Save the Sparklys! … and other high-end items.

 Have you ever seen the movie “The Secret of Nimh?” It is an old, animated movie from 1982. One of my favorite characters in that film was a clutzy crow by the name of Jeremy. He was voiced by the comedic legend, Dom DeLuise. (I hope some of you remember him.) Jeremy’s claim to fame was being a bit ditzy and his love of “Sparklys.” Anything that sparkled, he had to have. He was addicted.
 
Most of us would agree with him…to a point.
Some of the possibilities:

• Diamonds
• Rubies
• Emeralds

• Sapphires
• Opals
• Aquamarines
• Garnets

Or perhaps just a nice bit of gold.
 
You might receive a lovely “Sparkly” for Christmas or Valentine’s Day. Or even a birthday? The last thing you want to do is lose a beautiful piece of jewelry. Let’s face it, they are not cheap.
 
Sparkly presents can have a high price tag. Homeowners and Renter’s policies will cover jewelry, but there are limits. There can be two different limits on jewelry coverage. One is the limit for all the jewelry owned in your household. The other possibility is a limit for one item that costs over a certain amount.
 
A modest example:

• A wedding set for husband and wife that costs $7,500.00.
• An heirloom ring worth $8,000.00.
• Diamond earrings $1,200.00.
• A string of pearls $850.00.
• Matching pearl earrings $200.00.
• An anniversary ring $1,100.00

Total worth: $18,850.00.
 
If your jewelry protection is only $10,000.00, some of your pretties would not get replaced. Or if your policy has an item limit of $5,000.00, you wouldn’t be able to replace Grandma’s wedding ring that is now worth $8,000.00.
 
(These limits were based on one company. Do not assume that if you are below this that your jewelry is protected. Check your policy!)
 
How do you find out what these limits are on your policy? Check your policy or ask your agent. Most of the time you can add coverage to cover important jewelry for a nominal fee.
 
Are there other items that may not be fully covered under your Homeowners or Renter’s policies?
Yes.
Some of the other items that may not be fully covered:

• Art
• Money or Securities (stocks, bonds etc.)
• Antiques
• Furs
• Watercraft
• Trailers
• Property used for business
• High-end musical instruments
• Silverware, goldware etc.

 
What to do:

1. You will want to check the limits of your policy for these items.
2. Get an estimate of your item’s worth.
3. Compare the estimate to your coverage.
4. Add coverage if you need it.

 
On some things you will need a written appraisal to cover them thoroughly.
 
Above all…. take pictures of your important items! You have no chance of replacing it if you can’t prove you owned it in the first place.
 
 
Disclaimer: All coverages are subject to the terms, conditions and limitations of the actual policy.

Posted by Lara Wilson, Mount Spokane Insurance -- MountSpokaneIns.com