Valuable Articles 101
Your possessions may be more valuable than you realize. Most homeowners policies offer limited coverage for personal articles such as jewelry, cameras, golf equipment, fine art and collectibles, and computer equipment.
The most common item of concern is Jewelry. Many people take steps to protect their jewelry by installing alarms in their homes or having their valuables checked annually for loose stones. Yet, this does not provide a full proof solution. According to the U.S. Department of Justice, nearly $1 billion in jewelry and precious metals were stolen in the U.S. in 2001. To maximize your protection efforts and have peace of mind, consider the coverage offered by a valuable articles policy.
What kind of property can be covered by a valuable items policy?
Common valuable items are:
- Artwork
- Baseball Cards
- Books
- Coins
- Computer Equipment
- Fireams
- Furs
- Jewelry
- Memorabilia
- Muscial Instruments
- Oriental Rugs
- Silverware
- Stamps
When is valuable items coverage needed?
Valuable items such as jewelry, furs, firearms, silverware and computer equipment are often covered in your homeowner policy for a minimum amount of protection. For example, you may have jewelry totaling $15,000 in your home, but your homeowners’ policy only covers a loss up to $5,000. If you have valuable items that exceed your policy limits, you will need optional protection called valuable items coverage. If your personal property exceeds the maximum limits available, you should definitely consider scheduling your items.
What does it mean to schedule your property?
When you obtain valuable items coverage, you will be required to list or schedule out your property. This usually entails a detailed description of the property and its current appraised value. The advantage – scheduling jewelry means it is not subject to deductible in a loss.
What does this type of coverage cost?
It depends on the value of the item. Typically al $20,000 ring will average $300-$400 per year.
CSI January Retreat
CSI just finished another successful January retreat last Friday. It was held at the Lodge at Tiburon in Marin County. Our fabulous team gathered for a day of programming that included presentations from different deparments in the company, coupled with discussions about The No Complaining Rule by Jon Gordon. Here are a few pictures from our day:
Automobile Insurance 101
There is a lot to know about auto insurance in order to fully understand what you’re paying for. The following information provides a quick education to help you navigate the twists, turns and choices involved in buying auto insurance.
Liability
Let’s face it. If you have an auto accident, the legal costs could be devastating. Liability coverage offers protection against claims, property damage or bodily injury to a third party that you or a member of your household accidentally caused while driving your car. This coverage applies only if the driver is considered legally responsible for the damage.
Medical payments
The last thing you need to worry about at the time of an accident is your medical insurance. The medical payments portion of your policy assures that you, your family members and passengers in your car will receive necessary medical and dental services resulting from an auto accident…regardless of who caused the accident. We also provide coverage if you and your family members are involved in an accident as a pedestrian.
Uninsured motorist/Underinsured motorist
Uninsured motorist coverage will pay for injury expenses incurred should you, your family members or passengers be involved in an accident with an uninsured motorist. This coverage also provides protection for a hit-and-run accident or an accident with a driver who has less insurance than required by law.
Underinsured motorist coverage comes into play when the other driver is found legally responsible for an accident and has coverage, but not enough to cover your injuries. If your coverage limits are higher than those of the at-fault driver, this coverage will absorb the additional expenses.
Damage to your car
Collision coverage pays for any damage to your car caused by accidental impact with another vehicle or object…or if your vehicle overturns. The maximum amount to be paid is limited to the actual cash value of your vehicle, which is often referred to as the “local market value,” less the collision deductible. Please remember that the local market value is only a starting point. The actual cost of the car may be more or less depending on the actual condition of the car.
Comprehensive coverage pays for most types of damage to your car resulting from a situation other than a collision. Typical examples include breakage of glass, falling objects, fire, theft, windstorm, hail, water, flood, malicious mischief, vandalism, or impact with a bird or animal. The maximum amount paid is limited to the actual cash value of your vehicle less the “other than collision” deductible.
Situations where damage is not covered. Please be aware that your policy will not pay for damages due to normal wear and tear such as mechanical or electrical breakdowns and flat tires.
Additional, optional coverages
Some coverages are not included as part of the basic auto policy. However, you can customize your policy to your needs by adding the following coverages:
Towing and labor: pays for towing and labor costs each time your car is disabled. Covered labor must be performed at the place where your car is disabled. There’s usually a limit to the dollar amount that will be applied to each loss.
Rental reimbursement: pays for a rental car if your car is damaged by a situation covered by comprehensive or collision coverage and if your car is out of commission for more than 24 hours.
Not Too Early to Get Prepared for Next Fire Season
While fire season might be over in California, it’s never to early to start getting prepared for next season. Check out this video featuring Mike Wardenburg, Head of CSI’s Private Client Group and Principal of the firm.
Welcome to the CSI Personal Insurance Blog!
At CSI we are very excited to begin blogging on insurance and risk management topics that will provide our clients and visitors useful information. Our company values revolve around character, because the definition of character is who you are when no one is looking. Thanks to technology and our desire to be a contributing member to the social networking world, we look forward to being a consistently informative resource that is able to reach you via the convienence of the Internet. As our clients and blog readers we hope you’ll find our entries relevant and valuable. We look forward to your comments and interaction. Our goal is to be leaders that serve.