Jewelry, Guns and Silverware on the Homeowners Policy

Question: Does my homeowners policy cover jewelry, guns and silverware? What about other valuables in my home?

That’s an excellent question, and one that is frequently asked by our customers. Most families own jewelry and other valuable items that may need special coverage.

Your homeowners policy covers all personal property owned or used by your family, with exceptions for motor vehicles, trailers and watercraft, among other things.

However, special coverage may be needed for some items of personal property, because the typical homeowners policy either limits the amount of coverage available on those items or doesn’t adequately address the unique values of the items. In addition, most homeowners policies don’t cover causes of loss that affect items of valuable property with regularity.

Here are examples of losses that may not be covered by your policy:

·        Expensive jewelry is especially susceptible to loss by theft, as are guns, furs and silverware. For this reason, virtually all insurance companies provide only a small amount of coverage for theft of these items. The limit may be as low as $500 on some policies.

·        Some policies provide a limited amount of coverage on personal property when it is away from your home. If you take expensive jewelry or guns with you when you travel, this could be a problem.

·        Most policies don’t cover precious stones if they are lost from their settings, or fragile objects if they are dropped and broken.

·        Antiques, fine art and other collectibles may not be covered for their full values.

If you own any of the following types of property, talk to your agent about the need for special coverage that will provide the protection you need:

·        Jewelry or Watches

·        Furs

·        Coin or Stamp Collections

·        Precious or Semi-Precious Stones

·        Firearms and Related Equipment

·        Silverware, Goldware or Platinumware and Related Objects

·        Objects of Fine Art

·        Collectibles

·        Cameras

·        Musical Instruments

 

 

This article was prepared and made available to your agent by the Independent Insurance Agents of Texas, which is solely responsible for its content. Please read your insurance policy. If there is any conflict between the information in this article and the actual terms and conditions of your policy, the terms and conditions of your policy will apply. The Independent Insurance Agents of Texas is a non-profit association of more than 1,800 insurance agencies in Texas, dedicated to helping its members succeed, in part by providing technical resources that explain insurance policies sold to their customers.

 

Study: Auto Loan Markups Cost $25.8 Billion 

   Consumers financing a new or used vehicle through a dealership will drive off the lot and pay more than $25.8 billion in hidden interest-rate markups over the lives of their loans, according to a study by Washington based Center for Responsible Lending (CRL). 

   Your out-of-pocket cost is significant, averaging $714 per consumer, with an average rate markup of 2.47 percentage points. States with the highest markup costs are California ($2.6 billion), Texas ($2.2 billion), New York ($1.6 billion), Florida ($1.5 billion), and Pennsylvania ($1.2 billion), with Alaska having the lowest ($54 million). 

   Also known as “dealer reserve” or “dealer participation,” hidden interest-rate markups are described by dealers as their compensation for the time they spend putting a financing deal together. It’s considered “hidden” because consumers usually don’t know what interest rate they actually qualify for.

   The Consumer Federation of America, National Association of Consumer Advocates, and CRL offer these suggestions: 

* Run your credit report. Do this before you visit the

dealership. Visit annualcreditreport.com or call

877-322-8228. Get one free report a year from Experian,

Equifax, and TransUnion. 

* Buy your credit score. Order one individual score

(FICO Standard) directly from FICO for $15.95 at

myfico/com/Products/Products.aspx. Here’s a tip: If your

score is low, take steps to improve it before you apply for a loan. 

* Be skeptical of ads for “0%” loans. You’ll likely be switched to a higher rate, or find it difficult to

negotiate on the price of the vehicle. 

* Research prices. Check price information at Edmunds.com. For used cars, visit kbb.com.

And the best tip of all: Line up financing at Germania Credit Union. Get prequalified for a loan

before you shop for a vehicle. You don’t have to accept financing from a dealer; the sales and

finance people may tell you they can provide the best financing, but kickbacks and markups add to the cost you’ll pay. 

