car owners. This is the only insurance where you can cover your car for 100% of the agreed value and generally there are no deductibles. Your car cannot depreciate with the option.
Custom cars and hot rods can also use this speciality insurance. Have your documents ready when you go see an insurance agent since these cars are harder to value. Recent receipts as well as labor charges involved in the building of the car need to be shown to the agent.