Happy Black Friday!
Friday, November 28, 2014
Friday, November 21, 2014
Clean teeth, jewelry coverage and the Song of the Day
As you read this you're probably thinking..."Hey - aren't Mitch's teeth whiter?" In fact they are! Yesterday morning I went to my dentist in the Montclair neighborhood of Oakland, not too far from home. Afterward I was outside contemplating a donut (I like to get a head start on plaque build-up for my next appointment) when I bumped into my friend Sean Chernak. Sean is a huge ska fan, and has lent me a few ska collection CDs one of which features today's Song Of The Day by Millie Small (below).
After Sean left I resumed my donut quest, but stopped when I came upon Montclair Jewelers. One of my clients should have her jewelry appraised and I have been looking for a jeweler who I could recommend for appraisals. I have found that person, the shop's owner David Coll, one of the most knowledgeable gemologists in the Bay Area.
There are limits and restrictions to how jewelry is covered in a home policy. Your personal property may be covered up to $400,000. But outside of a total loss, your jewelry may be covered for a much lower amount, say $5,000 with no one item being covered for more than $1,000. Your $4,000 Rolex watch stolen? You get $1,000. Seven of those same watches (one for each day of the week) stolen? You get $5,000. You can protect your jewelry by specifically listing the pieces and having them appraised, submitting the appraisal to your insurance agent (hopefully that's me if you're in CA or IL) and purchasing a rider or endorsement to your home policy.
David shared some of his experiences working with insurance claims. "The purpose of an insurance policy is to make one whole, so if you read the policy language when you buy a jewelry rider it states that if something happens to the item, the company will replace the item with something of equal value." He pointed out that insurance companies are able to purchase jewelry at wholesale prices, so the premium you pay is not derived from the appraised value of the replaceable item, but from the lower wholesale cost the company pays to acquire that item on your behalf. So if my $4,000 Rolex gets stolen, with the correct rider, I get another Rolex of like quality. But if I wanted cash instead I WOULD NOT get $4,000. The premium I paid to get that $4,000 replacement coverage, is actually calculated on the wholesale cost for that item (let's say $3,000). If you have a one of a kind item which cannot be replaced, you will want to insure it for the actual agreed upon cash value of what it's worth - $4,000. Since a different dollar amount is being underwritten, that coverage will cost you more money.
Also, appraisals should be done frequently: Aim for every three years. When the price of gold has increased from $800 an ounce to $1,200 an ounce, that fly gold chain you used to wear at Studio 54 has also increased in value. An out-of-date appraisal is as useful as the coverage you get from your Members Only jacket. It will cover you, but you could probably find something that better reflects who your current situation.
For all your insurance needs, call us at 925-588-3888 or go to my website. And while you're at it, please like us on Facebook.
And now the Song of the Day:
After Sean left I resumed my donut quest, but stopped when I came upon Montclair Jewelers. One of my clients should have her jewelry appraised and I have been looking for a jeweler who I could recommend for appraisals. I have found that person, the shop's owner David Coll, one of the most knowledgeable gemologists in the Bay Area.
There are limits and restrictions to how jewelry is covered in a home policy. Your personal property may be covered up to $400,000. But outside of a total loss, your jewelry may be covered for a much lower amount, say $5,000 with no one item being covered for more than $1,000. Your $4,000 Rolex watch stolen? You get $1,000. Seven of those same watches (one for each day of the week) stolen? You get $5,000. You can protect your jewelry by specifically listing the pieces and having them appraised, submitting the appraisal to your insurance agent (hopefully that's me if you're in CA or IL) and purchasing a rider or endorsement to your home policy.
David shared some of his experiences working with insurance claims. "The purpose of an insurance policy is to make one whole, so if you read the policy language when you buy a jewelry rider it states that if something happens to the item, the company will replace the item with something of equal value." He pointed out that insurance companies are able to purchase jewelry at wholesale prices, so the premium you pay is not derived from the appraised value of the replaceable item, but from the lower wholesale cost the company pays to acquire that item on your behalf. So if my $4,000 Rolex gets stolen, with the correct rider, I get another Rolex of like quality. But if I wanted cash instead I WOULD NOT get $4,000. The premium I paid to get that $4,000 replacement coverage, is actually calculated on the wholesale cost for that item (let's say $3,000). If you have a one of a kind item which cannot be replaced, you will want to insure it for the actual agreed upon cash value of what it's worth - $4,000. Since a different dollar amount is being underwritten, that coverage will cost you more money.
Also, appraisals should be done frequently: Aim for every three years. When the price of gold has increased from $800 an ounce to $1,200 an ounce, that fly gold chain you used to wear at Studio 54 has also increased in value. An out-of-date appraisal is as useful as the coverage you get from your Members Only jacket. It will cover you, but you could probably find something that better reflects who your current situation.
For all your insurance needs, call us at 925-588-3888 or go to my website. And while you're at it, please like us on Facebook.
And now the Song of the Day:
Wednesday, November 19, 2014
A new feature for this blog...song of the day
Let's be honest - the only thing more difficult than trying to write an insurance blog daily is trying to read an insurance blog posting daily. But one thing I hope you'll like, and will share with others is this song of the day.
When of the benefits of bike-riding (in low-traffic areas) is I get some time to listen to my I-pod. I prefer to listen on the shuffle method as it's a good way to hear something I may have forgotten I had. To start this feature, here's one of my favorites, Charles Earland. You can read about him here, or better yet have a listen yourself.
When of the benefits of bike-riding (in low-traffic areas) is I get some time to listen to my I-pod. I prefer to listen on the shuffle method as it's a good way to hear something I may have forgotten I had. To start this feature, here's one of my favorites, Charles Earland. You can read about him here, or better yet have a listen yourself.
Tuesday, November 11, 2014
The future of Obamacare
For those of us wondering about the future of Obamacare, check out this article:
John & Rusty report
John & Rusty report
Subscribe to:
Posts (Atom)