by: Aaron Whitaker
I’ll be married in less than two months from now. The engagement ring has been bought, offered to my now fiance and as I’m getting married, you can gather that she said yes! What does this have to do with insurance? Well, who should schedule the ring my fiance or me? Both is the answer, but just not at the same time.
First the ring would be listed on my policy, but once my fiance said yes and accepted the ring, I no longer have ownership of said ring. So, my fiance would need to have it listed on her policy after she has accepted the ring. By policy, I mean our home policy (renter’s policy in our case).This is just one example based on my own experience and questions I have received from customers.
There are many items (usually of a high value for one specific item, or in some cases a high value collection of items as a whole) that have limited coverage on a standard home policy. Some of the limitations are based on cause of loss, for instance one company has a limit of just $1,000 for jewelry, watches, etc. in the event of a theft. That’s per incident, not per item. Another good example from one of our companies is a limit of just $1,000 for any personal property located away from the residence premises (your home the policy is written for).
Many rings, guns, furs and artwork (just to name a few) are valued much higher than the limited coverage offered by a standard home policy. So, how do you insure those items for what they are worth? Funny you should ask, you could schedule them on your home policy, of course. How? Some insurers have requirements that you produce a recent appraisal in order to schedule an item; but if what you are scheduling is valued under a specific amount, then just a current value and description of the item is usually sufficient.
Sometimes getting artwork or sculptures appraised can be difficult, and may even require getting in touch with the artist to provide a replacement value for the artwork. In lieu of an appraisal, if it is not possible or difficult to have the item appraised, often a letter or email from the artist can be accepted. Talk with your agent about any items you wish to have scheduled on your policy to see what will be needed.
Guns are often overlooked by homeowners for scheduling on a policy, but there is often similar coverage limitations for guns any avid hunter or collector should be aware of. Most gun stores should be able to appraise your firearms. Furs are also something to schedule on your home policy if you have any pieces of significant value.
Scheduling items on your home policy is both inexpensive and recommended. If you already have items scheduled on your home policy, be sure to get updated appraisals for items that change in value over time (jewelry). Contact your agent for further in depth answers regarding scheduling as this is just a brief overview of the inland marine (scheduled items) on your home policy.
LOCAL.FRIENDLY.INSURANCE www.WhitakerLaChance.com (269) 324-7700
About the author:
Aaron Whitaker joined Whitaker-LaChance in 2014 as a Personal Insurance Customer Service Representative. He brought with him extensive customer service experience from working in a retail professional camera store and computer electronic store for three years in Chicago. Aaron manages all personal insurance placement, marketing, account service and claim management. His expertise is in working with our clients to make sure their insurance program takes care of them through all the changes in life. Aaron is a graduate of Kalamazoo Home School Association and attended Columbia College in Chicago, where he studied Graphic Art Design. He is an avid photographer and enjoys fishing.