From our recent Newsletter
After the holidays are over we might just want to forget all the craziness and get on with our new year. But it’s likely you received a gift or two that should be noted on your homeowners insurance.
Jewelry losses are among the most frequent of all home insurance content-related claims, according to the Insurance Information Institute. It recommends these four steps to get your new bling, home electronics and other expensive holiday gifts covered by your homeowners insurance:
1. Take a photo, then add the item to your home inventory.
A photo is the easiest way to accurately identify an item that you’re adding to your inventory. An up-to-date inventory of your personal possessions can help you purchase the correct amount of insurance and speed up the claims process if you have a loss, so remember to add your holiday gifts to your inventory.
And if you don’t yet have an inventory, make one the easy way with Know Your Stuff® – Home Inventory, the Insurance Institute’s free Web-based software and apps.
2. Call your agent or insurance company.
Find out how much coverage you already have and whether your gift is covered. Most homeowners policies cover personal items such as jewelry and home electronics. However, many policies limit the dollar amount for the theft of your high-value personal possessions to $1,000 to $2,000.
You’re covered if the item were destroyed by disasters listed in the policy such as a fire or hurricane, but if your expensive new present is lost or stolen you would need separate insurance to be covered.
If your newest possessions exceed your policy limits, a floater or endorsement policy will cover it. Those add-ons also cover “mysterious disappearance.”
If your ring falls off your finger and is flushed down a drain, or the stone falls out of the setting, you’re covered. Floaters and endorsements carry no deductibles, so there is no out-of-pocket expense to replace the item.
3. Scan, copy or photograph the store receipt.
Keep a copy for your records and send a copy of the receipt to your insurance company to establish the retail value of the item. If the item was purchased on sale, also get a copy of the appraised value of the item.
Original store receipts fade quickly. By scanning the receipt, you’ll have a clear copy available when you need it.
4. If you received an heirloom piece, have the item appraised.
Heirlooms and antiques need to be appraised for their dollar value. You can ask your insurer to recommend a reputable appraiser.
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Bill Salvatore is a member of Heroes Home Advantage, a cash back program for Real Estate buyers and sellers. The program honors Veterans and Active Military Members, Fire Fighters and First Responders, EMTs and Emergency Medical Personnel, Nurses, and Teachers. Through the Heroes Home Advantage program, Realtors give a portion of their commission back to the hero in the form of assistance with closing costs.
Bill is also President of the Phoenix Chapter of VAREP, Veterans Association of Real Estate Professionals. VAREP is focused on education and employment, making real estate transactions smoother and easier for Veterans and Military Personnel, and instructing other real estate related professionals in the best procedures for dealing with these transactions. VAREP is a nationwide non-profit association with an impressive presence in the Phoenix area.
In founding AZVHV, Arizona Veterans Helping Veterans, Bill has spread his dedication to Veterans and Military throughout the real estate industry. An increasing number of local professionals have joined Bill in offering discounts to these heroes, not only when buying or selling a home but in all aspects of homeownership. AZVHV has developed a wide range of services and is gaining momentum every year. Membership is free. Bill’s only requirements are that businesses be legitimate and willing to offer a discount on their services to Veterans and Military Members.
You can contact Bill at Realty Executives East Valley, 1166 E Warner Rd. Suite 117, Gilbert AZ, 85296. Direct Phone: 602-999-0952. E-Mail: golfarizona@cox.net. Web site and blog: www.yourValleyProperty.com.
