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Archive for February 2011

Did you receive an expensive piece of jewelry for Valentine’s Day?

February 14th, 2011 by admin

Expensive Valentines Day GiftStandard homeowners and renters insurance policies include coverage for personal items such as jewelry and other valuables. However, many policies limit the dollar amount for the theft of valuable personal possessions such as jewelry, furs and precious stones to $1,000 to $2,000.    Include your insurance agent on your list of people to tell about your beautiful gift!   Make sure you have the necessary insurance to protect it.

To make sure your jewelry is adequately protected, the Insurance Information Institute suggests the following:
  • Contact your insurance professional immediately
    Let your agent or company representative know that you are now in possession of an expensive piece of jewelry. Find out how much coverage you have and if additional insurance is needed.
  • Have the item appraised
    Heirlooms and antique jewelry will need to be appraised for their dollar value. Ask your insurer for recommendations regarding a reputable appraiser. It is important that expensive items be appraised properly—if you purchase additional insurance, you will pay the premium based on the appraised value, and in the event of a claim, will be compensated for this dollar amount.
  • Keep a copy of the store receipt
    Forward a copy of the receipt to your insurer so that the company knows the current retail value of the item. Keep a copy for yourself and include it with your home inventory.
  • Store valuables in a secure location
    Protect your jewelry by storing it in a secure location in your home. If you do not plan to wear the item regularly or are holding it for a child, consider keeping it in a safe deposit box. You may save money on the cost of insuring it, as some companies offer ‘in vault’ coverage. If you want to wear the jewelry for a special occasion, many insurers will offer the option of purchasing additional coverage for the time it is out of the bank. You would, of course, have to notify your insurer ahead of time.
  • Update the value of your jewelry
    Expensive items can go up or go down in value. Talk to your insurance professional about how to make sure the dollar amount of your floater or endorsement reflects these changes. Prices for floaters and endorsements will vary depending on the type of jewelry, the insurance company you choose, where you live and where the item will be kept.
  • Take a picture of the item
    Get into the habit of keeping a visual record of all of your personal possessions. This helps to document your loss and speed up the claims process. It is also useful to document antique and unusual pieces of jewelry.
  • Add the item to your home inventory
    Everyone should have an up-to-date inventory of their personal possessions. An inventory can help you purchase the correct amount of insurance and speed up the claims process when there is a loss. The I.I.I. has created free, online software, Know your Stuff® – Home Inventory, to make creating a home inventory easier. You can also add a digital photograph of your new gift and save scanned receipts. Computerizing your inventory makes updating easier and more efficient.
Categories : Home, Individual
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Why do I need to review my insurance policy?

February 14th, 2011 by admin

The Insurance Information Institute recommends reviewing your home insurance policy twice a year,  and your life and auto insurance once a year.  However, you should also review your policy whenever one of the following situations occur:

1. When your policy comes up for renewal.

While it is tempting to pay the renewal bill immediately, this is a perfect time to review your insurance policy.   The Rich Insurance Agency, Inc. will contact you each year around the mid-point of your policy year.  At that time we like to review your automobile policy and your homeowners policy.  We will also offer to review your life insurance.  What is all this attention to insurance reviews?  All insurance is not the same and insurance companies are constantly trying to invent new coverage to protect you from evolving changes that are occurring constantly in your everyday lives.  At renewal time think “Is there something I need to speak to the Rich Insurance Agency, Inc about?” before putting the policy away.  If you think of something contact us to discuss your situation.  This simple practice will mean you have reviewed your  homeowners twice each year and your auto and life insurance once a year.

2. When you make major purchases or alterations to the home.

Building that new deck? Just purchased a big screen TV? Next step is to call Rich Insurance. Making new purchases or adding improvements to your house is usually a great time to look at your home insurance policy. A perfect example of a major improvement includes adding or expanding a room, such as a kitchen or bathroom.

Additionally, if you or a member of your family has received an expensive gift, such as artwork, a computer or even an engagement ring, contact Rich Insurance so we can review to make sure your new valuable possession is protected.

The housing market has been in a turmoil.  A large percentage of homes are not properly insured for replacement value.  Replacement value may well be above what you are told your home is worth in today’s market.  You need to be insured for 100% replacement value to reconstruct your home.  The value of your contents is based on a percentage value of your home structure value.  Under insure your structure and you have under insured your contents.  Insurance adjusters tell us that they run into problems trying to come up with enough contents coverage on many losses.

3.  When you buy a another car or need to add or remove a driver to your auto insurance policy.

Contact Rich Insurance Agency Inc immediately to get your new car and or new driver covered.

With the current hard economic times more people than ever are driving uninsured or have minimum limits. You need to be sure your limits take this into consideration. Do you have an Umbrella liability policy? Does your Umbrella go over your Uninsured and Under insured Motorist coverage?  Discuss this with your Rich Insurance Agency, Inc. agent during your review.

4.  When a major life change occurs.

Contact us to discuss new coverage needs due to:   getting married or divorced; if you retire;  the addition of a new family member through birth or adoption of a child or grandchild; taking on the financial responsibility of an aging parent; purchasing a new home or refinancing your existing home; purchasing or investing in a business;  you have a loved one who requires long-term care; or you are coming into an inheritance.

 

Is it time to review your insurance policies?
Call 703-777-4415 or schedule on-line today!

Schedule today!

Categories : Automobile, Home, Individual, Life
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Does homeowners insurance cover my jewelry and other valuables?

February 10th, 2011 by admin

A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. These items are covered for losses caused by the perils included in your policy such as fire, windstorm, theft and vandalism.

