Were you one of the lucky ones that got a new piece of jewelry for Christmas? This new gem can bring some sparkle into your life and you want to make sure to always keep it that way!
You want to ensure that in an event of a burglary, or worse a fire or other disaster that you have enough insurance to replace your jewelry.
Here is how it works: Homeowners policies typically only cover valuable items such as jewelry and watches up to a specific amount. For example, if your limit is $5,000, but you have a $15,000 diamond ring, you'd be on the hook for an extra $10,000 in order to replace it. There might be other issues as well, such as whether your policy covers each individual piece of jewelry at a set amount, or provides coverage for your collection as a whole.
This all might sound complicated, but it's really not—especially when you work with an independent agent who can explain your options and make sure you get the right coverage. No matter how you buy your insurance, though, below are a few things you'll want to consider.
Do you need more coverage? Look at your policy language, or ask your agent to explain your coverage. Do you have one or two expensive pieces, or a number of smaller items that when added together exceed your limits? You probably need to purchase additional protection.
What kind of coverage should you get? This depends on your lifestyle. You may want to consider whether items are covered no matter where they are (such as if you travel internationally). You'll also want to ask about actual cash value versus replacement value, and if you would be required to actually replace the jewelry in the event of a loss or if you could just keep the cash payment.
Do you need an appraisal? In some instances, an insurance company will require you to get a piece appraised to determine its value.
Do you have items with mainly sentimental value, or ones that are irreplaceable? If so, you might not need to purchase any additional insurance at all. But we recommend talking to your agent before making that decision.
Do you have the ability to increase your deductible? Usually, a higher deductible means a lower premium—so that's an option to potentially offset part or all of the cost of increased coverage for your jewelry.
Do you have pictures? This doesn't necessarily have to do with your insurance, but jewelers often are able to recreate lost or stolen pieces with the help of a photo.
Whatever you choose to do, remember that you play an important role in keeping your jewelry protected, too: Be sure to store it securely, whether in a safe at home or a safe-deposit box at a different location. After all, having the right coverage is great—but it's even better when those special pieces stay with you and your family for years to come.
The holiday season is a time of celebration, not catastrophe. Do not let a fire ruin your festivities. Stay safe with these top tips:
1. Make sure all decorative lights are set-up and functioning properly. Remember to unplug and turn off your lights when you are away from home.
2. Keep your tree away from a fireplace or burning candles. Pick a clear place in your home to set-up the tree.
3. Dispose of your tree properly and safely. Christmas trees are extremely flammable when dry.
4. Do not leave cooking food unattended. Always turn off the oven or gas/electric burners when you are away from home or sleeping.
5. Never leave a candle burning when you are away or asleep. Do not place candles close to anything flammable (including papers, clothes or your Christmas tree).
6. As a precaution, have a fire safety and escape plan in place.
As much precaution as we take, sometimes disasters are unavoidable and you want to make for certain that you are equipped to handle any scenario if necessary.
Here are also a few home insurance tips:
1. Review and understand your insurance coverage.
2. Insure valuable gifts. Valuable gifts like diamond jewelry and antiques might not be covered under a standard homeowners or renters insurance policy. You must purchase an "endorsement" or separate coverage for these items.
3. Conduct a holiday home inventory. Make sure to note all valuables.
4. Keep all gift receipts. In the case of a fire or theft this might be your only proof of ownership.
Paschall Insurance Group wants to "INSURE" you have a very Safe and Happy Holiday Season!
Even though we are still in the fall season, the winter temperatures we have been experiencing are telling us otherwise. If you haven't yet winterized your home, now is the time. Click here to follow the checklist that will give you an overview of winterizing various systems of your home. From plumbing to the roof, it will walk you through each system and hit the major things to take care of before winter, so you can enjoy whatever the season brings and not worry about your home.
From our offices in Weatherford, Texas, we serve clients anywhere in the State of Texas, though the following areas are geographically closest to us: the counties of Dallas, Tarrant, Denton, Wise, Johnson, Parker and Hood and the cities of Arlington, Bedford, Brock, Burleson, Cleburne, Colleyville, Coppell, Dallas, Decatur, Euless, Fort Worth, Frisco, Granbury, Grapevine, Hurst, Keller, Mansfield, Millsap, Mineral Wells, North Richland Hills, Southlake, Watauga, Weatherford, and White Settlement.