Archives for May 2013

Blog Posts For May/2013

Do You Know the Replacement Value of Your Gold Jewelry?

From your engagement ring to family heirloom pieces, the greatest value of your jewelry may be as a reminder of a milestone, a relationship or your heritage. If those are stolen, lost or damaged, there will be no compensation for the personal loss.

Yet, you do deserve fair compensation for the monetary value. So, ask yourself, “Do I know what my jewelry is really worth?” and, “Is it insured for replacement value?”

Do You Need an Appraisal?

Many people are unsure as to whether they will require coverage for their jewelry beyond that included in a homeowners or renters insurance policy. To help you determine whether you need an appraisal and scheduled property insurance for your jewelry, consider the following:

• What are the limits of your current personal property insurance? Many people believe that their home insurance plan will cover a lost or damaged piece of jewelry. While this may be true for some pieces, the protection offered by your home insurance plan is often limited; more valuable items may not be adequately covered. If you own a valuable piece, including a wedding ring or antique family heirloom, it is important to discuss additional coverage with your agent.

• What risks are covered? Under your home insurance or a separate personal property policy, jewelry is insured against repair or replacement costs of lost, stolen or damaged pieces.

• How do you determine the value of your jewelry? Many jewelry stores will provide statements of value and updates as long as you own an engagement ring or other piece. This allows you to be sure that you purchase the right amount of coverage, and that your jewelry is adequately protected. Antique jewelry and custom pieces may require professional appraisals. Once an appraisal is complete, your personal insurance agent can offer advice on different coverage options and available policies.

• Where should you begin? Inventory your jewelry (you may be surprised at how much is in that chest). Do a quick check of prices on comparable pieces, and consider appraisals on heirlooms and older pieces, especially gold.

Have you had a piece of jewelry appraised, or lost it in a burglary, fire or other disaster? Did you feel you received a fair settlement from your insurance company?

As Independent Insurance Agents, We Offer Real Options

As a consumer, you should only expect the very best from your insurance agency. If you only look at the products of one insurance company, how sure can you really be that your policy is the best? When you work with an independent insurance agent, you have real options. This way you know you’ll be matched up with the best insurance company for your needs.

Compare All Your Insurance Options

Different insurance companies offer very different product lines. To find the right coverage at the best price, you need to carefully review all your choices. But who has time to drive to or call every agency?

With an independent agent, you don’t have to. These agents sell products from multiple insurance companies. In one meeting, you’ll compare the rates and coverage terms of nearly all your different insurance options. This way you’ll be able to find the best insurance without wasting your valuable free time.

Smoother Transitions Between Different Insurance Products

Your life is always changing. Your insurance needs to keep up. The plan you put together today could be completely inadequate a few years down the road. As time goes by, you might need more coverage for a growing business or family. Later on, you might also be able to qualify for new discounts or could be better off with a new line of insurance.

When you only work with one insurance company, these changes can lead to problems. Since each company can only offer so many products, your old company might not have suitable options for your new situation. In some cases, your insurance company may end your coverage altogether because it doesn’t want to deal with your new risk level.

With an independent insurance agent, you will never have these problems. Since the agent represents multiple companies, you will have access to a variety of options that may meet your needs. If your current company becomes a poor fit, you can immediately switch you to a company that works.

The advantages of an independent agent over a non-independent agent are quite clear, but are they enough for you to consider switching agencies? How do you think non-independent agents can compete against this type of insurance agency? Let us know what you think.

Want to learn more about independent agencies? Contact our Amherst, New York, office to find out how we can help you.