Insurance and Trust | Is your Bling covered? | Jennifer Versaggi

Insurance and Trust | Is your Bling covered? | Jennifer Versaggi

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Guess what?…Your homeowner’s or renter’s policy doesn’t cover your engagement ring and other fine jewelry for loss or damage, and your policy likely provides only small and limited amounts in the event of theft. For example, most homeowner’s policies will pay a maximum of only $1,000 for jewelry theft, and a typical renter’s policy has even lower limits of $500.

The good news is that you can purchase a policy to cover jewelry for reason other than theft, such as being lost, or damaged! When purchasing this type of coverage, here are some questions you might want to consider asking:

– Is an appraisal required? The answer is typically yes, if you want a particular item scheduled. For example, an engagement ring, Rolex watch, or a family heirloom which has sentimental as well as monetary value.

– Are items covered no matter where they are?

– Would the policy cover you if you travel domestically or internationally?

– What if you lost your ring or other piece of lewelry while boating?

– Are items covered for full replacement cost or only for a certain level or cash settlement?

– If a piece of jewelry is damaged, will the policy cover repairs?

Contact us with any questions you may have today! These are just some of the issues you should consider when talking with your professional to make sure the pieces you love are protected.

Insurance and Trust | Why Do I need flood Insurance | Jennifer Versaggi |

Insurance and Trust | Why Do I need flood Insurance | Jennifer Versaggi |


Why Do I need flood Insurance?

In the past 5 years all 50 states have experienced floods, or flash flood. Florida, in 2014 accounted for over 2655 flood claims with over $117,861,100 in money paid to policyholders. This in a year where there were no major storms had a direct hit on the state. Individuals have no idea that Flood is not included in there homeowners insurance, and are shocked when they need to make a claim. Below are some interesting facts about flood insurance and why this is an important coverage to buy, even when you don’t live in a flood zone.

• According to the National Flood Insurance Program (NFIP) 20% of all flood insurance claims occur occur in preferred flood zones, and receive 1/3 of Federal Disaster Assistance
• A car can easily be carried away by just two feet of rushing water
• Just a few inches of water from a flood can cause tens of thousands of dollars in damage
• In high risk area, your home is more likely to be damaged by flood instead of fire
• If you do not have flood insurance, and require Federal Disaster Assistance it is usually a loan that MUST be paid back with interest. For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2880 a year) for 30 years. Compare that to a $100,000 flood insurance premium which is about $400 a year
• In 2010 to 2014 the average flood insurance claim amounted to nearly $42,000

As you can see, flood insurance is an important coverage and should be something everyone should consider. No matter where you live.