Greg discusses how to properly protect the valuables in your home in this episode of Ask The Expert. 800 CHAB radio presents Ask the Expert with Greg Marcyniuk of Heritage Insurance located in Moose Jaw.
Here's a full transcript of the episode.
Rob Carnie: Are your valuables insured? Are they properly insured?
Perhaps you got some jewelry at Christmas, perhaps you're planning on buying some jewelry this Valentine's Day.
Greg Marcyniuk of Heritage Insurance is here to talk about insuring valuables. It's most important that we add some things to our home insurance policies if we get the gifts, right?
Greg Marcyniuk: That's correct, Rob.
With Christmas, Valentine's Day, lots of engagements — people spend a little bit more money. This is not only on jewelry but on art, but even some fine wines and paintings. So, it's very important that you understand the basics on your home insurance policy. The basics being: Typically all companies have different wordings in there where they have limits on jewelry. They'll have limits on fine arts or any sort of collectibles. And it would be just a single amount. So if you have a vast amount of jewelry — you may have ten $1000 pieces, for example — there may be a limit of $5,000 on there.
So then, it's very important that you do a home inventory, number one. And if you do have any of, say a particular item — like a ring that you got either being engaged or whatever may be the case — and it could be in excess of 5, or 10 or 15, 20, we've seen some rings as high as $50,000 in here, then it has to be appraised and you have to get it added onto your policy. So, very important that you go through, number one, get that inventory done.
Number two, make sure you know what you have and get it properly insured. And there's two ways that you can go about it.
You can add on an endorsement. And what an endorsement is, it's an addition to either your homeowners, your condominiums, renter's policy — and they change and add the policy's provisions, so we can do that. And the items are usually scheduled on a list that include a brief description and an item value.
The other thing is, you can put a specific floater on the specific article, whether it be a ring, a sculpture or a piece of art. And other thing that you want to do, even if you do have that now, is you should periodically review your policy limit on that particular item — because the value on those particular items can increase.
Now, when it comes to the cost of the coverage, it's very minimal for adding these things on. We just need to get an appraisal on it, or the receipt if it's just been recently purchased. And we can certainly take care of that. So, it just makes good common sense to take a look at everything that you have in your home, add it on and make sure that you're covered adequately.
Rob: And you've told us before that keeping receipts and keeping the appraisal paperwork and also having photos of all your belongings is very important and makes life easier if you are the victim of theft.
Greg: Well, that's correct. And as I've said before, we do have a new App — it's called HomeZada — that does AI that will actually determine the value of your products, of your personal effects within your home. So you're free to download that, go to our website. And if you have any questions, please feel free to give us a call and talk to our fine people here at Heritage Insurance.
Rob: And that app again is?
Greg: It's HomeZada. And you can go to our website.
(Video transcription by Speechpad)