Private Client

Let’s Have a Conversation…About Valuable Articles Insurance

People take pride in collecting valuables and it’s vital that these items are insured with confidence.  Whether you are passionate about jewelry, fine arts, wine, coins, or other collectibles, it’s important to find a carrier who understands that these treasures reflect who you are and what is important to you. As an insurance advisor, I recognize the importance of insuring the special possessions that you may have inherited from a loved one or worked so hard to collect.

It’s easy to assume that your valuable articles are covered under your homeowner’s insurance policy; however, there are typically limits on the coverage that won’t cover your items to their full value. Your treasured collectibles should be protected for their true or appraised value and also be protected for the broadest coverage available.

Having a “Valuable Articles” insurance policy that is separate from your homeowner’s policy is the most effective way to insure your collections. Advantages of keeping your valuables separate from your homeowner’s policy include some of the following:

All-Risk Coverage

Unlike your homeowner’s insurance policy, most Valuable Articles policies cover all risks and typically have no deductible. If your collection is insured on a standard homeowner’s policy, there are exclusions and deductibles that apply to your valuables. Certain carriers, offer “all-risk” coverage for most causes of loss, usually without a deductible.

Worldwide Coverage

If you travel frequently, it’s important to have insurance coverage that follows you across the globe.  Imagine being overseas and your watch that you inherited from a family member was stolen. The last thing you would want to hear is that the watch isn’t covered. Different carriers recognize that these types of pieces are priceless and you should never doubt that you are covered, especially during a vacation.

 Mysterious Disappearance

Most homeowner’s policies exclude coverages for lost or misplaced items. High Net Worth carriers have policies that offer automatic coverage for misplaced, stolen, or lost items.

Blanket or Scheduled Items

With a standalone Valuable Articles policy, you have the option to protect an entire collection, schedule items individually, or do both.  This allows you to customize the coverage amounts that best fit your personal needs.

 As you can see, there are numerous benefits of having a standalone Valuable Articles policy.  It’s important to find an insurance carrier who understands the years that you have spent investing in managing your collections.  We recognize that our clients cherish their possessions and strive to teach them about why it’s valuable to have a collections policy that is personal to them.


Abbey Bouchard.jpg

Abbey Bouchard, a Client Advisor in the Private Client division of Bouchard, specializes in high net worth personal insurance that focuses on affluent individuals with more complex insurance portfolios and exposures. As a third generation Bouchard working for Bouchard Insurance, Abbey’s purpose is to continually better serve the affluent client base by promoting exemplary service and always putting the client first. | Connect on LinkedIn

Keep Your She Shed Protected

“Other structures” on your homeowner’s insurance policy often refer to attached and detached structures such as garages, carports, tool sheds, and barns. When it comes to other structures on your property, coverage on your homeowner’s policy will vary from carrier to carrier.  If you have multiple structures – either attached or detached to your home – on your property, it is worth investigating to find out what is covered and what isn’t under your homeowner’s policy should a claim arise.

Attached Structures

Garages | Carports | Porches | Pool Enclosures

Not all policies treat these structures as part of your house and may exclude or limit coverage to actual cash value only (depreciated cost), or may only cover certain components instead of the entire structure.

Quality homeowner insurers cover most types of attached structures at full replacement cost, including full pool enclosures or cages (both frames and screens). If the damage is caused by a covered peril (anything that your home would be covered against), the attached structures are generally covered as well.

Detached Structures

Barns | Boathouses | Detached Garages | Tool Sheds | She Sheds

Quality homeowner insurers consider these to be buildings and insure at full replacement cost, meaning the amount required to cover the materials and labor to rebuild the structure to similar parameters. Personal property kept inside these structures are typically covered to the same extent as personal property kept in the main house.

Fences | Docks | Gazebos

These are not considered buildings and are covered at actual cash value, meaning the current market value which is depreciated based on age and condition. Coverage for personal property outside of a fully enclosed building will vary, depending on the cause of loss.

Ask your agent what your policy covers when it comes to other structures and help ensure you have the best coverage available for all structures and personal items located on your property.


ABOUT THE AUTHOR

Katie Dierks Linkedin.jpg

Katie Dierks is a Certified Personal Risk Manager who specializes in liability protection for successful individuals.  She takes a holistic approach in designing an insurance program that mitigates the potential threats to her client’s assets and lifestyles. | Connect on LinkedIn

Cellar Protection: Insuring your Vino

Whether you are a well-seasoned collector who purchases wine as an asset or someone who simply purchases the very best wines and spirits over time saving it for that perfect moment, anyone can benefit from insuring their wine collection.

wine cellar

You may think that wine is covered under your homeowner’s policy, but since it is considered a “consumable good” homeowner coverage does not apply. Instead, your collection should be insured like you would insure fine art or jewelry.

