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HAPPY VALENTINE'S DAY
We love our policyholders 
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Were you one of the lucky ones to get a new Valentine's present? 
High value items above $500 may need to be listed on your policy for coverage. 
 
All insurance policies have sublimits for jewelry (ie. starting at $500) and other high value items. You should always schedule ( ie. list) your high value items on your insurance policy to insure these items for the appraised value. Otherwise you could be underinsured and recover only get the sublimit coverage (ie. $500) if you have a loss. Most policyholders find out too late when they have a loss so be prepared and keep your insurance policy updated.  Call us at 281-558-2210 or email us today at service@suzannebrownagency.com 

What kind of property may have a coverage sublimit?

Here are some categories that may have sublimits on your insurance policy.  The reason there is a sublimit is so carriers can price your home insurance accordingly. You will want to consider a special endorsement or policy for Valuable Items or Personal Articles:

  • cameras (video or still) and related equipment
  • china and crystal
  • coins (rare and current)
  • firearms
  • furs
  • golfer's equipment
  • jewelry
  • musical instruments
  • personal computers
  • stamps (rare and current)
  • silverware
  • works of fine art, including paintings, etchings, pictures and other bona fide works of art (such as oriental rugs, statuary, rare books, manuscripts and bric-a-brac) of rarity, historical value or artistic merit.

If you own something of value that is not listed above, it may still be eligible for coverage. You may want to discuss this with us.

Broad coverage

A Valuable Items or Personal Articles policy allows you to purchase better protection for your special property than would be available under the typical homeowners policy. In addition to being able to purchase higher limits of coverage, more perils are covered, and you could receive worldwide coverage, including protection against mysterious disappearance. (Please be aware, however, that fine arts are only covered within the United States and Canada.) The policy also may be expanded to include loss due to breakage, something that is not available under the terms of a homeowners policy. That means, if you accidentally break something of a delicate or fragile nature, you're automatically covered!

Scheduling your property

Once you've contacted us to begin Valuable Items or Personal Articles coverage, you will be asked to list all the items that you'd like to insure. Smaller items, in many cases, need not be listed individually and what is called "blanket" coverage may be required. This list, or "schedule," would include a detailed description of each item and the appraised value. In some instances, a copy of a current appraisal, conducted within the past three years, may also be required. This detailed schedule is attached to your policy. Your premium is then based on the total amount for which your special property is valued.   You may want to photograph each piece in your collection and store the photos in a safe place as part of your home inventory. If your entire collection is stolen or damaged, it will be easy to remember each item for your claim report. 

  

To insure your high value items is worth the cost.   For example, a ring valued at $10,000 may cost roughly $100/year to insure.   Please contact us at service@suzannebrownagency.com or phone 281-558-2210 to discuss adding coverage for your high value items.  

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It only takes a matter of seconds for a thief to swipe valuable jewelry, but that beautiful ring or bracelet can also lose stones, or be subject to dents and scrapes.  Prevention is key, and in taking the proper security measures, that beautiful Valentine's Day gift can be protected. Protect your jewelry from damage and theft with these 8 tips:

 

  1. Don't place your jewelry in jewelry boxes or dresser drawers.
    These places are common to store jewelry, but their commonality makes them the first place that a thief will look. Keep your jewelry in a safe that is fire resistant, UL rated, torch and tool resistant, bolted to the structure and keep it in an area of the home that is not easily accessible. The best place for jewelry storage is an off-site bank safe deposit box. This is a great option for your most valuable jewelry.
  2. Have your jewelry appraised by a qualified jewelry appraiser to keep the value of your insurance coverage up to date.
  3. Know who has access to your jewelry.
    There have been several cases of domestic employees stealing jewelry from their employers in the news lately. Being aware of who has access to your jewelry collection, and having background screenings on domestic employees will help prevent any mishaps.
  4. Take precautions when you're wearing gloves.
    Prongs from rings may catch on the fabric, which could result in loss.
  5. Don't place jewelry in your pockets.
    If your pockets open, or you run your clothes through the wash, you're at risk of losing jewelry.
  6. Keep jewelry away from sinks, counters and public areas.
    Setting the jewelry beside the sink when washing your hands or doing the dishes could result in loss, or it could be forgotten or stolen.
  7. Prevent damage by removing your jewelry.
    When performing outdoor activities, including playing sports or doing lawn work, remove your jewelry to avoid damage and place it in a safe location.
  8. Have your jewelry regularly inspected.
    Bringing your jewelry to your jeweler for regular inspections will help you to prevent any damage. Making sure the mountings and prongs are checked once a year can help avoid any loose stones, and prevent  accidental loss.

  

  






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