You’ve bought the ring…now what?

will+you+marry+me+christmas+ornament+marriage+proposal+engagement+ring+box[1].jpgThe holiday’s are a special time of year for many. And for some, it is the perfect time to pop the “Will you marry me” question. For others it is simply a time to give a bit more lavishly. Weather it is a holiday gift, or any other special occasion you should consider insuring your new, expensive purchase.¬†Insurance should factor when buying valuable gifts like jewelry, vehicles and major electronics. The National Association of Insurance Commissioners (NAIC) offers these considerations for insuring these gifts.

Know Your Coverage
Most homeowners and renter’s insurance includes limited coverage for jewelry. Most policies will protect against theft, but you may need additional coverage to protect your jewelry against damage or loss. Check with your insurance agent to better understand the scope of your policy.
If it’s not enough to cover the items you want to protect, consider purchasing a separate policy or adding an endorsement to your existing policy.
Obtain an Appraisal
An item’s dollar value has the most influence on your premium and deductible, which is why an accurate appraisal is important. Plan on providing your receipt and a recent appraisal.

Purchasing a Vehicle as a Gift

If you’re buying a new car, SUV or truck as a gift, make sure the recipient updates their insurance. If you share an auto insurance policy with the person receiving the new gift, the process can be easy. Simply add the car to your shared policy and transfer the title.
Updating Your Home Inventory
Remember to add any expensive or sizable gifts to your home inventory. If you need to start a home inventory, we encourage you to use the NAIC myHOME application (Apple Play or Google Play) or the Insure U checklist. Include as many details as you can, take photos of each item and take videos of rooms in your house. Most home insurance policies have standard limits for big-ticket items like electronics, art, jewelry or sporting equipment. You may need special coverage.

More Information
If you have questions about expensive gifts and insurance, please contact your state insurance department. For more information about your insurance needs and tips for choosing the coverage that is best for you, visit Insure U.

SCCIA Conference 2018

Director Ray Farmer addresses attendees at the SCCIA conference, Wednesday, December 12, 2018. Gov. Henry McMaster met with attendees and addressed the gathering, as well.

South Carolina has long been considered one of the top 5 mature domiciles in the Western Hemisphere. Since captive enabling legislation was passed in 2000, we have focused on developing the infrastructure, resources, and staffing to provide our captive owners with a robust and thriving captive marketplace. The result is a well-rounded domicile that can address your captive needs whether they be large or small, simple or complex.

To learn more, click.

How to Avoid a Christmas Tree Fire

It’s the holidays, and might mean festive decorations throughout your home. Real Christmas trees are a beautiful tradition, but they can also be dangerous and deadly. Real trees must b94567e68-6d65-4e62-8eda-191c66ab1aa8-DSC_8889_digital[1].jpge properly cared for, or you may end up with a costly insurance claim at best, and at worst? Loss of your home and the lives of those you love.

Here is how you can help prevent your Christmas tree from catching on fire this holiday season. 

  • When choosing a tree, look for one that is fresh and has green needles that don’t fall out.
  • Brownish needles mean the tree is dried out and more prone to catch fire.
  • Water your tree daily to prevent it from drying out.
  • Check the manufacturer’s labels to ensure you use only lights and decorations that are flame-retardant. Look for a nationally recognized testing laboratory, such as Underwriters Laboratories, Intertek or the Canadian Standards Association, according to the Consumer Product Safety Commission.
  • Check holiday lights for frayed wires or excessive wear.
  • Don’t connect more than three strands of mini-string sets and a maximum of 50 bulbs for screw-in bulbs.
  • Keep your tree at least 3 feet away from any heat source, such as a fireplace, radiator, candles or lights.
  • Make sure your tree is not blocking an exit. In case there is a fire, you want a way to get out.
  • Always turn off lights on a tree before going to bed or leaving your home.
  • Get rid of a tree when its needles start dropping. It means the tree is drying out.
  • Check that your smoke alarm is working properly.