Jewellery Insurance

Jewellery Insurance

Jewellery Insurance

For many people, their jewellery is one of the most expensive assets they own, so finding the right insurance that sufficiently covers your pieces is a must. However it is often difficult to estimate the real value of the pieces yourself because some may be old, inherited and of unknown quality.

So many of us just include the pieces in with the home and contents policy with a rough guess of how much we think they are worth. Unfortunately many people have only realised they have under insured their pieces after they have been stolen!

This article will look at the best practices for making sure you insure your jewellery sufficiently and will go over some things you shouldn’t do as well.

The first thing you should do is get your jewellery professional valued. You need to demonstrate the accurate value of the jewellery and shouldn’t rely upon a rough estimate by yourself or family members. Jewellery valuers should be registered with the National Association of Goldsmiths (NAG) or the Guild of Valuers and Jewellers (GVJ).

You should make sure the valuer gives you highly detailed descriptions of the pieces for your records. This won’t just help negotiate with the insurance company, but can also help you recover any stolen pieces. Store all related records off site, so they aren’t stolen with the pieces.

You can also get the valuer to inspect the pieces for any damage. There isn’t nothing worse than losing a precious gemstone from a ring because the claw had become damaged and the gemstone fell out. The valuer can check the condition of the pieces fully and make sure they are in good order. If the jewellery is particularly expensive, many insurers will require that you do this.

If you have a large collection, you should have it valued every few years to make sure that you have an accurate estimate of it’s value.

Now for the things you shouldn’t do! Don’t keep valuation documents in the same location as the jewellery – thieves will steal it as well, so they have an easier time understanding the value of the pieces themselves. Also store the proof of purchase separately. Store your jewellery in a quality safe, a good safe is a long term investment that can protect your valuables for many years. In some cases, owning a safe will lower your insurance premiums.

Don’t get your items valued overseas. Regardless of where you bought the pieces, get them valued where you live, so you know that they are insured for the real replacement cost. Their value might be substantially different in your local market compared to one overseas.

Never assume your common home and contents policy will cover the value of your jewellery. Many policies will only have a small allowance for jewellery. If you have a large collection you will have to negotiate the value with your insurers, as well as provide valuations. You might even need a separate policy to cover your jewellery because many home & contents policies have a hard limit on what they pay out for jewellery.

Remember that it’s easy to underestimate the value of your jewellery and that the value of jewellery fluctuates. Gold and gems are worth much more in 2013 than they were in 1963. So if you have older family pieces, you should get them correctly valued and ensure they are insured for what they are worth!

How Much Disability Insurance Is Enough?

Disability Insurance

Disability Insurance

Disability insurance insures the beneficiary for the event that a disability prevents them from working. That can include psychological disorders, a physical injury, illness or other condition that impacts your ability to work. It can include paid sick leave, short term disability and long term disability.

Prior to determining how much disability insurance you need, you should find out how much is available to you. Insurance companies limit how much disability insurance can be claimed based upon an individuals income. The insurance is designed so it’s not a more attractive proposition to getting back to work.

The level of insurance available is reliant upon profession, current income and any other insurance you already have. Most workers can obtain up to 60% of their gross income, but the larger your income the lower the percentage. So if you earn $300’000 per year, you might be able to obtain as little as 40%.

You should consider the kinds of expenses you will need to pay for while you are unable to work. There are the usual expenses that most people have including food bills, utilities and so on. Then you have rent or your mortgage and other insurance premiums to think about, as well as your savings. You need to find an insurance provider that has disability insurance rates capable of providing that level of payout.

You might need to consider a number of insurance providers to get one that has reasonable insurance premiums and a sufficient payout percentage to cover all of your various expenses. Luckily there are a number of comparison sites on the Internet and disability insurance discussion forums to obtain that information from.

It is also important to consider that some professions are more likely to require disability insurance. For example if you work as a police office or a fireman, you are more likely to run into on the job hazards that could injure you. If you are in a profession that runs a great risk of on the job injury, you need to make sure you have a great disability insurance policy.

Antique Car Insurance

Antique Car Insurance

Antique Car Insurance

Most people love the style and elegance of antique cars, that’s why so many people love to visit car shows every year. Many car collectors love to find these classics, restore them to mint condition and show them off. After a collector has spent many weeks or months restoring an old car, often they have become a very costly project. Some collectors spend tens of thousands of dollars restoring their cars, so having the right insurance to protect that investment is essential.

Unfortunately antique car insurance isn’t always easy to find because many insurers won’t even offer this kind of insurance. Once you find an insurer willing to provide the insurance, often the cost is very high because of the value of the item and the risk of driving it on the road.

The premiums can also be costly because these items are so rare that they are frequently a target for thieves. A rare car collection can represent hundreds of thousands of dollars and car thieves often look for these rare cars, which they steal then export overseas. However you can’t risk leaving these valuable assets uninsured.

Quite often the best way to find quality antique car insurance is to talk to other car collectors. They will have years of experience in dealing with insurance companies and should be able to point you in the right direction. Also you can use car insurance discussion forums to talk to other consumers about their experiences with different car insurers.

The companies that are more renowned for providing this kind of insurance are also more likely to be more affordable. They will know what value your car really represents and will know the risks for that car in terms of theft and road accidents.

