Bridging the gap

We had what I would call an "eye-opening" discussion with a customer on Saturday. They, like all of our customers, work diligently to acheive the life style they want, and value what they own. Facing a disaster without having an inventory is, basically, out of the question. We talked about others who have an inventory, and how helpful the documents were in remembering and proving what they owned when they faced a tornado, fire and burglary.

As we discussed their jewelry, we touched on policy limits, the need for riders and how to know when you need one. For example, insurance agents have told us that a standard rule of thumb for having jewelry appraised and scheduled is when an item has a value of more than $1000. So what about all the items that cost less than $1000?

Well, there is your standard homeowners policy, but it most likely won't cover all of your jewelry because of the jewelry limit. Most policies have a limit somewhere between $1000 - $3000. Consider this ... if you have just 2 bracelets worth $500 each, 3 necklaces worth $400 and 5 rings valued at just $200 each, they don't warrant an appraisal or being scheduled, but you'll have exceeded the top range of the limits most companies place on jewelry. It is extremely important to know your policy's limits. It's highly likely you'll exceed it, so you'll want to purchase a jewelry rider, or you could stand to lose thousands just on your high quality, fine jewelry. Then consider all the other contents in your home.

Other items that have limits are:

• Guns: $1000-$3000
• Silverware: $1000-$3000
• Business Personal Property: $1000-$2500
• Sports/Stamp Collections: $1000-$2500
• Money: $200-$500

Knowing what you own is the first step in making sure you have proper insurance coverage. An inventory of your contents will help you do that. Our customer stated that she sees they have some gaps in coverage they need to close.

As we left this home, inventory in hand, we once again served our passion of helping others. Not only were we able to provide the service, but the guidance about inventory coverage has encouraged them to discuss specific items with their agent. They'll sleep well, knowing they'll be able to recover financially from their loss if they ever need to file an insurance claim.
 
Now, that's a great day's work!