Valued at $46.2 million, the Graff Pink diamond is one of the most expensive pieces of jewelry in the world. Your jewelry box might not hold anything that priceless, but you certainly want to insure your valuable or sentimental pieces, including the diamond cufflinks you wore at your wedding or your grandmother’s ruby brooch. November is Real Jewelry Month and the perfect time to make sure your necklaces, bracelets, rings and other real jewelry are insured.
1. Hire an Independent Appraiser
An independent appraiser will carefully and thoroughly inspect each piece of jewelry you own, and he or she will then determine the exact value of your works of art. Be sure to obtain a signed document that includes a detailed description and appraiser’s value for each piece.
2. Check Your Current Insurance Policy
Most homeowner or renter insurance policies include cash value or replacement coverage for personal belongings. As long as that figure is high enough to cover everything you own, including your real jewelry, you’re set.
3. Purchase a Rider
If your current policy does not cover your valuable gems, purchase a rider. It offers additional coverage for your precious collection.
4. Take Pictures of all Your Pieces
The police need detailed descriptions of your jewelry if a piece is lost or stolen. Take detailed pictures of each piece to increase the likelihood of recovery.
5. Update Your Inventory Regularly
Once you’re sure your jewelry is adequately insured, mark your calendar for an annual inventory review. Add new pieces you recently purchased and remove pieces you sold or gave away to ensure your collection is completely covered.
6. Inspect Your Jewelry
As part of your annual review; take your jewelry for an inspection. The jeweler will look for loose settings, chips or scratches. Take new pictures after any needed repairs are made.
7. Store Your Jewelry in a Safe Place
Insurance will replace your real jewelry if it’s lost, stolen or damaged, but don’t take chances. A fireproof safe hidden in your home or a safety deposit box at the bank protects your gems, especially if you own expensive pieces that you wear only on rare occasions.
You do not want to file a claim for stolen jewelry and find out it wasn’t insured. Follow these tips and talk to your insurance agent today as you protect your valuable collection and celebrate Real Jewelry Month.
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When you host neighborhood barbecues or invite your friends’ kids over to play in the yard, you could be responsible if someone gets hurt. Ensure you have premises liability insurance to protect your assets.
What is Premises Liability?
Visitors who suffer an injury while on your property could sue you. You could be responsible for their medical treatment, legal fees and other damages under premises liability laws. Before your next neighborhood party, verify your premise liability responsibility.
Know the Nature of the Injured Party
In general, visitors to your property fall into one of three categories. They may be a licensee, business invitee or trespasser. Your liability and responsibility for a visitor’s safety depend on their classification.
Licensee
If you have invited or allowed a neighbor onto your property, they’re considered a licensee. You have the responsibility to take reasonable care to ensure a licensee’s safety. For example, if you know one of the deck steps is loose, you should fix the step, but if you run out of time, you can simply warn your neighbor of the danger and not be liable for any injuries.
Business Invitee
A neighbor who shops at your yard sale or stops by to discuss fixing your broken steps through her remodeling company falls into the category of a business invitee. In this case, you have invited them onto your property for business, and you must actively inspect your property for safety hazards, dangers and risks and repair any issues before a business invitee steps foot onto your property.
Trespasser
Someone who enters your property without a specific invitation or your implied permission is considered a trespasser. This category applies to the neighborhood kid who opens the gate and plays on your swingset when you’re not home or the neighbor who crashes your barbecue without an invitation. Typically, you don’t have to warn a trespasser of potential hazards around your home or make repairs to keep him or her safe. However, check your local laws because they may include different requirements.
Understand your Status as a Homeowner or a Possessor
Your status as a homeowner or property possessor determines your liability during a premises liability claim. For example, if you rent your home to a tenant, you might not be liable for injuries that occur on the property. Check your local laws to verify your responsibility.
Purchase Adequate Insurance
While you always want to remove hazards and dangers on your property before you invite the neighbors over, purchase homeowners insurance, too. It should have premises liability and adequate coverage for any liability. Your agent can help you analyze your assets and choose appropriate coverage limits that provide financial peace of mind.
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Trampolines help your kids burn off excess energy, and they’re a great weight loss tool for you. However, the American Academy of Pediatrics recommends that all consumers avoid using trampolines because unsafe use of this backyard toy can cause head and neck injuries, fractures and sprain. As a homeowner, don’t set up a backyard trampoline until you find out more about your liability.
Check Your Homeowners Insurance Policy
Trampolines are fun, but the expenses could quickly outweigh any enjoyment. Some insurance companies will not insure your home if you have a trampoline. They may either cancel your policy or exclude coverage for any trampoline-related injuries. Either way, you’ll be personally liable for any injuries that occur.
Set It Up Properly
If your homeowners insurance policy does cover your trampoline, be sure you set it up properly as you increase its safe operation.
*Follow the manufacturer’s instructions when setting up and using the trampoline.
*If possible, place the trampoline at ground level rather than above ground.
*Remove tree branches and other hazards located nearby.
*Provide adequate padding on the springs as you prevent pinching.
*Secure a safety net around the trampoline.
*Inspect the trampoline and all its parts regularly for wear and tear.
Provide Constant Supervision
Guests who are injured while using your trampoline can sue you. Be sure you provide constant supervision to ensure everyone practices safe jumping. That means only one person at a time should jump, and no one should do somersaults or flips, two major causes of spine injuries.
Fence-In Your Yard
You’re liable for injuries that occur by anyone who uses your trampoline, even if the jumper doesn’t have your permission or trespasses in your lawn. Protect yourself with a tall fence. It should have a self-latching lock on the gate for greater security.
