How would you handle a loss to one of your most prized possessions? Do you have a diamond engagement ring, or tennis bracelet? A hand-me-down antique desk or chair? How about silverware or even a prized baseball card or stamp collection? Other collectibles? You know these items can be insured for loss against your homeowners insurance policy. If you do insure them, the insurance company needs current professional appraisals of the items, and the appraisals should be updated at least every two years. Now is a great time to have a professional help you update your valuable items for appraisal.
The main benefit of scheduling valuable items on your homeowners, condo or renter’s policy is that the coverage protects against any type of loss — fire, theft, even including mysterious disappearance. If your diamond stone falls out of your ring, or a gold necklace is lost at the beach, insurance will cover the scheduled property. There is no deductible for scheduled personal property.
The appraisal is an important condition of coverage. The insurance company can be assured you still retain the item when it is appraised, and the coverage can be updated to reflect the current value. Appraisals are a very important element of the insurance process for valuables. Please don’t neglect the opportunity to have your items appraised. You may be pleasantly surprised about the increase in value, and you can feel reassured that any loss will be fully covered.
Most jewelers will appraisal items without charge. This is a service they enjoy and they appreciate you for placing your trust in them. Of course, you should always work with a jeweler that has a strong reputation in the community and one you may have worked with in the past. They are happy to review your precious keepsakes, and like to build their relationship with you. You shouldn’t feel pressured to buy anything, either.
Should you wish to have other types of valuables appraised, get referrals to appraisers from specialized retailers, art studios, coin dealers, baseball card shops. Approach professionals that trade the types of valuables that you have. Sometimes appraisers are available at trade shows where appraisals can be done for a small fee. Exceptional items can even be appraised at auction houses, like Sotheby’s or Christie’s.
At The Haas Agency, we seek opportunities to review our clients policies every year, especially if scheduled personal property coverages apply to their valuables. Please contact us anytime with any questions you may have and feel free to call to schedule an appointment to review your policy annually.