New Diamond Ring? New Policy Coverage!
When you are celebrating a fairy tale proposal or exciting engagement, love and promise are in the air! You are likely sharing the news with family, friends, and special connections. You might even be posting about it on social media. But did you remember to contact your Independent Insurance Agent with the news, too? Your agent might not be top of your notification list, but they should be! Not only will they congratulate you, they can also make sure your insurance coverage is updated.
Any jewelry purchases, or other expensive valuables, may need separate coverage. While they are considered personal property as defined by your home insurance policy, most homeowners policies have a limit to their coverage amount should a claim be made. A valuable item could require coverage beyond your current policy limit. Connect with your Independent Insurance Agent to discuss your homeowners policy and if a Scheduled Personal Property Endorsement might be right for you. Based on the professional appraisal value, this endorsement would determine coverage for your ring or jewelry.
Another option your Independent Insurance Agent may suggest is an Umbrella Policy. These policies create an umbrella of added protection as they pair with your personal insurance policies. Intended to expand your liability protections, an Umbrella Policy will provide additional coverage at various dollar amounts to make sure your needs are met.
If you are currently renting and therefore don’t have a homeowners insurance policy, Renters Insurance is a must. This type of policy provides coverage for personal property and liability risks. Make sure your new ring (or valuable jewelry) is covered. Your Independent Insurance Agent can advise you if an additional policy or endorsement should be added to your renters’ coverage.
