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Insuring your home to replacement cost, and insuring jewelry

May 21, 2018
Author: Liz Giannetti

The real estate market is insane! If you’re lucky enough to get the house you bid on, you may be surprised to see the cost of your Coverage A, or replacement cost coverage, is less than what you bought the house for. Why is this?

Most insurance companies use software program Marshall & Swift to review all the details of your house, from the square footage, to the number of bathrooms, to the construction quality and exterior, to figure out what it would cost to completely rebuild your home in the event of a total loss. The replacement cost estimate on your home would also include the costs to remove all the debris from your lot. And with the wild real estate market we’re seeing, it may not actually cost as much to rebuild your house as you paid for it.

I always like to make sure my clients have 125 percent booster on their replacement cost coverage. It’s a safeguard to make sure you have plenty of coverage should you lose everything in your home. Your home is likely one of your biggest assets, and that’s why I want to make sure it’s properly protected.

If you’re about to buy a new house, I’ll make sure you have all your insurance in place so you can close on time, and if you just want to talk about your replacement cost, feel free to shoot me an email, call or text.

Doug’s Did You Know?

Memorial Day is a U.S. federal holiday for remembering the people who died while serving in our country's armed forces. We thank them for their sacrifice, so that we may have the freedoms we do today.

"For love of country, they accepted death.” – President James A. Garfield

Jewelry and Insurance

Another expensive item that you want to make sure you protect is your jewelry! Your homeowners insurance will cover up to a certain amount of jewelry, typically around $4,000. So, for those pieces that could never be replaced for $4,000, you need a special policy to cover it.

Insurance companies will want an appraisal on each piece you want to insure, so we’ve partnered with Jason Sakasci of Sakasci Diamonds. He’ll appraise your jewelry for only $50.

Jason is a by appointment only personal jeweler in New Albany. Another perk to Jason is the opportunity to buy direct, and he works with every designer, diamond house and timepiece supplier in the country.

“A diamond, ring or timepiece from me means that you don't have to pay for all the payroll, marketing and expensive leases at the mall that the big box stores roll up into the price of their jewelry,” said Sakasci. “Quality for quality I can guarantee best prices on anything jewelry or timepiece related. There is nothing a box store can do that I cannot.”