You can have your collection insured in two different ways – blanket coverage or scheduled coverage.

Blanket coverage uses an overall coverage limit as well as a per bottle limit that is based on the highest valued bottle in the collection. This is the best choice if you intend to drink what you have acquired and your bottles are valued at less than $1,000 each. This gives you the flexibility to add and remove bottles without having to notify your agent each time.

Scheduled coverage itemizes each bottle on the policy with an individual description and agreed upon value, which guarantees the replacement value in the event of a loss. Scheduled coverage is appropriate for collections that have higher valued bottles that are being held for long period of time.

Wine insurance is generally written on an “all-risk” basis. This means you are protected against a broad range of losses, including fire, theft, breakage and spoilage due to mechanical breakdown of the wine fridge. What's more, the coverage is on a worldwide basis.

However, once your bottle is open, the bottle, even a collectible, loses all value and is no longer covered by your policy.  Gradual deterioration or any defects from original production would be excluded as well.

Many individuals who describe themselves as wine connoisseurs have, on average, anywhere between $50,000 to $100,000 in their wine cellars. Yet less than 10% of these collections are insured.

No matter how big or small your collection is, it has value to you. Just like any other asset you own, like your home or your car, you should have peace of mind that your collection is properly protected.


ABOUT THE AUTHOR

Katie Dierks Linkedin.jpg

Katie Dierks is a Certified Personal Risk Manager who specializes in liability protection for successful individuals.  She takes a holistic approach in designing an insurance program that mitigates the potential threats to her client’s assets and lifestyles. | Connect on LinkedIn

Protect Yourself When You Travel

When you travel, things don’t always go as planned.  Sudden illnesses, accidents, and other emergencies are inevitable in life whether we like it or not.  While planning a vacation, the last thing you want to think about is something going wrong. Even the most minor situations can become more stressful while you are traveling and are away from the comfort of your everyday surroundings.

Travel protection allows you to travel confidently, knowing you have a plan in place to address life’s “what if” moments. There are numerous options for travel protection that will offer you coverage worldwide. It’s important to evaluate how often you travel, the types of destinations you are visiting, the length of your stays, and the activities you have planned when deciding if travel insurance is the right choice for you and your family.

Flight interruptions or delays, missed connecting flights, delayed baggage, and lost, stolen, or damaged personal items are extremely inconvenient.  Travel protection reimburses these unfortunate costs back to you. Many stressors on vacation are due to travel inconveniences and a travel insurance policy will allow you to fly the friendly skies with ease.

One of the worst things that could happen on a vacation is that someone in your party gets sick or sustains an injury. If you become injured or have a medical emergency, the cost of treatment could be covered under a travel protection plan. This may include travel expenses to get back home if necessary.

While there are many parts to your vacation, having a travel insurance policy helps put your mind at ease because you know that you are covered no matter where you are. Be sure to speak with your agent to make sure you’re covered anywhere in the world.  At the end of the day, you need to surround yourself with confidence in the level of your protection wherever your travels take you.


ABOUT THE AUTHOR

abbey bouchard

Abbey Bouchard, a Client Advisor in the Private Client division of Bouchard, specializes in high net worth personal insurance that focuses on affluent individuals with more complex insurance portfolios and exposures. As a third generation Bouchard working for Bouchard Insurance, Abbey’s purpose is to continually better serve the affluent client base by promoting exemplary service and always putting the client first. | Connect on LinkedIn

Does My Credit Affect My Car Insurance Premium?

When it comes to auto insurance, there is never a one-price-fits-all scenario. While there are many factors that cause the costs to vary from driver to driver, carrier to carrier, and state to state; did you know that your credit history can impact your car insurance premium?

Insurance companies will only use a soft inquiry when pricing your coverage. These types of inquiries will not affect your credit score and you can shop your coverage around until you find the policy that fits you just right. Using a credit-based insurance score when determining premiums helps to better predict insurance losses. It has been shown that individuals with higher credit-based insurance scores typically have fewer claims over time.

While several factors contribute to determining an individual premium, some factors related to your credit that may be used are your payment history (including delinquencies or late payments), the length of your credit history, and the types of credits (e.g. credit cards or loans).  Using a credit-based insurance score allows you to possibly even pay a lower premium than if your credit wasn’t used as a factor during the quoting process.

Being that your credit score often changes, it is important that you talk to your agent on a yearly basis to make sure you are getting the most out of a credit-based insurance premium.


About the Author

Lisa Rice Linkedin.jpg

Lisa Jewell is an Advisor in the Private Client division of Bouchard. Lisa specializes in high net worth personal insurance that focuses on successful individuals with more complex insurance portfolios and exposures in all 50 states.  | Connect on LinkedIn