Have you ever had to ask yourself a question about your insurance coverage? I for one, just went through that exercise and would encourage everyone to learn from my mistake.
New Year's Resolution Number 1 - Review the personal article's rider of my insurance policy!
New Year's Resolution Number 2 - Review all existing appraisals and determine if they need to be updated.
New Year's Resolution Number 3 - Determine which personal articles I want to declare and insure individually.
New Year's Resolution Number 4 - Send updated appraisals to my insurance carrier and ask a lot of questions!Some critical questions I'll ask are:
* What happens if the article is lost vs. stolen?
* What happens if I loose just one earring of the set? How does that compute in replacement of the single earring?
* What is the process? Do we use local appraisers/jewelers or do we need to ship the remaining earring to a specific entity?
* If I'd prefer the cash value over a replacement, is that allowed?
* What if you loose just one stone out of the set? How do you determine coverage? What if the prong is damaged? Is it still covered?
These are just a few of the questions I'll ask in hopes to generate a good understanding and dialog. During that conversation, I'm sure additional questions will arise so I do plan to take copious notes. You have probably already figured out that I lost an earring but what I learned about my carrier's policy came as a surprise. In my case, I will need to ship the remaining earring to the carrier. They have their jeweler dismantle the existing earring to verify the appraisal they have on file. Once that is complete, the jeweler will make a matching earring provided the total coverage I had covers the costs. I for one am hoping the price of a single earring does not exceed the 10 year old appraisal they have on file for the set.
What are your New Year's Resolutions?
