By - Jim Berry

5 Best Places to Find Insurance for Freelancers

According to the U.S. Bureau of Labor Statistics, 10 million workers are self-employed in the country. Being a self-employed worker can be liberating, but it also means you’re your own HR department, too. One of the biggest challenges you’ll face is finding affordable insurance options. With a traditional employer, you had a limited array of […]

The post 5 Best Places to Find Insurance for Freelancers appeared first on Good Financial Cents®.

By - Jim Berry

How to Insure Jewelry and Expensive Valentine's Day Gifts

Whether you’re giving your sweetheart a gorgeous diamond ring for Valentine’s Day or you’re the one who gets to wear the bling, don’t forget about protecting it with insurance. I know looping in your insurance agent may not seem romantic, but it can prevent a lot of heartaches if that expensive piece of jewelry gets damaged, lost, or stolen.

How to insure your valuables

Today, you’ll learn how to keep your Valentine’s Day gift or any valuables safe.

1. Get insured before you buy it

Anytime you’re thinking about making a big purchase, such as expensive jewelry, watches, or electronics, make sure you have a plan to insure it. Think about how devastated you’d be if you bought diamond earrings for your sweetie, and they got stolen or lost. I’m sweating just thinking about it!

Anytime you’re thinking about making a big purchase, make sure you have a plan to insure it.

Before you buy something valuable, communicate with your existing home or renters insurance representative or company. Find out if you need additional coverage—it’s likely that you do! In just a moment, I’ll give you some recommendations if you don’t already have a home or renters policy.

Let your insurer know what you’re planning to buy and how much it costs. If you’re still negotiating on price or you’re buying a second-hand item with an unknown value, start with your best estimate.

2. Get a certified appraisal

If the value of your Valentine’s Day jewelry is over a certain amount, your insurer will ask you to submit an appraisal. It must come from a gemologist who uses a variety of tools and their expertise to identify and value gems. It includes photos of your item and an estimated value.

Your insurer needs an appraisal to know precisely what they’re insuring. The document also protects you in case you need to make a claim.

The retailer who sells you a new piece of jewelry should provide you with an appraisal. However, an insurer may want an independent appraisal to verify the value. If you purchase heirloom or estate jewelry, it may not come with an appraisal.  

You can find an appraiser by getting recommendations or doing some research online. The cost varies depending on how intricate the item is and how long the work may take.

For instance, an antique ring with many stones and old-fashioned gem cuts will take longer to analyze than a brand-new diamond solitaire. For a relatively simple piece, the appraisal may cost in the range of $150 to $250. But I’ve had heirloom pieces that cost nearly $500 to appraise.

While your great-grandmother’s wedding ring or a necklace from your valentine might be priceless to you, insurers will only pay you its appraised or actual value.

It could take a gemologist several weeks to complete your appraisal, and they need to have the item in their possession the entire time. So, don’t wait until the last minute to find out what’s required to get a Valentine’s Day gift insured.

Also, note that you can’t insure the sentimental value of any item. While your great-grandmother’s wedding ring or a necklace from your valentine might be priceless to you, insurers will only pay you its appraised or actual value.

3. Don’t assume you already have coverage

If you assume you have coverage for a lavish Valentine’s Day gift simply because you have homeowners insurance, that could be a big mistake. The amount of insurance on your home is different than the amount of coverage for your personal belongings.

Most standard home and renters policies include coverage for personal items like jewelry. However, specific categories of belongings come with coverage limits or caps. Jewelry, watches, and furs typically have a low insurance cap, such as $1,000 or $2,000. If you’re a big spender, that could be a fraction of the cost of your gift.

For example, if you buy an engagement ring worth $4,000, and your homeowners or renters policy only covers $1,000, you’d come up $3,000 short of replacing it. Plus, the cap applies to an entire claim, not individual items. If you had multiple pieces of jewelry stolen, you’d only receive up to the policy limit.

Jewelry, watches, and furs typically have a low insurance cap, such as $1,000 or $2,000. If you’re a big spender, that could be a fraction of the cost of your gift.

Other types of personal belongings that have insurance caps include silverware, computers, firearms, musical instruments, collectibles, and antiques. Keep reading to learn how to make sure your expensive items are adequately insured.

4. Get an insurance rider

If your existing homeowners or renters insurance doesn’t have a jewelry limit high enough to cover your posh purchase, one solution is to “schedule it.” You’ll also hear this called a rider, floater, or an endorsement to your policy. Scheduling an item means that you add more detail about it to your existing insurance policy.

One benefit of scheduling an item, such as jewelry, is that you’re covered for all types of losses. For instance, if you accidentally lose a wedding ring swimming in the Caribbean ocean on your honeymoon, you’re covered up to your limit. When your valuables are covered by a standard home or renters policy, without being scheduled, you typically only have coverage for specific events, such as loss from a fire or theft.

One benefit of scheduling an item, such as jewelry, is that you’re covered for all types of losses.

Also, don’t forget that you must pay a deductible when you make a claim. So, if you have a $500 deductible and a jewelry limit of $1,000, the most you’d receive from a claim is $500.

But a scheduled item doesn’t require a deductible. That means you wouldn’t have to pay any amount out-of-pocket to replace a Valentine’s Day gift that gets lost or disappears mysteriously.  

