Are you ready for Valentine's Day? Whether you’re planning a special surprise for your loved one or you find yourself on the receiving end of an extravagant present this year, we’ve got some practical advice you can use.
Imagine you’ve just finished a romantic dinner with the person you love, when out comes the most beautiful diamond ring you've ever seen. Or perhaps it’s a very special necklace, earrings, or … you get the picture. After the surprise, embrace, tears and love, what’s next? We trust you to nourish and take care of your relationship – and you can trust us to help you protect the Valentine’s Day gift itself.
Do You Have Enough Personal Property Insurance?
The best way to protect your valuable belongings and other prized possessions is with personal property insurance, which is included in the standard homeowners insurance or condo insurance policy.
If you’ve already increased your Coverage C Personal Property section of your homeowners policy to the highest allowable limit and it still doesn’t adequately cover your expensive jewelry, art, antiques, high-end electronics, or other expensive items, you need more coverage. We've got the additional personal property coverage options you need, including:
- Premium packages. At Edison Insurance Company, we offer Plus, Gold and Platinum premium packages so you can increase the payout limits for jewelry, personal liability and more. For example, for just a small additional premium, our gold or platinum premium packages allow you to raise your personal liability coverage (Coverage E in your policy) to $500,000 – a more reasonable payout limit if you have significant savings or assets, or have an increased risk of being sued.
- Replacement cost. Choose replacement cost for your personal property coverage. This allows you to purchase brand-new items after a covered loss to replace what was damaged or stolen. The alternative is actual cash value, which sounds good but it subtracts for wear and tear, age of item, etc. before you’re reimbursed after a covered loss.
Appraisals, Reappraisals, & Proof of Purchase
Your may need an appraisal of the item you plan to insure, which can help determine the coverage limit you're looking for. Be sure to keep the receipt and appraisal (if you get one). In fact, these items should be stored with your home inventory. In some cases, the value of certain items may fluctuate over time, which may require a reappraisal to ensure your coverage limits are adequate for the value of the piece.
Anything Else You Need Protected?
Since you’re going to contact your insurance agent about insuring your new Valentine’s Day gift anyway – it’s a good time to quickly go over your policy with your agent. If your insurance needs have changed, you may need to adjust your coverage, limits, or deductibles. Some changes can be made anytime; for others, you may need to wait until it’s time to renew your policy. Either way, you may wish to consider the following a la carte protections:
- Golf cart coverage – Many housing communities throughout Florida encourage transportation via golf cart when on their grounds. It can help relieve traffic congestion, slow the speed at which vehicles travel through the area, and require less parking space. It also creates a resort-style community atmosphere. If you’ve got a golf cart, make sure it’s insured.
- Screen enclosure coverage – Screening in your pool or patio can be a blessing on buggy Florida days and evenings. It expands the livable area of your home, but screened enclosures are not cheap and can cost tens of thousands of dollars to reinstall if damaged or blown away in a storm.
- Animal liability protection – If you have a dog and you’re worried about unintentional injuries to neighbors or guests in your home, you may want this coverage. It provides up to $25,000 in liability protection and up to $2,000 in medical payments to others.
- Equipment breakdown & service line (EBSL) coverage – We’ve all got major appliances and equipment in our homes we depend on daily. This coverage protects against accidental damage (outside normal wear and tear) to things like your central air conditioning, washer/dryer, hot water heater, refrigerator, security system, and more. It’s just $50/year, or $80/year if you want to include repair/replacement of underground service lines (e.g., water and sewer) you’re responsible for on your property.
Expensive Jewelry or Other High-Value Items? Make Sure You Have Enough Personal Property Insurance
If you own unique or costly items, including high-end jewelry and watches, designer clothing and accessories, or luxury art or household objects – you have choices on how to protect those beloved treasures.
Contact your Edison Insurance Company agent to find out what your best choices are, including opting for scheduled personal property, one of our premium packages, and/or choosing replacement value for your personal property coverage on your homeowners or condo owners insurance policy.
Not yet insured with Edison? You may want to be. Our coverage options include bright and innovative ideas for Florida homeowners so you get the protection you need. Get started today with your online quote.
