Should You Insure Your Wedding Ring?

While the topic of insuring your wedding ring isn’t nearly as fun as planning the honeymoon, it is still a necessary step to protecting your significant and emotional asset. When it comes to wedding jewelry and all jewelry, securing sufficient protection is just as important as any other wedding tasks.

The average sum spent on engagement rings varies, but is more than likely in the thousands. Not to mention the fact that we’re really talking about three separate pieces of jewelry – engagement, wedding and groom’s bands – and the cost of replacing them quickly rises above the $1,500 jewelry coverage that is the standard in Renters or Homeowners policies.

Are Wedding Rings Covered by Homeowners Insurance?

While your personal property, including jewelry, is included in your renters or homeowners policy, there is a limit where most policies will hit a ceiling. Not to mention exclusions and limitations, such as loss or damage like mysterious disappearance and the deductible that you would be subject to before receiving any reimbursement. Not to worry, there is a solution!

Engagement and wedding rings can be covered more comprehensively with the purchase of an extension to your current policy. Scheduled personal property surpasses the typical renters or homeowners policy so that the full value of your more pricey belongings or collectibles are covered in the event of a claim.

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Wedding Ring Insurance: What to Know

When it comes to choosing a provider and policy for your jewelry insurance, the fine print matters. Here’s what to consider:

  • Coverage. From burglary to damage to loss, a multitude of situations should be protected by a solid policy. Be extra aware of any instances that would not be covered.
  • Replacement. When does the insurance company replace your ring? Are they going to try to find a suitable replacement for you? Would you be required to buy it from a certain jeweler? Can you just opt to be rewarded a check as compensation? Will it be covered for repair or partial loss? Evaluate the replacement policy against your financial and sentimental concerns.
  • Assessment of valueHow is the insurance company going to determine the significance of the reimbursement for your ring? Will the current appraisal value be used or will only the initial sale price be used?
  • Documentation requirementsBe sure you know the documentation requirements in your policy. Should you need to file a claim, you’ll want to have these handy. These documents typically include receipts, photos, and up-to-date appraisals.

Ask the Right Questions

Being adequately informed is incredibly important in deciding which insurance option or provider is best suited to your needs.

  • Can you choose who repairs your ring?
  • If you’re insured for replacement, where can you purchase a new ring?
  • What happens if a suitable replacement cannot be found?
  • How will you need to prove the ring vanished if you make a claim?
  • Are there any circumstances that aren’t covered?
  • Will you continue to be insured when out of the country? (On a honeymoon, perhaps?)
  • Are you covered for damage or just loss and theft?
  • Will the policy adjust according to inflation?
  • What types of repairs contribute to the deductible?

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one couple that trusts Stromsoe Insurance Agency:

“SIA handles all of our insurance needs, business and personal. The claims service is great, they have many different companies for us to choose from, we’re very satisfied”
Sidney & Susan Kutchuk – Temecula, CA – Client Since 1989

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Hired and Non-Owned Auto Insurance

When does a small business need hired and non-owned auto insurance?

Imagine for a moment:

Your receptionist brings the mail to the post office once a week and drives their own car. They’re heading back to work and get in an accident, totaling their car and injuring another person. Your employee is sued and only carries the minimum limits required by the state. The amount of damages to the other party exceeds your employees auto policy limit. Could your business be liable?

The answer is yes.

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In their day-to-day activities, many companies use cars they don’t own. This involves rental vehicles (hired) and vehicles owned by their workers (non-owned). These vehicles carry an extra risk for your business, but many company owners are not adequately prepared.

Hired and non-owned auto insurance (HNOA insurance) provides liability protection for injuries involving cars that the company does not own

If your business owns vehicles, but also rents vehicles or uses employee cars for business purposes, you should include HNOA insurance coverage to your commercial auto policy. Don’t have business owned vehicles? Not to worry, your agent can HNOA coverage with your business owners or general liability policy.

What to Read Next:

Hired Auto

Hired autos include vehicles hired, rented and borrowed by your business. If you were in an accident using a vehicle rented by your business, hired auto insurance can help with costs from a lawsuit. Make sure to discuss “hired auto physical damage” with your agent.