Take note, there are limits of liability for certain items.  A limit means the insurer will not pay more than the amount  specified in the policy. One important limit is for the theft of jewelry. To keep coverage affordable because jewelry can be easily stolen, the standard policy has a relatively low limit of liability for theft, generally $1,500.

If you own valuable jewelry or other items that would be difficult to replace,  you can increase coverage by raising the limit of liability or “scheduling” your individual pieces through the purchase of “floater” policies.

Raising the limit of liability may be the cheapest option; however, there may be a limit on the amount you can claim for the loss of any individual piece, say $2,000, when the overall limit is $5,000.

Scheduling each piece or item may cost more in premiums, but it offers broader protection because the floater covers losses of any type, including accidental losses—such as dropping your ring down the drain of the kitchen sink or leaving an expensive watch in a hotel room—that your homeowners insurance policy will not cover. Before purchasing a floater, the items covered must be professionally appraised.

Categories : Condo, Home, Individual, Renter
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Tips for taking a home inventory

February 10th, 2011 by admin

Having an up-to-date home inventory will help you:

  • Purchase enough insurance to replace the things you own.
  • Get your insurance claims settled faster.
  • Substantiate losses for your income tax return.

You can always simply make a list in a notebook and save receipts and photos in a file.    There are also free software programs to help you.   Here are just a couple that we might suggest:

Where do I start?
If you have been setting up a household, starting a home inventory can be relatively simple. You could even attach recent wedding registries to substantiate new possessions. But, if you have been living in a house for many years, this task may seem daunting. If you set aside an afternoon and get your entire household involved, it can be an enjoyable experience. It is much easier to document your possessions before you suffer a loss from a fire, hurricane, burglary or other disaster.

  • Write it down
    List your possessions, describing each item and noting where you bought it and its make and model. Clip to your list any sales receipts, purchase contracts, and appraisals you have. For clothing, count the items you own by category — pants, coats, shoes, for example –- making notes about those that are especially valuable. For major appliance and electronic equipment, record their serial numbers usually found on the back or bottom.
  • Big ticket items
    Valuable items like jewelry, art work and collectibles may have increased in value since you received them. Check with your agent to make sure that you have adequate insurance for these items. They may need to be insured separately.
  • Take a picture
    Besides the list, you can take pictures of rooms and important individual items. On the back of the photos, note what is shown and where you bought it or the make. Don’t forget things that are in closets or drawers.
  • Videotape it
    Walk through your house or apartment videotaping and describing the contents. Or do the same thing using a tape recorder.
  • Storing the list, photos and tapes
    Regardless of how you do it (written list, floppy disk, photos, videotape or audio tape), keep your inventory along with receipts in your safe deposit box or at a friend’s or relative’s home. That way you’ll be sure to have something to give your insurance representative if your home is damaged. When you make a significant purchase, add the information to your inventory while the details are fresh in your mind.
Categories : Condo, Home, Individual, Renter
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Why do I need renter’s insurance?

February 10th, 2011 by admin

Renter’s insurance assures you that you’re protected against the damage or loss of personal property when you rent an apartment or house. Your landlord may have insurance that protects the physical building in which you reside, but this insurance will not cover your personal property.

In determining whether or not you need renter’s insurance, the questions you need to ask yourself are:  How much would it cost to replace my belongings if they were damaged or stolen? And can I afford to replace them? Depending on your answer, renter’s insurance may be an easy choice, providing you with the protection you need. Either way, it’s reassuring to have the peace of mind that comes from being protected.

It’s recommended that you take an inventory of your personal items before purchasing renter’s insurance. This can be done by video taping or photographing each room of your house. It is important to keep all receipts for any major purchases  in a fireproof safe or safety deposit box.

Categories : Individual, Renter
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Must I have home insurance if I own a home?

February 10th, 2011 by admin

If you have bought your home and financed the purchase with a mortgage, your lender will require you to get homeowners insurance coverage. This is because lenders need to protect their investment in your home in case your house burns down or is badly damaged by a storm, tornado or other disaster.

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Once your mortgage is paid off, no one will force you to buy homeowners insurance.  However, it is not advisable to cancel your policy and risk losing what you’ve invested in your home.

Categories : Home, Individual
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Do I need flood insurance?

February 10th, 2011 by admin

Why do I need flood insurance? I don’t live near water.

People who live near water are not the only ones who experience flooding. Floods move, and can spread for miles. They can have strong currents that, in a few moments, can sweep away everything, leaving a thick residue of mud and debris behind. In some areas there can also be a considerable amount of ground water flooding and ponding that comes about when the ground becomes super saturated with water and has no place to go. Homes, even those on high ground, may be many miles from a river, lake, or other body of water, and still have damage because of groundwater flooding or ponding.

It’s not just the high-risk areas that are flooded. Between 20 and 25 percent of flood insurance claims come from a medium or low flood-risk areas.

Doesn’t my homeowners insurance cover flood damage?

Typically, homeowners insurance policies do not cover such things as flooding, landslides, and earthquakes. A special policy or rider is needed to cover damage from these as well as other special hazards. Check with your insurance agent to find out what is and is not covered in your homeowners policy.

Categories : Home, Individual
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What is home insurance?

February 10th, 2011 by admin

Home insurance, also commonly called homeowners insurance , is the type of property insurance that covers private homes. It is an insurance policy that offers financial protection against:

1.  Loss or damage to the home or its contents.

2.  Liability damages to other people or property that may happen within the territory described in the policy.

Homeowners insurance is required by the lender and may be included in the monthly mortgage payment.

Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowner’s responsibility.

Categories : Home, Individual
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