Buying a High Value Item
Purchased a High Value Item
High Valued Jewelry, Watches, Furs, Guns, etc.
She’ll love it! You’ve talked about getting married, starting a family. She’ll say yes. She’ll love the ring. You’ve thought of everything. You have even planned a little surprise party ‘afterwards’, to celebrate with family and friends.
As your insurance agents, we have to say: It sounds absolutely perfect. Except for one detail: Did you get insurance for the ring?
High-value items are insured as part of the “personal property coverage” on a standard homeowner’s or renter’s policy, but only to certain limits. If the value of an individual item (such as an engagement ring) exceeds the stated limit, there is no coverage for the difference…unless you purchased a “scheduled personal property” endorsement.
This advice applies not only for jewelry, but also for antiques, art, high-value rugs, coin collections, firearms, and certain other items.
Jewelry is by far the most common high-value item to be insured. (That’s why we’ll keep the focus on it in this article.) But if you have or buy an expensive item that fits any of the categories above, and you’re wondering whether it is covered on your homeowner’s policy, give us a call. We’re happy to find the adequate protection for your valuables.
Something sparkly for the one you love? Get it insured.
Inherited a jewelry box? Please follow this advice.
Protect against mysterious disappearance & loss of stones from settings.
Something sparkly for the one you love? Get it insured.
It is a beautiful ring…princess cut stone with two smaller diamonds left and right, and a delicate white-gold band. You picked it up because you are planning to propose to your girlfriend at the restaurant where you had your first date. The ring is at your house. In it’s box. In the drawer. Under the shirts. In the back corner. Safely tucked away. The sheer thought of taking it out of it’s hiding place, to transport it to the restaurant makes you sweat a little bit. What if you lose it? Or, heaven forbid, what if it is stolen?
First of all, congratulations on your upcoming engagement! Of course, once you have the ring in your possession, the reality of it all starts to sink in.
Don’t let your lifetime of happiness get off to a rocky start in the event the ring gets lost or stolen. A typical homeowner’s policy only covers jewelry up to a limited amount. As soon as the ring is in your possession, it is time to protect it by adding a scheduled jewelry endorsement to your homeowners insurance or renters insurance policy.
Of course, this advice doesn’t apply only for an engagement ring. It is wise to protect all your expensive jewelry or watches with a jewelry endorsement. Are you going to give her those diamond earrings she’s been dreaming about for Christmas? Is he receiving a Rolex for Father’s Day or his well-earned retirement? Please get them insured.
Coverage for expensive jewelry is available at a surprisingly low cost. Simply hold on to your receipt, or obtain a professional appraisal to determine the value of the item. Your team at Veritas can help you take care of all the rest.
Inherited a jewelry box? Please follow this advice
You didn’t know Aunt Bertha well. You only saw her on rare occasions like holidays and the family reunion five years ago. But you remember her as a jolly lady who loved her afternoon tea, hats with big flowers, and big jewelry to go with them. You liked Aunt Bertha. For your birthday, when you turned 10, she sent you this lovely bracelet with colorful charms that you adored. You returned the favor, sending her a long thank-you note, including a hand-drawn watercolor picture of her favorite flowers, peonies.
She must have been very touched by this, because now, 20 years later, she passed away and left you her entire jewelry box. All of it. You’re not sure what to do with it…most of it seems like big costume jewelry. Nothing too valuable and not your style either.
Three years later it is till in your garage, and you’re thinking, it may be time to take it all to the thrift store. No offense, Aunt Bertha…
If you inherited jewelry, do yourself a favor and be sure to get it appraised. Nine times out of ten, people assume that the jewelry they inherited is costume jewelry and of little value. Nine times out of ten, they are wrong.
Our office recommends an appraisal whenever you’re in doubt. We have even heard of a bracelet being appraised that turned out to be very rare Scottish jewelry from the mid-1800’s, valued at $4,500 – and it was a piece that was just about to be given to the Thrift Store! Don’t let that happen to you!
In addition, the cost of gold and platinum has been on the rise over the past years, so if you have jewelry that has been appraised five or more years ago, it may have appreciated in value and might need to be appraised again.
Any individual piece of jewelry that is valued at more than $1,500 should be insured on a special jewelry endorsement that is added to your homeowner’s or renter’s policy. In insurance terms, we also call this “scheduling” your jewelry.
In order to schedule a piece of jewelry, we ask that you provide a picture of the item, and either a receipt or a professional appraisal. Depending on your insurance company, cost usually runs about $12 per $1,000 value.
If you have any questions, please don’t hesitate to give us a call 423-292-4142. We are here to help!
Protect against mysterious disappearance & loss of stones
Your family heirloom wedding band is precious and valuable. You love it so, it is not tucked away safely at the bank, or even in your jewelry box. It goes with you wherever you go. It may get taken off every so often, when you go swimming, are making meat loaf, or are cleaning the windows…but usually you’re wearing it all of the time.
That means it’s exposed to whatever you are doing, and it’s at risk from all the dangers that come with the world out there: It could get lost or simply slip off your numb finger as you take off your glove on that freezing winter day. Not to mention, the stone could fall out of its setting.
Seventy percent of all personal property claims involve jewelry. The good news: Jewelry is usually covered up to $1,500 per item on a standard homeowners insurance or renters insurance policy.
The not-so-good news: A typical homeowners insurance policy does not cover losses due to mysterious disappearance or loss of a stone from its setting.
The even-better solution: Scheduling jewelry items over $1500 in value and adding a “special form” endorsement to your home insurance policy for lower valued items will cover these common losses.
Give us a call! We can walk you through the process to make sure your jewelry, or other high value items, are properly covered.