HAVE YOU THOUGHT ABOUT ADDING YOUR HOLIDAY GIFTS TO YOUR INSURANCE AND HOME INVENTORY? Jewelry losses are among the most frequent of all home insurance content-related insurance claims, according to the Insurance Information Institute. It recommends these four steps to get your new bling, home electronics and other expensive holiday gifts covered by your homeowners insurance: 1. ADD THE ITEM TO YOUR HOME INVENTORY: An up-to-date inventory of your personal possessions can help you purchase the correct amount of insurance and speed up the claims process if you have a loss, so remember to add your holiday gifts to your inventory. And if you don’t yet have an inventory,make one with Know Your Stuff® - Home Inventory, the Insurance Institute’s free Web-based software and apps, . 2. CALL YOUR AGENT OR INSURANCE COMPANY: Find out how much coverage you already have and whether your gift is covered. Most homeowners policies cover personal items such as jewelry and home electronics. However, many policies limit the dollar amount for the theft of your high-value personal possessions to $1,000 to $2,000. You’re covered if the item were destroyed by disasters listed in the policy such as a fire or hurricane, but if your expensive new present is lost or stolen you would need separate insurance to be covered. If your newest possessions exceed your policy limits, a floater or endorsement policy will cover it. Those add-ons also cover “mysterious disappearance.” If your ring falls off your finger and is flushed down a drain, or the stone falls out of the setting, you’re covered. Floaters and endorsements carry no deductibles, so there is no out-of-pocket expense to replace the item. 3. SCAN OR COPY THE STORE RECEIPT: Keep a copy for your records and send a copy of the receipt to your insurance company to establish the retail value of the item. If the item was purchased on sale, also get a copy of the appraised value of the item. Original store receipts fade quickly. By scanning the receipt, youll have a clear copy available when you need it. 4. IF YOU HAVE RECEIVE AN HEIRLOOM PIECE, HAVE IT APPRAISED: Heirlooms and antiques need to be appraised for their dollar value. You can ask your insurer to recommend a reputable appraiser. SHOULD YOU NEED OR DESIRE A QUOTE FROM A NEW CARRIER, LET ME KNOW AND I CAN PROVIDE YOU WITH A NAME.
Posted on: Mon, 12 Jan 2015 19:17:30 +0000
Trending Topics
Recently Viewed Topics
© 2015