1/27/2015 11:30 AM

How to Cover Your Most Valuable Items

I hope all of you had a safe and fun holiday season!  I’m sure most of you are now busy with your new toys and gadgets, but I hope you’ll take a moment here to ask yourself: do I have the right coverage for these items?

If you’re like me, you just purchased the suggested insurance policy and never thought about it again until the time of a claim.  I am lucky; I have always had the best insurance agent in the world.  Before I finished school and became an insurance agent, I knew nothing about my insurance and just purchased whatever my Dad, Don Killingbeck, told me I needed.  I’ve been very lucky in that respect, because he always chose the best for me.

However, there are some circumstances even the best agent can’t foresee.  

Quite a few years ago, I made a stupid, silly mistake that happens to be much more common than you think.

I took my new, beautiful engagement ring off and set it by the sink in the bathroom. I washed my hands, and went back to the dirty task at hand. When I came back, my ring was gone.  Ring

I had my dad and fiance check the sink drain, and do just about every other ridiculous task to look for the ring I could think of.  It became sadly apparent the ring was not coming back.  To this day I can only guess what happened to it.

I had no coverage for mysterious disappearance on my homeowners, or any other insurance policies.  Apparently losing the entire ring was not covered by the jewelry store (although we thought it was). With no way of getting my ring back, I was devastated.

Mysterious disappearance is not a covered peril on the regular homeowner’s policy.  After this circumstance, my agent told me to schedule my rings on my renter’s policy.

When my husband went out and bought me a brand new, exact duplicate of my engagement ring, I scheduled it right away.  It was simple and inexpensive.  I gave a detailed description of the item and the receipt to my agent (an appraisal may be needed for an older item), and pay a small amount each year to have more extensive coverage.

Losing a ring, or a stone in a ring, is a lot more common than you think.  Maybe you take it off to wash your hands at home or while traveling, or you just lose a stone and have no idea what happened.  

Jewelry is really quite cheap to schedule; it generally costs around $10 for every $1,000 of coverage with a $0 deductible.  Adding expanded jewelry protection gives extra protection for thefts over $1000 and protection in case the jewelry item is misplaced, lost, or a stone falls out. 

Scheduling an item gives broadened perils, or special coverage for the item.  It also makes sure the item is covered, and no longer subject to policy limitations (which may be limited to $1500 for jewelry).  

Depending on the item, there may or may not be a deductible (or you may have the option to choose a deductible).   

Here are some commonly scheduled items:

  • Jewelry
  • Guns
  • Cameras
  • Cell Phones
  • Silverware
  • Fine Arts
  • Coins
  • Hearing Aids
  • Laptops, Computers
  • Collections with value
  • Golfer’s Equipment

If you received one of these, or another item of great value to you, don’t wait to give us a call.

I tell this so embarrassing story for a reason.  Now that you have these new gifts, gadgets and toys in your possession, consider how they are covered.  I received my ring during the holiday season, and maybe you received something sentimentally or financially special to you as well.  If you did, give us a call here at Killingbeck Insurance to see about scheduling it on your homeowners insurance or renter’s insurance policy.  While losing it may make for a good story, it’s probably one you’d rather not tell.
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