Sometimes picking the right insurance can be complex because antique cars might have problems that regular cars don’t face. One of those problems is that parts can be very difficult to find for some antique cars. The insurance company will negotiate the policy with you and if you include repairs to the vehicle in the policy, they will look at the expense of finding replacing parts, or in very rare cases, manufacturing the required parts.

For people with extremely expensive antique cars, arely taking it on the road is one way to possibly save on your insurance premium. If you can negotiate a limit to the amount of miles driven with the car each year you may be able to obtain a cheaper premium.

For many collectors, their antique cars are like their prized children, so don’t hesitate in buying antique car insurance, you wouldn’t want anything to happen to that prized possession!

Common Reasons For Insurance Claim Rejections

Insurance Claims Rejection

Insurance Claims Rejection

Some people assume that because they have an insurance policy, they are completely covered.  However if something bad does happen and you are forced to claim on the insurance policy, the insurance company can refuse your claim if you haven’t adhered to your obligations and processed the claim properly.

Understanding the reasons why your insurance company might decide to reject your claim helps you be better prepared and get the best outcome for you and your family.  A number of the reasons why your claim may be rejected are usually in the fine print of the insurance policy.  While it is time consuming and difficult to read through the entire policy sometimes, it’s still a good idea if the coverage is important to you.

Below are some of the most common reasons why your claim may be rejected by an insurance company!

If you haven’t been honest with your insurance company in any way, they could accuse you of “false representation”.  The size of the lie will determine the fate of your insurance policy claim. If it is a substantial issue they might cancel your policy and deny your claim, leaving you with nothing!  An example of this would be making a claim on your health insurance but fabricating medical bills to obtain financial advantage.  Another example would be claiming unemployment insurance while you still have some cash in hand work on the side.  If your insurer discovered your false representation in relation to your employment status they would cancel your policy and even worse, they might sue you for any money already received!

Another leading cause for policy claims being rejected is that the event wasn’t covered by the policy.  There are exclusions with every policy and it is up to you to discover what the exclusions are.  Sometimes the exclusions are in the fine print so you should take care to discover them all.  An example would be a home insurance policy that covers for water damage from a flood, but not from gutters backing up.  If the insurance company claims that the water damage occurred because of improper drainage instead of the actual flood, they might not pay you.

In some circumstances you need to prove liability to claim.  Car insurance often has a requirement that you have to determine who is at fault before they will pay the insurance.  If another party damages your car in an accident and you file a claim against their insurer, that insurer will try to determine who was at fault.  If they determine you were, they will not pay you.

There is also a statute of limitations for many laws and that affects insurance pay outs and your ability to claim damages.  Insurance statute are different in every state and in every country, so to avoid this you should claim on your insurance as early as possible.

Cheaper Pet Insurance

Pet Insurance Tips

Pet Insurance Tips

Pet Insurance can be expensive but it is one of the most worthwhile expenses given that vets are continually raising their prices. Some veterinarian procedures can cost thousands of dollars and many people end up in debt because they tried to save the life of their much loved pet. Here are some quick tips on how to save money when buying pet insurance!

Get your pet neutered. Some pet insurance companies offer cheaper insurance premiums if your pet is desexed. This is because giving birth can be a dangerous and costly affair for some animals. Pugs, for example frequently have difficult births and the mother often has to have a caesarian section to safely deliver the pups. If the insurance company knows it won’t be asked to fund the cost of delivery or any complications related to your pet’s delivery, you can obtain cheaper insurance.

Additionally, your animal is safer when they are neutered. Safer from other animals, safer around children and less messy.

Get your animal microchipped!  Microchipping provides peace of mind because if your pet becomes lost, any vet or dog catcher can scan their chip to find the owner details.  The chip is a small flexible disc that is inserted under the skin on your pets neck.  Many insurance companies have clauses in their policy which allow for a certain amount of money to be paid to help find your lost dog.  Microchipping lowers the risk of a lost dog because it can always be identified as belonging to you.

Another great tip is to make sure you only use your pet insurance for major ailments.  Frequently people use insurance on every minor ailment that their animal has, but this often becomes more costly because of the insurance excess you pay when making a claim.  Often if it is something small like a minor infection, it’s worth paying the vet the $80 yourself rather than forking out the $100 excess the insurance company might require.

Save your pet insurance for the more costly items, like a sudden injury to your pet like a broken leg, or more costly procedures which involve surgery.

Another great tip is to maintain your pet’s general health.  Buy them bones to help keep their teeth in great condition, treat them for fleas, make sure they wear tick collars and manually check them for ticks, make sure you use a good heartworm medication and so on.  These simple measures can save you from visits to the vet and save money in the long run.  Make sure you clip your dog’s toe nails so it doesn’t develop an ingrown toe nail that can lead to an infection.  Give them a regular bath and check their overall health when you do so.  Most of all – don’t overfeed your pet!! Do all of these basics to save money in the long run.

Keep your pet indoors.  One great tip for cat owners is to keep your animal indoors so it doesn’t run the risk of being injured while outside.  Some insurance policies offer discounts for “inside cats” because they are less likely to be injured and require costly veterinarian care.