Congratulations to Michael Phelps, the “Final Five,” and all of Team USA for participating in the summer Olympics! All of these athletes have surely set the golden standard by their efforts in Rio, while also seeing to it that their medals are insured.
Have you followed their winning example?
Our blogs have previously discussed the proper way to insure an engagement ring and other valuables that you own. Now, we want to remind you that it is equally as important to review these valuables on an annual basis, as they may increase or decrease in value.
You may have a Personal Articles Floater, Inland Marine, or Scheduled Items Policy already in place. However, the potential increase or decrease in value of different items is something you will want to address with your insurance agent.
Some of these items may be:
- Bracelets and other trinkets
- Musical instruments
- Camera equipment
You can make changes and improve the coverage if you review your policy on an annual basis.
- What items are covered under your current policy?
- Are they covered individually, or as a group?
- Is the coverage subject to specific exclusions or deductibles?
- If you travel, is the coverage worldwide?
- What would it cost to replace these valuables in today’s market?
If you want to be up to speed, much like Team USA, these are all questions to ask your insurance agent.