Engagement Rings Top List of Valuables to Insure

You've just paid a small fortune for the perfect engagement ring. You've made reservations for a romantic Valentine's Day proposal at your special restaurant or favorite setting. And after all of this planning, you're hoping that the special person in your life says: "Yes, I will marry you!" 

We wish you the best of luck with your proposal, we hope your significant other is ready to say "yes!" and we also hope you'll say "yes!" to one other very important question: Have you properly insured that beautiful diamond ring?

We're dedicated to helping customers protect what they have today and to better prepare for tomorrow.  An engagement ring can be the most valuable item a newly engaged couple owns and may require added insurance coverage to protect its full value.

The Insurance Information Institute advises that standard homeowners and renters insurance policies include coverage for personal items such as jewelry.  However, many policies limit the dollar amount for theft of valuable personal possessions such as jewelry, furs, and precious stones from $1,000 to $2,000 total.

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. To properly insure jewelry and other expensive items, consider purchasing additional coverage through a floater or an endorsement.

 

  • Have the item appraised
    Heirlooms and items that were purchased several years ago will need to be appraised for their dollar value. Ask your insurer for recommendations regarding a reputable appraiser. It is important that expensive items are appraised accurately. If you purchase a floater or endorsement, you will pay premium based on this amount. In the event of a claim, you will be compensated for this dollar amount as well.

 

  • Keep a copy of the store receipt
    You will need to 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 in your home inventory.

 

  • Update the value of your jewelry
    Expensive items 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 chose, where you live and where the item will be kept.

 

For more information on insuring your diamond ring, contact your local Allstate agent to discuss whether you're properly insured.

1 comment • Shannon Harvey • February 12 2010 04:44PM

4 Tips to Make Your Gift to Haiti Count

The earthquake in Haiti has compelled millions of people to generously give their money, food, and time to help with the relief efforts.  Since January 12th, pictures of children playing outside next to leveled homes has inspired an unprecedented number of donations from people across the globe.  Most of these were small - around $10 Dollars - but millions of these small donations add up!

With media swarming the event, you are reminded everyday of the many different ways to donate money.  Among the newest and most popular ways is text messaging.  However, is this new phenomenon the most efficient way to help out the people of Haiti?

When you text in a donation, the amount is added to your phone bill.  It can take up to 90 days for your phone service provider to send all the money to charities.

The most efficient way to give is online.  Most charities allow you to make credit card donations directly through their websites.  This is the fastest way to give and the least expensive to process.

Here are 4 Tips To Make Your Gifts to Haiti Count:

  1. Give to charities that already have experience in Haiti - There are many worthwhile organizations with a good track record in Haiti.
  2. Don't earmark donations - Once you've selected a good charity, don't put restrictions on your donations.
  3. Take advantage of new tax rules - If you think the deduction will be more in 2010, you can claim your donation when you file your 2010 tax return.  There are also options to claim on your 2009 taxes (Check with your tax preparer to see which is best for you.)
  4. Make a long-term commitment to give - It may take a minimum of 10 years for Haiti to get back on their feet, so continue to support organizations that are staying in Haiti.

Remember, charities aren't equally helpful, so be as picky as you are generous.  If you trust an organization and they have a good track record, let them use their judgment to handle the disaster.

Here are some Haiti relief organizations who have received top ratings:

All the Best!

0 comments • Shannon Harvey • February 04 2010 06:41PM