Your family and friends can enjoy fun in your backyard thanks to your trampoline. Be sure to understand your liability, though, before you install one.
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Trampolines help your kids burn off excess energy, and they’re a great weight loss tool for you. However, the American Academy of Pediatrics recommends that all consumers avoid using trampolines because unsafe use of this backyard toy can cause head and neck injuries, fractures and sprain. As a homeowner, don’t set up a backyard trampoline until you find out more about your liability.
Check Your Homeowners Insurance Policy
Trampolines are fun, but the expenses could quickly outweigh any enjoyment. Some insurance companies will not insure your home if you have a trampoline. They may either cancel your policy or exclude coverage for any trampoline-related injuries. Either way, you’ll be personally liable for any injuries that occur.
Set It Up Properly
If your homeowners insurance policy does cover your trampoline, be sure you set it up properly as you increase its safe operation.
*Follow the manufacturer’s instructions when setting up and using the trampoline.
*If possible, place the trampoline at ground level rather than above ground.
*Remove tree branches and other hazards located nearby.
*Provide adequate padding on the springs as you prevent pinching.
*Secure a safety net around the trampoline.
*Inspect the trampoline and all its parts regularly for wear and tear.
Provide Constant Supervision
Guests who are injured while using your trampoline can sue you. Be sure you provide constant supervision to ensure everyone practices safe jumping. That means only one person at a time should jump, and no one should do somersaults or flips, two major causes of spine injuries.
Fence-In Your Yard
You’re liable for injuries that occur by anyone who uses your trampoline, even if the jumper doesn’t have your permission or trespasses in your lawn. Protect yourself with a tall fence. It should have a self-latching lock on the gate for greater security.
Your family and friends can enjoy fun in your backyard thanks to your trampoline. Be sure to understand your liability, though, before you install one.
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12 months ago
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by
Erin Carlson ·
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With the upcoming holidays, your house is going to be filled with guests. Is your pantry filled and your bathroom clean? Even more importantly, update your home insurance policy as you prepare to welcome guests to your home for the holidays.
What Does Homeowner’s Insurance Cover?
Most homeowners buy insurance to cover property damages from storms or accidents. It also covers personal property that’s lost, damaged or stolen. Plus, homeowner’s insurance pays for medical treatment or lawsuits associated with injuries people sustain while visiting you.
Make Sure you Have Enough Liability Coverage
You don’t expect accidents to happen in your house, but a visitor could trip over frayed carpet, get food poisoning or fall off the backyard trampoline. Or maybe the traditional Thanksgiving day football game gets rough, and your cousin’s expensive watch breaks, a seasonal storm blows a branch on your friend’s vehicle or the toilet overflows on your uncle’s expensive leather shoes. These injuries and damages are all examples of accidents that liability insurance covers.
Increase Your Coverage Limit
To ensure you have enough liability coverage, check out your policy and talk to your insurance agent. Most policies include a liability coverage limit of $100,000, but you should consider increasing that limit to $300,000 or even $500,000. An accident that affects more than one guest could quickly use up that coverage and leave you with a big bill. The increased coverage limit ensures everyone can receive medical treatment, and it reduces your out-of-pocket expenses if you’re sued.
Buy an Umbrella Policy
An umbrella policy is another insurance product to consider. It adds additional coverage that could be very beneficial as you entertain guests this holiday season.
Because you plan to host holiday guests this year, do more than stock the pantry and clean the bathroom. Update your homeowner’s insurance policy. It gives you peace of mind and prepares you for anything that might happen.
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Are you planning to welcome trick or treaters to your home this month? Follow 11 steps that prepare your property for safe Halloween fun.
1. Clean your walkways.
Jack-o-lanterns are cute, but they are also tripping hazards. Remove decorations and all clutter or debris such as toys, yard tools or twigs from your sidewalks, steps and walkways.
2. Clear the yard.
Ideally, kids will stay on the walkway and front porch as they retrieve their candy. However, you will want to clear your yard so curious and excited kids don’t trip on any toys, branches or yard tools.
3. Repair broken sidewalks and steps.
Inspect your entryway and steps carefully. Then repair any broken stepping stones, loose railings or other hazards.
4. Install lighting.
Your front porch light is turned on to welcome trick or treaters, but you may also need additional lighting to ensure safety. Solar-powered walkway lights or a string of lights can illuminate your walkway and porch.
5. Change your location.
Instead of making kids walk up your long driveway or steep steps, stand or sit in a location that’s easy for them to access.
6. Lock doors and windows.
On trick or treat night, your attention is focused on your front door. Lock all the other doors and windows in your house so no one can gain access to your home while you’re out front. Remember to lock your garage and car, too.
7. Secure valuables.
Move your grill, mower and other valuables to the shed or another secure location. With this tip, you prevent potential burglars from adding your home to their future target list.
8. Protect your pets.
Some kids are scared of animals. Also, pets can become startled and bolt or bite when they see strange costumes or dozens of noisy kids. Always secure your pets so they and the kids are safe.
9. Extinguish candles.
Open flames pose a fire hazard. As an alternative, try battery-powered bulbs, or install Halloween-themed covers on your flashlights.
10. Consider allergies when choosing candy.
Many kids are allergic to nuts or dairy. Place a teal pumpkin on your step to show trick or treaters that you offer safe alternatives like books, stickers or toys.
11. Update your property and homeowners’ insurance policies.
Despite your best efforts to promote safety, someone could be injured while on your property. Be sure your property and homeowners’ insurance policies are updated and include adequate coverage.
Trick or treating is a fun family activity. As you give out treats this year, follow these 11 safety tips. They secure your property and reduce your liability risks.
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