You may wear them every day, or they may be sitting cozy in a bank vault - but when was the last time you thought about their value? Not their intrinsic value, but the dollars and cents value of replacing them?

Diamonds, for example, have seen a huge surge in value over the last few years. Prices for uncut diamonds have jumped by more than 33% since 2003 as supplies and new gem discoveries have not kept pace with demand.

So what does this mean in terms of what you own? A current client recently chipped her diamond ring on a granite countertop. It was fully insured on a valuable articles policy, the most recent appraisal was less than 5 years ago. However, she was shocked to find out that the replacement cost of the damaged diamond was $14,000 more than the listed value on the policy.

Make a date with yourself annually to review the contents of your jewelry box or vault against your valuable items policy. Call your insurance company with any changes or updates. Get the more valuable items reappraised every couple years to avoid surprises down the road.

Of the millions of dollars spent in renovations annually, owners of high-value homes are responsible for well over 30% of the total.

These homeowners are far more likely to be:

• retaining interior decorators;
• using imported building materials such as Italian marble;
• installing exotic wood paneling and top-of-the-line imported cabinetry; and
• furnishing homes with luxurious carpet and other fine finishings.

However, once these renovations are completed, the replacement value of the home can be raised significantly. According to the Independent Insurance Agents and Brokers of America, 60-75 percent of homeowners fail to increase their insurance coverage to reflect significant renovations, allowing their homes and contents to become underinsured over time. This is one of the leading reasons why nearly 60 percent of U.S. homes are underinsured by an average of 22 percent. When planning renovations of any kind, remember to call your insurance agent. Source: AIG

The investment to protect yourself against water damage is minimal in comparison to the amount of money you could spend in damages after the fact. Whether your concern is rising ground water in the corner of your basement or older plumbing that could leak - there are economical ways to keep watch while you aren't home or sleeping.

Your options start at just $13 for a simple audible alarm and range up to $500+ for water shut-off systems that tie into your security system. Some insurance companies may offer discounts on the purchase of a water protection system.

• LeakFrog
• WaterBug
• WaterCop

This is not an endorsement. It is a representation of several products available for water protection.

We've made some changes to the Shepard Insurance Group website recently - stop by and take a look.

• Our new Information Library is a great resource for insurance questions.
• File a claim online
• Request a Dining Guide

We'll be making more updates as time goes on, so check back often!

www.shepardinsgrp.com