Insurance Agency Blog

How to protect that engagement ring following the Valentine's Day proposalCould this Valentine’s Day be much more romantic than usual for you? It is if the love of your life just proposed marriage and offered up that diamond ring you’ve been dreaming of. We’re happy for you and we wish the best for both of you. We’re sure you’re on cloud nine as you should be. This is a Valentine’s Day you won’t forget. But now that you have the new bling, there are a few pressing responsibilities that need your attention. We know you’re not likely “thinking insurance” just yet, but we are. Why? Because the Insurance Information Institute warns us that the loss of valuable jewelry is one of the most common of all content-related home insurance claims. So we hope you’ll take the following steps to see that your new engagement ring is financially protected in case of theft, damage or theft.

  • Check with your insurance agent as soon as possible. You might need to buy additional coverage depending on the cost of your new ring. According to a 2016 survey of brides and grooms done by The Knot, the average cost of an engagement ring is just under $6000. Although most renters insurance and homeowner insurance policies typically offer some coverage for jewelry and other personal items, it is usually not sufficient to cover an item like an engagement ring.
  • Get copies of the receipt from the ring’s purchase. Keep one for your own records and provide one for your insurer to document the current retail cost of that diamond ring.
  • Arrange for an appraisal. A reputable professional appraisal report is necessary to determine the real value of the piece if yours is a vintage ring, a family heirloom or if it has been custom-designed. As time goes on, the value of items changes, so appraisal reports are only valid for a few years. Then you’ll need a new appraisal to know the real value. If you don’t know a reliable appraiser, your insurance agent should be able to help you find one.

If you have taken the above steps to determine and document the value of that new engagement ring and also to properly insure it, you should be breathing a little easier. Now it’s time to enjoy life with your new fiancé as you both share your news with your friends and family. You’re off on a path of many “firsts” that will change your life as you’ve known it.

Personal Valuables Insurance Tip

Personal Valuables Insurance offers supplemental coverage for loss, theft and damage for many precious items. They include not only jewelry but also expensive artwork, your grandmother’s silverware, fine collectibles, furs, firearms, cameras, and much more. Discuss your valuable belongings with your insurance agent who can then help you decide whether you need increased insurance protection for valuable items.

The Latimer Insurance Agency is a full-service insurance agency in Bethesda, Maryland (Montgomery County) offering business/commercial insurance, auto insurance for your vehicle, home insurance for homeowners, renters and condo dwellers, and life insurance to all of Maryland (MD), Virginia (VA) Pennsylvania (PA), Delaware (DE), New York (NY), West Virginia (WV), North Carolina (NC) and Washington DC since 1919. Our experienced insurance agents  at our office Bethesda, Maryland (Montgomery County) welcome your inquiries and are glad to discuss your coverage needs at any time. The scope of your insurance coverage and options depend entirely upon the policy and the insurance company providing it.  This website is not intended to advise, offer or bind coverage.  You should always discuss your insurance issues with professionals such as a licensed and qualified insurance agent before making any decisions or choosing a course of action.


Monday, 13 February 2017 17:00

Back to school time brings certain ayto insurance and home or renters insurance issues for parents to considerIt’s back-to-school time again. We thought it might be a good time to review some of those circumstances that are unique to the school year, especially as they relate to your insurance coverage and liability.

The bus stop is in front of my home

Having the bus stop is in front of your home can seem convenient. However, children gathering for the bus in front of your home every day could very well result in accidents, however minor, at some point throughout the school year. The issue will become whether your homeowners insurance policy carries enough liability coverage. So you will want to have a conversation with your insurance agent before the start of the school year to be sure that you have the right coverage in the right amount to meet your unique needs.

My child’s belongings were stolen from school

You will want to determine the total value of all items stolen so that you can make the appropriate reports to the school and perhaps to the local police agency as well as your insurance agent. If you have homeowners or renters insurance, then it will likely cover the loss of the stolen items up to the limits of the policy, assuming that the total value of stolen items exceeds your policy’s deductible level.  If your policy includes personal property replacement coverage, then you can replace the stolen items with new ones of the same kind and quality. If jewelry was stolen, the coverage limit on your policy will vary. Your insurance agent should be able to answer any questions you have about your policy’s coverage, limitations, exclusions, etc.

I’m the carpool parent

There are several auto insurance issues that you will want to discuss with your agent to be sure that you have the coverage you need can protect you and your passengers up to the limits of your policy.

  • If you are getting paid to be the carpool person, you need to change the car to “business use” on your policy in order to assure that any injuries are covered.
  • If someone were to be hurt in an accident, medical coverage would be needed.
  • If you were to be found at-fault in an accident and someone was injured, optional bodily injury coverage would help pay damages for those injuries.
  • If you were involved in an accident and it was not your fault, having uninsured motorist coverage or underinsured motorist coverage can cover this type of accident.

The Latimer Insurance Agency is a full-service insurance agency in Bethesda, Maryland (Montgomery County) offering business/commercial insurance, auto insurance for your vehicle, home insurance for homeowners, renters and condo dwellers, and life insurance to all of Maryland (MD), Virginia (VA) Pennsylvania (PA), Delaware (DE), New York (NY), West Virginia (WV), North Carolina (NC) and Washington DC since 1919. Our experienced insurance agents  at our office Bethesda, Maryland (Montgomery County) welcome your inquiries and are glad to discuss your coverage needs at any time. The scope of your insurance coverage and options depend entirely upon the policy and the insurance company providing it.  This website is not intended to advise, offer or bind coverage.  You should always discuss your insurance issues with professionals such as a licensed and qualified insurance agent before making any decisions or choosing a course of action.


Tuesday, 06 September 2016 17:30