Money-Saving Tips 

Insuring your Possessions

Jewelry, Silver, furs, Antiques, and Other Valuables

Most homeowners' policies contain special limits on the amount of coverage for items such as jewelry, furs, antiques, silverware, collectibles, guns, etc.  These limits often include a $1,000 maximum for any one theft claim on jewelry, watches or furs, or a maximum of $2,500 for the theft of silverware.  Since the average value of an engagement ring is now several thousand dollars, you could find yourself seriously underinsured in the event of a loss.

Few things can be more unsettling when it comes to insurance than the feeling you have not received the full value of your damaged or stolen property after a loss.  This is especially true when the loss involves these kinds of personal possessions whose values are difficult to set or can change over a long period of time.  A silver service for example, may be worth significantly less than its original purchase price due to a drop in the market price of silver.

How can a "schedule" help properly insure this type of property?

A "schedule" is simply a way of specifically listing valuable items on your homeowner's, condominium or tenant's policy.  The schedule includes a brief description of each item and its dollar value.  For certain items of property such as fine art or high valued jewelry, a professional appraisal of the item or a copy of the sales receipt is sometimes required.  This helps assure the amount of insurance listed on the schedule accurately reflects its current value.  you're then sure that in the event of a covered loss, the amount of your insurance is enough to repair or replace the item.

What other benefits does a schedule provide?

There are other advantages to insuring personal property on a scheduled basis. First, scheduled property is not subject to the policy deductible.  Second, coverage for the scheduled property is actually broader than the "named perils" such as fire, theft, and vandalism provided under your basic policy.  This broadening would include most types of accidental damage to the scheduled property which you might not normally consider.  For example, a schedule would provide coverage for a diamond which has fallen out of its setting, or an antique table top damaged by water leaking from a flower vase.

How much does it cost to schedule items?

The cost of this valuable coverage is quite affordable and depends upon the type of item being scheduled and its value.

If you think you may have personal items to schedule, please contact us.  We can explain scheduling in more detail, and discuss with you whether or not it is to your advantage to schedule any of your valuables.

Money-Saving Tips for Auto Insurance

1.  Buy a "Low Profile" Car.  Before you buy a new or used car, check into insurance costs.  Cars that are expensive to repair, or that are favorite targets for thieves, have much higher insurance costs.

2.  Consider Insurance Cost When Making a Move.  Costs tend to be lowest in rural communities and highest in cities where there is more traffic congestion.

3.  Inquire About Other Discounts.  Some insurers offer discounts for having multiple cars insured with them, anti-theft devices, good driving records, driver training courses, AAA group membership, passive restraints, use of public transit, low mileage, and for drivers over 65.

4.  Ask for Higher Deductibles.  Deductibles represent the amount of money you pay before you make a claim.  By requesting higher deductibles on collision and comprehensive (fire and theft) coverage, you can lower your costs substantially.  For example, increasing your deductible from $500 to $1,000 could reduce your collision and comprehensive cost by 15% to 30%.

5.  Drop Collision and/or Comprehensive Coverage on Older Cars.  It may not be cost-effective to have collision or comprehensive coverage on cars worth less than $3,000 because any claim you make would not substantially exceed annual cost and deductible amounts.  Auto dealers and banks can tell you the worth of your car.

6.  Take Advantage of Low Mileage Discounts.  Some companies offer discounts to motorists who drive less than a predetermined number of miles per year.

Money-Saving Tips for Homeowners

Raise your deductible.  If you can comfortably handle a larger deductible, you can save yourself significant premium costs over the years.

Explore "package discounts" that may reduce your rates if you insure your home and cars with the same company.

Install dead bolt locks on all exterior doors.  This will deter break-ins - a worthy goal in itself - and often will qualify you for a premium discount.

Install smoke alarms in your house.  Since fire losses are one of the most expensive types of claims for insurers, most insurers will add a discount if you have smoke alarms and smoke detectors in your home.

If you have a nonsmoking household, be sure to let your agent or insurer know.  Smokers in a home represent a higher risk because of the possibility of an accidental fire.  If your household consists totally of nonsmokers, ask about a premium discount.

Consider installing a sprinkler system.  fire suppression systems make you a more attractive customer for a homeowners insurer.  If you've gone to the expense and trouble of installing such a system, you should be rewarded for your efforts.

Install a home security system, including fire, water, and burglar alarms.  Insurance companies encourage their policyholders to adopt these measures and may offer a premium discount for having some sort of home security system in place.

You may qualify for special discounts if you are over 50 years old, live in a gated community, etc.  We will help you receive all appropriate reduced rates.

Be sure to review your policy annually.  It is especially important to contact us if you are planning an addition or an extensive remodeling project on your home.

 

 

 

 

 

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