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Do You Have Enough Life Insurance?

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How to Protect Your Most Treasured Property

One of my most vivid childhood memories is the time my mother lost her engagement ring. It was beautiful, and when put together with her wedding band it looked like a flower. She always took it off when she was cleaning, which was what she was doing the day she misplaced it. Upon discovering that she could not find it, she began to tear the house apart looking for it. After about an hour of futile searching, she called my dad, sobbing hysterically. “It’s not insured!” she wailed. “What are we going to do?” Luckily, my level-headed father managed to find it, hidden in a corner of particularly thick carpet. Needless to say, they insured the ring soon after that incident.

When considering important things in life to insure, the ones that jump out are pretty instinctual: home, car, health, life. However, I would dare say that my mother was just as; if not more, devastated thinking she had lost her engagement ring as she would have been if we had lost half of our household possessions. No one wants to experience the sinking feeling of knowing that something got lost or destroyed that is practically irreplaceable to you, such as an heirloom fur coat or a priceless painting.

What many people fail to realize is that it is possible to be compensated for these priceless possessions that you can’t imagine losing. In the insurance world, we call this “scheduling property.” This is a cost-effective way to insure individual items against loss or damage up to their actual value. Items that are commonly scheduled are fine jewelry, artwork, furs, cameras, silverware, etc.  Scheduling items provides you with “All Risk” protection, which is the broadest type of coverage you can receive and covers nearly all situations, with a few limited exceptions.

If you decide that scheduling property is the choice you want to make, we will put down a full description of your item, down to the very last detail. If it exceeds a certain amount of value, we will also need an appraisal of the item. A small premium will apply for the item that you insure, which will vary based on the type of item that is being covered. Another benefit is that when scheduling an item, you will typically pay no deductible if you have a claim on the item.

Remember than horrible feeling in your gut when you realize something precious is broken or lost? I know I have experience it one too many times. Save yourself the heartache and ask about our scheduling options today. As always, we are more than happy to help you in any way that we can.

By: Dominique Postma
FSI Intern

 

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