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Keep Those Valuables Covered

2/11/2016

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February is here and LOVE is in the air! (Perhaps in part due to the Broncos big Super Bowl WIN this past weekend. GO TEAM!) Getting your Valentine something special this year? When purchasing a high value item, it’s important to remember that your homeowners insurance may cover only part of what you would pay to replace it. With that in mind, here are 5 things you should know about coverage for jewelry and other valuables:

1.   Standard homeowners/renters insurance policies include some coverage for jewelry and other valuable items.


2.   There are special limits of liability for certain items. This means that the insurer will not pay more than the amount specified in the policy. Take jewelry theft for example – because jewelry can be easily stolen, standard policies generally have a low limit for theft coverage (around $1,500) in order to keep coverage affordable.

3.   There are two ways you can increase coverage:
  • Raise the limit of liability
  • Schedule your individual pieces through the purchase of “floater” policies

4.   Raising the limit of liability is the less expensive option in terms of insurance premium cost. BUT, there is usually a limit on the amount you can claim for the loss of an individual piece, perhaps only $2,000 even though your overall limit is $5,000.

5.   Scheduling each individual item may cost more in insurance premiums, but it offers more extensive protection. The floater covers any type of loss, even accidental losses, that standard policies do not cover. Dropped your diamond ring down the sink? No problem! Your floater has you covered. Before you can purchase a floater policy, the items covered must be professionally appraised.
 
Have questions? Give us a call here at ALINK Insurance Services today to ensure you have the coverage you need to protect those valuables. We’re your link to security!


Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Greeley: 970-475-0900
Surrounding States: 877-643-6148



Happy Valentine’s Day!

Source: Insurance Information Institute 
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Be Mine, Valentine?

2/6/2015

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Jewelry Protection – Make Sure Your Token of Love is Covered

Ah, February.  Valentine’s Day is near, and love is in the air.  Well, love and a few other things, such as chocolates, romantic dinners, candy hearts that say “Be Mine” - and, of course, jewelry.
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According to the National Retail Federation, a projected 4.8 billion dollars will be spent on jewelry this month.  That’s a lot of bling!  It’s exciting {not to mention romantic} to receive jewelry from a loved one — or to give it as a gift.  But if you’re lucky enough to have some new jewelry in your home this Valentine’s Day, you should take a few minutes to think about something you probably don’t find quite as exciting or romantic: insurance.

Aren’t sure where to turn?  Don’t worry.  At ALINK Insurance Services, we think it is exciting to help our customers protect what’s most important to them — so we’re ready to help and can answer all of your questions.


Here are a few things to consider when insuring jewelry:
  • You may need to purchase additional coverage.  Your homeowners policy covers valuable items such as jewelry only up to set amounts.  If the cost of replacing your jewelry exceeds that limit, you will want to purchase scheduled personal property coverage.  You can check your policy or give us a call.
  • You might want to reconsider your deductible amounts.  As always, this impacts your policy premium.  It’s a good idea to take a look at your deductibles whenever you make a change to your policy.  
  • Do you need an appraisal?  You may need to have an independent appraisal if the insurance company requires it or if you don’t know the value of your jewelry.  Each item should be listed with a description and value on paper.
  • What kind of coverage is offered?  You’ll want to determine if items are covered no matter where they are, whether they’re in Colorado Springs, or on an international trip, and if the policy offers full replacement cost.  You also should ask if you will be required to replace your jewelry if lost or stolen, or if you can simply keep the cash settlement.
  • Pictures can be helpful.  Lost or stolen pieces of jewelry sometimes can be recreated if the jeweler has a good photograph to work from.

Of course, it’s important to store your jewelry securely when it’s not in use; a safe in your home or a safe-deposit box is best.  We want your jewelry to be replaced if it’s lost or stolen, but we’d rather your sentimental and valuable pieces stay with you and your family for years to come.

Here’s hoping your Valentine’s Day is full of fun and romance.  And if there’s no jewelry involved, well, there’s always next year!

Contact Us!

For further questions and assistance, please contact ALINK Insurance Services at any of our offices!

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Greeley: 970-475-0900
Surrounding States: 877-643-614
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All That Sparkles - Insuring Your Jewelry Investment

2/13/2014

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The day of love is upon us. 

If you are on the receiving end of the National Retail Federation's projected 19 percent who will gift jewelry for Valentine's Day (3.9 billion dollars worth), it's a good idea to review how to protect your true love's financial investment.

According to the Insurance Information Institute, jewelry is one of the most claimed losses in home content related insurance claims. The Bureau of Justice Statistics reports that the largest percentage of completed burglaries involve the theft of personal items, with jewelry (including watches) being among the top items stolen. Although the sentimental value of a special piece of jewelry can never be recovered, there is security in knowing the monetary value is protected.


The Insurance Information Institute has provided four simple steps to ensure adequate protection for sparkling valuables:

1. Contact your insurance professional immediately.
Find out how much coverage you already have and whether you will need additional insurance. Most standard homeowners and renters insurance policies include coverage for personal items such as jewelry, however, many policies limit the dollar amount for the theft of high-value personal items, usually from $1000 to $2000. These policies would cover a loss if the item were destroyed by disasters listed in the policy (fire or hurricane, for example), but if your expensive new gift is lost or stolen, you would need separate insurance to be covered.

2.  Obtain a copy of the store receipt.
Forward a copy of the receipt to your agent so that your insurance company know the current retail value of the item. Keep a copy for your records and include it in your home inventory. If the item was purchased on sale, it's a good idea to get a copy of its appraised value.

3.  If you receive an heirloom or antique piece of jewelry, have the item appraised.

4.  Add the item to your home inventory.
A current inventory of your personal possessions can ensure you have adequate coverage and speed up the claims process if you have a loss. If you don't have a home inventory, there is no better time to start than now. The I.I.I. offers free web-based Know Your Stuff® Home Inventory software and apps, so creating one is easy.


A note to renters:
A 2013 I.I.I. poll found that 96% of homeowners had insurance coverage but only 35% of renters had renters insurance. This insurance provides important financial protection in the event your belongings are lost or stolen.

For any of your insurance questions or needs, contact us at ALINK Insurance Services.

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Greeley: 970-475-0900
Surrounding States:
877-643-6148

We can help!
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