Buying a High Value Item
Generally speaking, high-value items are insured as part of the ‘personal property coverage’ on a standard homeowner’s or renter’s policy, but it’s important to understand that this coverage only extends to certain limits. If the value of an individual high-value item such as an engagement ring exceeds this pre-determined limit, there will be no coverage for the difference unless you purchase a ‘scheduled personal property’ endorsement. This advice typically applies to:
- High-value rugs
- Coin collections
- Certain other items
Of these, jewelry is by far the most commonly-insured high value item, and what we’ll be focusing on in this article. But if you have any items from the categories listed above, and are wondering if they’re covered by your homeowner’s policy, give Killingbeck Insurance & Tax Preparation a call – we can help get you the protection you need for your precious valuables.
Something sparkly for the one you love? Get it insured.
So you've finally decided to pop the question, and bought her an engagement ring with princess cut diamonds and a white-gold band. Well, first of all, congratulations on your upcoming engagement! Now don’t let your life together get off to a rocky start by losing that ring or getting it stolen. Most homeowner’s policies only cover jewelry up to about $1,500, which is probably just a fraction of what you plunked down for your finance's new rock. To protect your investment, your best bet is to add a scheduled jewelry endorsement to your homeowner’s or renter’s insurance policy.
If you and your fiance don’t yet live together, the insurance situation can get a little tricky. When the ring is still in your possession, it can be insured on your homeowner’s or renter’s policy. But as soon as you propose and give the ring to her, it must then be covered under her personal policy. When in doubt, give Killingbeck a call – we’ll work the details out and set you straight.
Of course, this advice doesn’t just apply to engagement rings – you should protect all your expensive jewelry and watches with a jewelry endorsement. Killingbeck Insurance & Tax Preparation offers coverage for less than $12 per $1,000 value. Just keep your receipts, or get a professional appraisal to determine the value of the item, and we’ll take care of the rest.
Inherited a jewelry box? Follow this advice…
If you’ve been fortunate enough to inherit jewelry, the first thing you should do is have it appraised by a professional. Many times people assume the jewelry they inherited is costume jewelry of little to no value. And nine times out of 10, these people are wrong. Killingbeck Insurance & Tax Preparation strongly recommends an appraisal whenever you’re in doubt.
Another reason to consider a jewelry appraisal is because the price of gold and platinum has been on the rise over the past decade, so if you have a piece that was appraised at some point in the past, it may be worth considerably more in today’s market.
The process of scheduling a jewelry endorsement involves securing a special addition to your homeowner’s or renter’s insurance policy on any piece of jewelry worth more than $1,500. All you have to do is provide a picture of the item, and either a receipt or a professional appraisal. Depending on which insurance company you’re going through, the cost usually runs about $12 per $1,000 value. If you have any questions, please don’t hesitate to give the pros at Killingbeck Insurance & Tax Preparation a call at 765-452-8000. We’re here to help.
Protect against mysterious disappearance and loss of jewelry
It has been estimated that upwards of 70% of all property claims involve jewelry. The good news is that jewelry is typically covered up to approximately $1,500 per piece on a basic homeowner’s or renter’s insurance policy. The bad news is that most homeowner’s policies do not cover losses due to mysterious disappearance or loss of a stone from its setting. Killingbeck Insurance & Tax Preparation recommends scheduling jewelry items worth over $1,500 and adding a special form endorsement to your homeowner’s policy for lower valued items to cover these common losses. Keep in mind that if a piece of jewelry is scheduled, no deductible will apply to your loss. Give us a call at (765) 452-8000 for more information today. We’ll be glad to help.