Non-Owned Auto

Vehicles owned by employees, but used for company business, are termed non-owned autos. This coverage normally kicks in if an employee were in an accident and found negligent. Non-owned auto liability insurance is applied after the employee’s personal auto limit is exhausted. Because of this, it is important to ensure that your employee has proper personal coverage as well.

The purpose of hired and non-owned auto insurance is to protect your business. Don’t let a gap in coverage leave your business assets at risk. Call your agent at Stromsoe Insurance agency today to discuss your business’ insurance needs.

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877.994.6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from a business that trusts Stromsoe Insurance Agency:
“Stromsoe Insurance Team is amazing, if every company that I worked with would operate like them, Los Angeles truly would be called city of angels.”
John Melkonyan – Crispy Crust Pizza – Hollywood, CA – Client Since 2005

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Renters Insurance FAQs Answered!

What is Renters Insurance?

Renters insurance is a form of homeowners insurance that covers your personal property and belongings and provides liability coverage when you’re living in a structure that you don’t own. Renters insurance provides all the same protection as homeowners policy does except there is no building coverage, which significantly reduces the cost of the policy. The good news is you are still covered for scenarios such as fire, theft and more 🙂

What Does Renters Insurance Cover?

There are three things commonly included in your renters insurance policy: personal property items, temporary relocation expenses and liability in case you are sued.

Personal Property

Most policies will reimburse you for the loss or destruction of your personal belongings due to 16 specific events:

  • Fire or lightning.
  • Windstorm or hail.
  • Explosion.
  • Riot or civil commotion.
  • Damage caused by aircraft.
  • Damage caused by vehicles.
  • Smoke.
  • Vandalism or malicious mischief.
  • Theft.
  • Volcanic eruption.
  • A falling object.
  • The weight of ice, snow or sleet.
  • Accidental discharge of water or steam from within certain household systems or appliances.
  • Sudden and accidental tearing apart, cracking, burning or bulging of certain household systems.
  • Freezing of certain household systems or appliances.
  • Certain sudden, accidental damage from artificially generated electric currents.

 

Read More on Renters Insurance:

 

Did You Know?

Most insurance companies offer reimbursement at replacement cost for your renters policy. Replacement cost policies pay for the actual cost of replacing your possessions with new ones.

Replacement cost coverage will help replace your older items with brand new replacements, without deduction for depreciation. For example, you have a TV that is 5-years-old. When its stolen, you will be paid for the full value of a new TV, not the value of a 5-year-old TV.

Renters policies typically have a cap on what they will pay out for valuable or unique items. If you want to cover grandma’s handed down diamond ring or your collection of music equipment, you may need to purchase a policy add-on to ensure they are covered to their full value.

Additional Living Expenses or Loss of Use

When your house becomes unusable due to problems protected by your policy, insurance coverage for tenants normally provides for additional living costs until your house is repaired. This includes payments for hotels, meals from restaurants and other charges above what you would usually spend.

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Liability Insurance

If you are having guests, you are opening your rental property to risk. In the case of an injury in your rental leading to a lawsuit, the liability coverage in your renters insurance would pay out for someone else’s bodily injury or property damage and typically legal representation. It also covers damage you and your family accidentally do to others.

This can also come into play in the event of a dog bite, but ask your agent and read your policy to be sure it is not excluded.

What Does Renters Insurance NOT Cover?

  • Natural Disasters. Your insurance usually won’t cover items damaged by flooding, sinkholes or earthquakes. If you live somewhere that these are common occurrences, you will want to purchase additional coverage.
  • Undocumented Items. You’ll likely need to provide receipts or similar during a claim. If you can’t prove you owned the item with some sort of documentation, then you may not be fully reimbursed.
  • Roommates’ Belongings. A renters policy covers your personal belongings as the insured person. An item that doesn’t belong to you won’t be covered just because it is in the rental property.
  • Rodents, Pests & Bugs. Renters insurance won’t cover damage done by these creatures, or the cost of an exterminator. Be sure to take preventative measures to protect your investments.
  • Property Damage. Renters insurance covers your belongings, not the structure. Any damage to the structure will fall under your landlord’s insurance. If you have concerns you’ll want to ask them about their coverage on the structure.

