For most insureds, the question asked most frequently has to do with having the appropriate amount of coverage to protect your property, your auto, or your personal items. Sometimes we don't think about all of the possible coverage questions to ask. I hope this newsletter helps you think about your personal situation. If you have the same questions and you are unsure of the answer, then we, at Doyle, would like to hear from you.
How can I make sure I have coverage for my valuables?
There is limited coverage available for your valuables. In most cases, you may want to consider purchasing a Personal Articles Floater, which provides coverage for our personal articles, such as jewelry, furs, or fine arts, when their value is higher than the limits stated in your policy. On a homeowner's policy, there is limited, standard coverage available for your jewelry.
Should I consider a recent appraisal for my jewelry items (such as an engagement or anniversary ring)?
Yes, the value of precious metals and gemstones is constantly changing. Even if you've had your jewelry appraised before, it's always a good idea to have it appraised again or its current market value.
If, for example, your engagement ring was originally appraised for $3,000 five years ago, its value may have increased since then. In the unfortunate event that your ring is lost or stolen, having a recent appraisal handy (with a thorough description of the item being insured) will help with the reimbursement process.
Keep in mind that recent appraisals are usually required for expensive pieces of jewelry when you purchase additional coverage, like Personal Articles Floater. (Depending on the value of the item, you'll be required to provide a detailed sales receipt or appraisal.)
Is it a good idea to keep an inventory and photographs of my belongings?
YES. Keep this information in a safe and recognizable place in the event you need to file a claim.