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Do you have enough coverage on your engagement ring?

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Janet AndersonDo you have high-value possessions such as jewelry, family heirlooms, or fine art that are scheduled on your home policy? When was the last time you evaluated the value of these items?

If it’s been a while, you may want to revisit your policy and the endorsement (sometimes called a rider or schedule) for each to make sure the coverage is keeping up with the item’s value and replacement costs. It’s not uncommon for someone to schedule their engagement and wedding rings when they get married and never change the coverage amount even after 20 or 30 years. Yet, the value of gold and diamonds may have changed dramatically over that period.

Because the process for endorsing valuable personal property differs by insurers, you may need to have the item(s) reappraised in order to increase the coverage amount.

If you have any questions about your home policy or scheduling your high-valued items, contact Member Benefits at 1-800-279-4010. Our insurance consultants can help you determine the appropriate coverage for your situation.

Janet Anderson, Personal Insurance Consultant