   A Germania Credit Union loan officer can help you size up any financing offer and likely make you a better one. Stop in or call 800-392-2202 today to land your best car deal.

Should I purchase an umbrella liability policy?

 

If you are ever sued, your standard homeowners or auto policy will provide you with some liability coverage, paying for judgements against you and your attorney's fees, up to a limit set in the policy. However, in our litigious society, you may want to have an extra layer of liability protection. That's what a personal umbrella liability policy provides.

An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy. It will also cover you for things such as libel and slander.

For about $150 to $300 per year you can buy a $1 million personal umbrella liability policy. The next million will cost about $75, and $50 for every million after that.

Because the personal umbrella policy goes into effect after the underlying coverage is exhausted, there are certain limits that usually must be met in order to purchase this coverage. Most insurers will want you to have about $250,000 of liability insurance on your auto policy and $300,000 of liability insurance on your homeowners policy before selling you an umbrella liability policy for $1 million of additional coverage.

Copyright 2010, Insurance Information Institute, Inc. - ALL RIGHTS RESERVED

Germania Local Chapter Meeting


    Our Annual Germania Local Chapter #435 meeting will be held on Sunday, April 17th, at the Verdi Community Center at 1:00 PM. We will serve a meal. After the meal we will have a short business meeting and door prize drawings. Our District Director, Bruce Germer, will be on hand to address our members.
 
   All members of the Pleasanton Local Chapter #435 are invited to attend the annual meeting. If you have a Germania Farm Mutual policy, you are a member of Local Chapter #435. We look forward to seeing you on the 17th if you are able to attend our meeting.

When Your Teenager Starts to Drive

My teenager just received a license to drive. Do I need to add him/her to my policy now? Will it increase my premium?

These are great questions that our customers ask frequently.

The short answers are “yes” and “yes.”

Most personal auto policies written in Texas extend liability coverage to anyone using a covered auto with your permission, including children when they begin to drive. However, some policies exclude family members who have not been reported to the insurance company and are not listed as drivers on the policy.

Failing to report your newly-licensed teenager is a dangerous game to play with your family assets. In fact, some companies may consider this to be “insurance fraud” and refuse to pay a claim involving a young driver who has not been reported – especially if the youngster had a license when the policy was first purchased.

Insurance companies expect you to report all drivers in the household and will charge a premium based on the appropriate driver classification. In the case of a youthful operator, that premium will depend on whether the driver is the principal operator of a family vehicle or just a part-time operator.

Be sure to discuss your family’s insurance needs with your insurance agent. After considering your specific circumstances, you and your agent can make a decision regarding auto insurance that is appropriate for your family and your insurance budget.



This article was prepared and made available to your agent by the Independent Insurance Agents of Texas, which is solely responsible for its content. Please read your insurance policy. If there is any conflict between the information in this article and the actual terms and conditions of your policy, the terms and conditions of your policy will apply. The Independent Insurance Agents of Texas is a non-profit association of more than 1,800 insurance agencies in Texas, dedicated to helping its members succeed, in part by providing technical resources that explain insurance policies sold to their customers.

Hit by an Uninsured Driver PSA - "Carlos"

Hit by an Uninsured Driver PSA - "Carlos"

Germania Connect

   Renelle and I spent last weekend at the Germania Agents Conference in Austin. We had a great time and learned how the Germania Companies are making it easier for their clients to do business with them.
  
   It is now possible to access your policy online with Germania Connect at http://www.germaniainsurance.com/. You can pay online with e-check or credit card. Ever need an Auto ID card (proof of insurance) on the weekend or after hours? Now you can print your own with Germania Connect! Other services available are; View policy information, Check claims status, View billing history and payment history. It is quick, easy and free to register at http://www.germaniainsurance.com/. 

    This doesn't mean that we at Randall L. Harred Insurance Agency aren't here to help. We are always happy to see or talk to our clients and be of service. That's what we are paid for! However Germania Connect will be there as an added convenience for our clients. Check it out when you get a chance.