Gold Plate

Gold Plate

All homeowner's policies have a dollar limit on theft - usually $2,500 to $5,000 - of silverware, gold ware, and pewter ware, including plated ware. This dollar limit applies not just to flatware, but also to accessory pieces like tea sets. It even applies to trophies.

The policy limit is usually adequate if your pieces are plated. But the limit is inadequate if you have solid sterling, solid gold, or solid pewter.

So how do you protect your wares? The most common insurance-industry solution for insuring silver, gold, and pewter is to get it appraised and then schedule it on the policy as you do with jewelry. The problem I have with this solution is that these wares are a commodity, and they go up and down in value. If you schedule each of your silver pieces, for example, when silver prices go up, you're immediately under-insured on every piece. And when silver prices drop, you're over-insured.

Even if you decide to schedule your silver, gold, or pewter, don't spend money for an appraisal. Just contact a dealer for a current price list, or bring a couple of pieces down to the store for a ballpark estimate. Because the values fluctuate daily, an exact price isn't necessary. These wares have a low chance of

loss. What can happen to them? Fire and theft. Fire is fully covered, without limit, which means theft is your only insurance concern.

Silver, gold, and pewter aren't like jewelry - they don't need to be examined under a microscope. They more closely resemble camera gear. They usually have a manufacturer and pattern name, and you can generally look up prices in a book.

I don't recommend scheduling your silver, gold, or pewter. You have better options:

• If you don't use your wares every day, hide them. Hiding works, but if you want more security, add a central burglar alarm.
• If you do use your silver, gold, or pewter regularly, or you just prefer to keep it displayed, you probably need to insure it. Check with a dealer first to see what it's worth. Then, because theft is the only cause of loss with a dollar limit, raise your theft limit from the basic limit (typically $2,500) to the true, current value of your silver. Round up a bit so that you're covered if prices rise.

If your silver, gold, or pewter was a gift and you either wouldn't replace it or are comfortable replacing it with silver plate, you can skip the extra insurance and live with the $2,500 policy limit.

If you increase the silver limit and don't schedule your silver, the burden of proof, as usual, is on your shoulders at claim time to prove what you had. Here's how to protect yourself:

• Take photos and write the name of the manufacturer and the pattern on the back of the photos.
• Get appraisals just once for any pieces that don't have that information, not to prove value but to prove that the piece is solid silver, gold, or pewter.
• Store the photos and appraisals off-premises along with a single piece of flatware to prove what you had.

Failure to maintain documentation will cause you, at the least, claims hassles and probably lead to your claim payment being inadequate.

Don't feel like you have to follow just one strategy. Maybe some silver you're comfortable hiding, some you want to display and would replace if it were stolen, and some you display but wouldn't bother replacing. If so, combine these strategies.

You will surely want to know more about insurance, how to buy the cheap insurance you need. Certainly there are many places online where to get all these. One website I can recommend is cheap-insurances. You can know about: cheap auto insurance, cheap health insurance and many other insurance concepts.

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