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Buy expensive items such as jewelry, watches, furs, guns, etc.
she will love it Of course she will. And of course, she would answer yes…you talked about getting married and starting a family…you agreed to everything. She will say yes. She will love the ring.
Why, why do you care so much? You asked her father. you have a ring You got your plan. You have made a reservation.
You’ve thought of everything… I even planned a small surprise party ‘later’ to celebrate with family and friends. And booked a hotel room for a weekend getaway. In other words, “before the honeymoon”. All settings are complete. right?
As insurance agents, we must say: It’s really perfect. Except for one detail: Do you have insurance on your ring?
Expensive items are covered as part of a “personal property guarantee” under standard homeowner or tenant policies, but only up to certain limits. If the value of an individual item (such as an engagement ring) exceeds the stated limit, there is no guarantee for the difference, unless you purchase an “Intended Personal Property” guarantee.
This advice applies not only to jewelry, but also to antiques, art, expensive rugs, collectibles of coins, firearms, and certain other items.
Jewelry is by far the most expensive item that should be insured. (So we’ll focus on that in this article.) But if you have or buy an expensive item that falls into one of the above categories and you’re wondering if it’s covered by your landlord’s insurance, let us know. phone call. We are happy to find the right protection for your valuables.
- Something shiny for the one you love? Get insurance.
- Inherited jewelry box? Follow this advice.
- Protect from mysterious disappearances and stone loss in the setting.
Are you properly insured?
Contact us and we’ll create a custom quote tailored to your unique needs.
Something shiny for the one you love? Get insurance.
It is a beautiful ring… Featuring a princess cut stone, two small diamonds on the left and right, and a delicate white gold band. You have already chosen it because you are planning to propose to your beautiful girlfriend on a long-awaited trip to Mexico. Now the ring is in your house. in the box. inside the drawer. under the shirt. in the back corner. It is safely hidden. just… How safe? And just the thought of getting it out of hiding and transporting it to Mexico makes me sweat a little. What if I lose it? Otherwise, heaven forbids it. What if it is stolen?
First of all, congratulations on your upcoming engagement! Of course, things start to subside once you get your hands on the ring…
Don’t let happiness in your life begin just because your ring is lost or stolen. Normal homeowners insurance only covers bail up to $1,500. As soon as you own the ring, you should protect it by adding a scheduled bail guarantee to your homeowner’s or renter’s insurance policy.
One important point: Insurance issues can be a bit more complicated if you and your girlfriend don’t live together. You can insure the ring under the landlord’s or tenant’s insurance as long as the ring is still in your possession. But when you propose and give the ring to your fiancée, it becomes hers and you must insure the landlord or tenant. If in doubt, please call our office.
Of course, this advice doesn’t just apply to engagement rings. It is wise to protect any expensive jewelry or watch with a jewelry guarantee. Are you going to give her the diamond earrings she’s been dreaming of for Christmas? Is he getting a Rolex on Father’s Day or is he getting a high-paying severance pay? Please purchase insurance.
Coverage is offered for less than $12 per $1,000 value. Leave the receipt as is or get a professional appraisal to determine the value of the item. The Bancorp® Insurance team can help take care of all the rest.
Inherited a jewel box? follow this advice
You didn’t know Aunt Versailles well. Five years ago, you only saw her on rare occasions such as holidays and separated family reunions. But you do remember her as a delightful woman who loved afternoon tea, big-flowered hats, and big trinkets to go with. You liked Aunt Bertha. When you turned 10 for your birthday, she sent you this lovely bracelet with colorful charms that you loved. You rewarded her by sending her a lengthy thank-you letter that included a hand-drawn watercolor illustration of her favorite flower, the peony.
Twenty years later, she must have been very impressed with this, as she has passed away and left you with the entirety of her jewelry box. All of it. You’re not sure what to do with it… most of them look like great costume jewellery. Nothing is too precious. And it’s not your style either.
Three years later it’s still in the garage, and I’m thinking it’s time to take it all to the thrift store. Don’t be mad, Aunt Versailles…
If you have inherited jewelry, do yourself a favor and be sure to get your feelings. Nine out of ten see their inherited trinkets as costume trinkets and trinkets of little value. And nine out of ten are wrong.
Whenever in doubt, our office recommends an evaluation. We’ve been hearing that since the mid-1800s, bracelets that turned out to be very rare Scottish gems, valued at $4,500, were being valued. And that’s exactly what the thrift store was meant to give you! Don’t let that happen to you!
Not only that: the prices of gold and platinum have been rising over the past few years, so if you have a gem that was valued more than 5 years ago, it may have been valued and may need to be revalued.
Individual jewelry worth $1,500 or more must be covered by a special jewelry guarantee in addition to the landlord’s or tenant’s insurance policy. In insurance terminology, this is called bail “scheduling.”
You will need to provide a photo of the item and a receipt or professional appraisal to schedule the trinkets. Depending on the insurance company, the cost is usually around $12 per $1,000 value.
There are uninsured alternatives to expensive bail that we are insurance agents, but we do not plan to use now, which we may still pass on to future generations. Investing in a safe deposit box for items you rarely use can be cheaper than your schedule. If you’re bringing home some of the trendiest and nostalgic products that you’ll be using on a regular basis, be sure to let us know.
If you have any questions, do not hesitate to call us at 800-452-6826. We’re here to help!
Protection from mystic extinction and stone loss
Your family heirloom wedding ring is precious. and worthwhile. You like it, so it’s not even safely hidden in a bank or jewelry box. It goes with you wherever you go. I can take it off quite often when swimming, making chunks of meat, and cleaning windows, but I usually wear it all the time.
That means you are exposed to whatever you do and to all the dangers you have with the world. When you take off your gloves on a cold winter day, you can slip them off your lost or numb fingers. Needless to say, stones can fall out of the setting.
70% of all personal property claims relate to bail. The good news: Bail is usually covered under standard homeowners or renters insurance policies, up to $1,500 per item.
The bad news: Normal homeowner insurance policies don’t cover losses due to mysterious disappearances or loss of stones in a setting.
A Better Solution: You can cover these common losses by booking a jewelry item worth $1500 or more and adding a “special type” guarantee to your home insurance policy for the lower value item.
Bancorp’s insurance experts provide free reviews and consultations. Contact us – Bancorp Insurance Call 800-452-6826
Disclaimer: This content is provided for general informational purposes and should not be used in lieu of consulting with our agents.