Having a rider increases your premium, but it’s usually worth it. The cost might be $5 to $15 per $1,000 of insured value. So, an engagement ring that’s worth $6,000 could mean paying an additional $30 to $90 per year on your homeowners or renters insurance premium.

5. Get a stand-alone policy

Another option for insuring a precious gift is to get a stand-alone policy. This policy is separate insurance just for the item, not an add-on to an existing home or renters policy. Most insurers offer a valuable articles policy for specific items like jewelry, watches, furs, collectibles, and antiques.

Whether you own or rent your home, you’ll pay less for an insurance rider than for valuable articles insurance. The only exception would be if you have many expensive items to insure—so, shop and compare both options if you have a collection of valuables.

Most homeowners have insurance, but many renters avoid getting a renters policy because they mistakenly overestimate the cost. It’s surprisingly inexpensive; the average price is $185 per year. So, if you rent, get renters insurance first and then schedule an expensive item.

All the coverages I’ve mentioned protect your valuables at home or when they’re away from your home. Off-premise coverage kicks in when an item is stolen from your car or damaged while you’re traveling.

Additionally, home and renters insurance gives you liability coverage worldwide. It also pays living expenses, such as a hotel and meals, if you can't live in your home while repairs are made after a covered event, such as a natural disaster.

The bottom line is that if you rent and don’t have insurance, you’re putting your finances at risk. Take a few minutes to shop and compare quotes at sites such as Bankrate.com or Policygenius.com. But no matter your situation, you can always opt to insure a Valentine’s Day gift with a stand-alone policy.

6. Gift recipients are responsible for insurance

Many people are confused about who needs to buy insurance for a gift, the giver or the recipient? Well, it depends on who has the item. If you buy a gift to give, you need to have it insured while it’s in your possession.

If you have a receipt and appraisal, pass them along so the new owner has what they need to get proper insurance.

Once you give a gift away, the lucky recipient owns it and must insure it. If you have a receipt and appraisal, pass them along so the new owner has what they need to get proper insurance.

If you’re married or live together and have the same home or renters insurance policy, you don’t have to take any extra steps. But if you and your valentine have different households, the person who wears and enjoys the gift must make sure that it’s insured.

7. Keep an up-to-date home inventory

If you have home or renters insurance, but don't have a list of your personal belongings, it could be challenging to claim a loss. Imagine that your home or apartment got destroyed in a fire. Would you remember every item?

If you don’t have a home inventory, create one and add your Valentine’s Day gift to the list. At the least, have pictures or video of your belongings that you store in the cloud. While losing precious items can be devastating, the more documentation you have, the easier it will be to provide proof that you owned them and make an insurance claim.

If you got a cherished gift for Valentine’s Day or got engaged, congrats! Now make it a priority to protect it.

By - Jim Berry

FSA Card: What You Need to Know About This Financial Tool and Its Impact on Your Credit

An FSA card is the debit card that allows you to access money in your flexible spending account. This is an account that is set up alongside your health insurance, and you can choose to have pretax dollars from your paycheck routed into it. Those funds can then be used to pay for certain qualifying medical expenses. What Are the Benefits of an… Read More

The post FSA Card: What You Need to Know About This Financial Tool and Its Impact on Your Credit appeared first on Credit.com.

By - Jim Berry

The Basics of Medicare Eligibility

Medicare is a federal health insurance program widely used by U.S. citizens and permanent residents age 65 and older. The program also applies to those younger than age 65 who have disabilities, end-stage renal disease (ESRD) or other diseases. But … Continue reading →

The post The Basics of Medicare Eligibility appeared first on SmartAsset Blog.

By - Jim Berry

Dear Penny: How Do I Save for Retirement on a Teacher’s Salary?

Dear Penny, I’m 51 years old and don’t have a large nest egg. I’m a single parent with three kids. I’m a second career middle school teacher, so there is not a lot of money left over each month.  How much money should I be saving to be able to retire in my 70s? Where […]

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

By - Jim Berry

Executive Desk With Return

Contents Cfo trevor strain Work style. choose traditional Kong cycling legend wong World track cycling Executive desks online -shape corner desk Office Desk For Small Space Sep 21, 2015  · When space is in short supply, dreams of a home office often go out the window. Here’s the good news: You can create a workspace in even the tiniest of homes.

By - Jim Berry

Office Desk For Small Space

Contents Computer office furniture Administrators replaced rows Group learning. hallways Cramped space stifle Office space planning Sep 21, 2015  · When space is in short supply, dreams of a home office often go out the window. Here’s the good news: You can create a workspace in even the tiniest of homes. Having a space dedicated to work is great for productivity

By - Jim Berry

Oak L Shaped Desk

Contents Real estate guy Saucer chairs (pink Bush furniture commerce 60w office desk 5 stars 1 The Office Furniture Store For example, computer office furniture could include computer tables, chairs, computer racks, CPU extension rack, printer extension etc. It could also include furniture to store computer accessories … The Office Store is one of the largest wholesalers of office chairs

By - Jim Berry

The Office Furniture Store

Contents Innovative office furniture solutions Bush furniture commerce 60w Mobile file cabinet York-based tiger capital For example, computer office furniture could include computer tables, chairs, computer racks, CPU extension rack, printer extension etc. It could also include furniture to store computer accessories … The Office Store is one of the largest wholesalers of office chairs for 15 years now and