Protecting Your Valuables

PROTECTING YOUR VALUABLES

A few simple precautions will help you protect your belongings for now and for the future. Gifts you receive from friends and family will certainly have some sentimental worth, as well as cash value – so protect those valuables before, during, and after the wedding!

It is suggested that you take out insurance to cover anticipated gifts. A "wedding present floater" is a special policy covering anything that won't stay in one place. The homeowners' insurance held by your parents, for instance, probably won't protect any gifts gathered in their house that you will move to your apartment. The "floater" is good for a temporary period – usually about 90 days after the wedding. It gives "blanket coverage," meaning that you don't have to list each item you're insuring, since you really don't know what gifts will be coming in. You're protected against theft, fire, breakage, etc. There's seldom a deductible which would have you picking up part of any loss. You get back the total value.

If you already own or rent the home you will live in, you will need regular coverage. A smarter investment, then, would be a homeowners' or renters' policy to cover all of your possessions. If you already have this type of insurance, you should "up" your coverage to include any new items you will be receiving or purchasing. For example, if your current policy is good for $7,000, you may want to "up" it an additional $2,000 to cover the gifts that you will be receiving for your wedding. Also, be sure to check with your insurance agent to see what exactly is covered.

Recording and keeping track of all your possessions and gifts may seem tedious, but it is wise to take the time to do this. Your "Wedding Gift Register" is one of your most valuable assets. It provides you with the name and address of the gift giver, the date of acknowledgement, the item given, and the place of purchase. The "register" is your best resource for future fill-ins or replacement and evaluation for insurance purposes. When a claim is filed on a theft loss, the insurance company requires documentation of ownership. If you do not have a household inventory, receipts showing purchase are acceptable proof. However, newlyweds do not have receipts for their wedding gifts, but if you keep good documentation in your "register" you may use this for documentation of ownership.

You must also have record of all personal possessions owned by both of you before your marriage, and items purchased by your after you were married.

An inventory of everything you own, including gifts received at showers, etc., should be taken before the wedding so that you know how much coverage you will need. All items should be recorded, indicating their cash value and age if it is a family heirloom or antique. You may wish to consult a professional appraiser for some items. Be certain your engagement ring and wedding rings have an up-to-date appraisal. The value of gold, silver, and jewels changes constantly.

When taking your inventory be sure to include clothing, sports or hobby equipment, furniture, appliances, etc. If you can find receipts for any of your items, collect them and put them in an envelope to keep on file. Also, it is a good practice to take photos of all your possessions. You should put identifying numbers on all items that can be engraved. Contact your local police department for more information on identification numbers. This practice deters thieves.

After your inventory has been taken and a list is made, you should make a copy for your records, and store the original in a safe-deposit box. Also, update your records from time to time.

If all this seems unnecessary and tedious, total up the cash value of all the items on your inventory and see what an investment it represents. Does the amount surprise you? Once you realize the value of these belongings, you will probably want to take steps to assure the safety of your precious possessions! With a little thoughtful planning, the things you love can be with you for a lifetime.