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Home & Safety Preparedness

A Silver Lining Worth Its Weight in Gold

You may be in for one of the economy's few pleasant surprises. The value of wedding and engagement bands has kept pace with the dramatic increases in the cost of gemstones, gold and other precious metals. If you have an engagement ring or wedding band that's more than a few years old, you may be very surprised to find out that it could now be worth a lot more than you paid for it – and very likely worth more than your homeowners policy will cover if it's stolen.

In 2011, when engagement ring prices were down from prior years, the average cost was still $4,630. The cost of wedding bands was pretty steep too: $1,126 for brides and $491 for grooms. If you purchased yours even a few years ago, they may be worth considerably more than you paid for them.

Obviously, safeguarding these assets is important.

A basic homeowners policy includes coverage for jewelry (including wedding rings and bands) up to $1,500 for loss by theft. That's just not adequate protection for most people – especially now that gold and diamonds are again approaching record highs.

The Scheduled Advantage*

Adding scheduled items coverage to your homeowners policy is the smart thing to do when you have high–value portable items like fine jewelry, silverware or fine art. Here's why:

Scheduling allows you to add specific items to your homeowners policy and covers them either for their actual cash value or at a value you agree on with the insurance company. That's crucial when you have jewelry worth over $1,500.
No deductible applies.
There is no depreciation if you have to make a claim.
Scheduled items are protected for causes of loss not covered by a homeowners policy, such as breakage and loss due to mysterious disappearances. (Wondering what a "mysterious disappearance" is? Most people do. Mysterious disappearance would apply if your jewelry disappears – possibly down the disposal after a holiday dinner or when you accidentally leave it in a public restroom or if it otherwise simply vanishes.)
Scheduling covers your valuables for breakage and other damage. It would apply if your stone fell out of its setting at the beach and is gone for good – an event your homeowners policy would not cover.

How Much Is It Worth?

Determining the value of your item for scheduling purposes is done either by submitting a recent detailed bill of sale (if you purchased the item within the last five years) or getting a written appraisal from a qualified appraiser.

If you want to schedule any single item worth $5,000 or more, you'll need either a detailed bill of sale or a written appraisal by a certified appraiser. Fortunately, this is not difficult – many jewelers and fine arts appraisers are certified by national associations, and auction houses usually have certified appraisers on staff. You can also search for an appraiser online through the membership directories of major associations such as the following:

The written appraisal should include a full description of the item (materials, age, size, etc.) and show the identification of the appraiser (name, address, contact information, certifications, signature, etc.) on a business letterhead.

What Kind of Items Can I Schedule?

Jewelry
Fine arts (excludes restoration)
Furs and garments trimmed with fur or consisting principally of fur
Cameras, projection machines, films and related articles
Musical equipment and related articles not used for professional purposes
Silverware, silver-plated ware, goldware, gold-plated ware and pewterware (excludes pens, pencils, flasks or smoking implements)
Firearms that are collector's items not used for hunting
Oriental rugs hung for display

Find out more about scheduled items coverage on our Website (http://www.electricinsurance.com/Products_Services/Home/scheduled_items.asp).

Give Us a Call

Your homeowners policy provides only limited coverage for some of your valuables. If you'd like to get full protection for your valuable items, please call us at 855.789.7874.

*Underwriting guidelines apply

ⁱWeddingstats.org

ⁱⁱXO Group, Inc.