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one mother of teens that trusts Stromsoe Insurance Agency:

“My experience with Stromsoe Ins. Agency has been very helpful when in need. The whole staff have been corporate and very professional in what they do. I would and have recommended them.”
Janette Corral – Lake Elsinore, CA – Client Since 1999

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Non-Profit Spotlight: Safe Alternatives for Everyone (SAFE)

Our community is full of incredible people and organizations, out making a difference for others! In this month’s Non-Profit Spotlight we’d like to recognize Safe Alternatives for Everyone (SAFE)!

SAFE was founded in 1998 as a victim service agency focused on supporting the needs of Domestic Violence victims. Starting as a volunteer based organization, they have expanded into a full-service non-profit as the needs of abuse victims has grown. In 2019, SAFE merged with the Family Justice Centers to become the Riverside County SAFE Family Justice Centers. They now have four centers across Riverside county! These centers are able to provide lifesaving support for people who have been abused and offer ongoing case management and stabilization services to help victims recover from the impact of abuse.

Overtime, there has been a shift in a portion of SAFE’s focus to prevention of abuse. Many children are in their centers each year and because abuse is a learned behavior, SAFE has provided a number of youth programs and access to emotional support and mentorship. The programs teach them social emotional learning skills that help them cope with anger and promote resiliency, healthy relationship building and confidence.

For the month of November 2020 Stromsoe Insurance will donate $20 to SAFE for every referral that comes to our team!

Learn More about The 2020 Vision Referral Rewards Program HERE…

Some of the services provided by  SAFE are:

  • basic needs assistance
  • case management
  • emergency assistance
  • police activities league
  • training and workshops
  • parent project
  • resources and referrals

Another important service they provide is Safety Planning. Executive Director Katie Gilbertson spoke with us to shed some light on exactly what that entails.

Safety planning is one of the most important services that we provide. When someone has been hurt by a person they know, for example, an intimate partner or a parent, the likelihood for additional instances of abuse and escalation of that abuse is very high and can in some cases result in life ending situations. Safety planning allows for our victim advocates to meet and talk to someone who is experiencing abuse. During the meeting we talk about what has happened with them and we perform a needs assessment- we learn about their fears, the resources they have to get help, and educate them on how to stay safe and use the resources that they have in their life. If they do not have any resources, we will strive to get them what they need.

Often, our survivors have been dealing with abuse for so long that they are not able to recognize how dangerous their situation is. They experience it and survive through it every day, and safety planning brings awareness to the risks they are facing. Our goal is to remind our survivors that they are not alone and empower them to make the best and safest decisions for themselves and their families.

The Affects of COVID

Amid the pandemic, victims are suffering due to the added difficulty. They have much less unmonitored free time to reach out for help or services. SAFE was able to keep their doors open during the closures for victims in needs. They have also been able to adapt many of their services and program to be virtual. They are now able to provide access remotely where they may not have previously.

 

When asked if there was anything else that SAFE would like us to share, Gilbertson had wonderful things to say! “We are so proud to serve our community and those who need us. SAFE FJC has grown remarkably in the last few years and we are committed to providing the best possible services to each client that we serve. Through personalized safety planning and case management along with all our community partnerships are changing lives and keeping out families safe every day. Every victim, family and child deserves safety and stability, and it is our mission to bring light to their darkness and give them hope for a brighter future.”

If you would like to help support Safe Alternatives for Everyone, please:

For the month of October 2020 Stromsoe Insurance will donate $20 to SAFE for every referral that comes to our team!

Learn More about The 2020 Vision Referral Rewards Program HERE…

Would you like to learn more about how we can help protect your non-profit , call your Stromsoe Insurance Total Protection Team at (951) 600-5751 or email insure@siaonline.com today!