Wallace & Turner Named Best Insurance Agency in Best of Springfield 2025 Awards

Wallace & Turner is proud to be named the Best Insurance Agency as part of the Best of Springfield 2025 Awards! Presented by the Greater Springfield Partnership, this annual event recognizes winners across 80 categories spanning food & dining, retail, wellness, professional services, nightlife and more.

The Best of Springfield awards were held October 9th at Hollenbeck Bayley Center in downtown Springfield. Best of Springfield is more than just an awards night — it’s a community-driven celebration that spotlights the very best of life in Springfield and Clark County. The contest invites public nominations and voting in dozens of categories, giving residents a voice in choosing the local icons they love.

View the full list of winners and finalists here.

Rising Cyber Threats to Ohio’s Blue-Collar Industries: Why Now Is the Time to Assess Your Cyber Insurance

Cybercrime is no longer an issue reserved for technology companies, hospitals or financial institutions. Increasingly, industries that have historically considered themselves “low risk” for cyberattacks, such as construction, manufacturing and distributors, are finding themselves in the crosshairs of cybercriminals. Attackers are going where defenses are weakest, and right now, that includes blue-collar industries across Ohio.

For Ohio business owners, this trend carries significant implications. Many of these industries are the backbone of the state’s economy, employing thousands and supporting vital supply chains. Unfortunately, these same sectors often lag behind in cybersecurity investment, leaving gaps that attackers are eager to exploit.

We’re exploring why blue-collar industries are now prime cyber targets, how attacks unfold and what steps businesses can take to protect themselves against potentially devastating losses.

Cybercrime by the Numbers

The scale of cybercrime continues to rise year over year. In 2023, the FBI’s Internet Crime Complaint Center (IC3) received 21,489 complaints related to Business Email Compromise (BEC), with reported losses exceeding $2.9 billion. BEC is a sophisticated scheme that targets both businesses and individuals engaged in fund transfers. These scams are often executed by compromising legitimate business email accounts, typically through social engineering or computer intrusion, and then using them to initiate unauthorized transfers of money.

What’s striking is that attackers are no longer just chasing sensitive personal data or credit card information. They’re looking for ways to disrupt operations, lock down systems and extort ransoms – tactics that work just as effectively on a manufacturing plant in Ohio as they do on a tech startup in Silicon Valley.

In fact, a recent IBM Cost of a Data Breach Report found that the average cost of a breach globally reached $4.4 million. Even smaller breaches, affecting fewer than 1,000 records, can cost hundreds of thousands of dollars when factoring in downtime, recovery and reputational harm.

Why Ohio’s Blue-Collar Industries Are Being Targeted by Cyberattacks

1. Legacy Systems and Limited IT Resources

Many construction, manufacturing and distribution firms operate with outdated software, machinery or enterprise systems. These legacy platforms may not receive regular security patches, creating vulnerabilities. In smaller cities like Urbana and Springfield, Ohio, IT teams are often lean, making it difficult to keep up with evolving threats.

2. Operational Disruption as Leverage

Unlike banks or hospitals, blue-collar industries may not store vast amounts of consumer financial data. But what they do have is something equally valuable: production continuity. If a ransomware attack locks up a manufacturing line in Dayton, Ohio, the cost of halted operations can skyrocket within hours. Attackers know this urgency often forces companies to pay ransoms quickly.

3. Supply Chain Weakness

Wholesale distributors and manufacturers are critical links in supply chains. Cybercriminals may target these companies not only for direct profit, but also as stepping stones to larger businesses and clients. A compromised vendor can become the entry point for attacks across an entire network of companies.

4. Underestimation of Risk

Perhaps the most significant factor is perception. Many blue-collar businesses have historically believed they weren’t “interesting” enough for hackers to target. That misconception is changing rapidly and unfortunately, it means many companies are underinsured or unprepared when an incident occurs.

Real-World Examples of Cyberattacks on Ohio Businesses

These cases highlight that no business, regardless of size or industry, is immune.

Cyber Liability Insurance in Ohio

Even the most diligent cybersecurity strategy cannot guarantee 100% protection. That’s why cyber liability insurance has become an essential tool for Ohio businesses.

A strong cyber liability policy can cover:

  • Data Breach Response Costs – including forensic investigations, legal fees and notification to affected parties.

  • Business Interruption Losses – compensating for lost income during downtime caused by an attack.

  • Ransomware and Extortion Payments – helping businesses respond if criminals demand payment.

  • Third-Party Liability – covering damages if an attack on your systems impacts clients, partners or vendors.

  • Reputational Harm and Public Relations Support – assisting in managing customer trust after an incident.

It’s important to note that not all cyber insurance policies are created equal. For example, some exclude coverage for social engineering fraud, while others may cap payments for ransomware incidents. Businesses should work with a trusted insurance partner to carefully review their existing coverage and identify gaps.

How Ohio Businesses Can Strengthen Their Defenses Against Cyber Criminals

Beyond insurance, companies in construction, manufacturing and distribution should take proactive steps to reduce risk:

  1. Employee Training
    Human error is often the weakest link. Regular training on phishing, password hygiene and suspicious email recognition is critical.

  2. Patch and Update Systems
    Keeping operating systems, industrial control software, and even IoT devices updated closes many of the most common security gaps.

  3. Implement Multi-Factor Authentication (MFA)
    MFA significantly reduces the risk of compromised credentials being used in attacks.

  4. Conduct Regular Risk Assessments
    Independent IT security audits can identify vulnerabilities that internal teams may miss.

  5. Develop an Incident Response Plan
    Knowing exactly how to respond when an attack occurs – who to call, how to isolate systems, and how to notify stakeholders – can save precious time and minimize damage.

For more guidance, the Cybersecurity & Infrastructure Security Agency (CISA) provides helpful resources for small and mid-sized businesses.

Why Now Is the Time to Asses Your Cyber Insurance

Cyber threats are not slowing down. With the rise of artificial intelligence, phishing scams are becoming more sophisticated, and ransomware groups are growing bolder. For businesses, this means the risks are not only growing, but evolving.

Choosing to ignore these risks could result in devastating financial losses, legal liability and reputational harm that takes years to rebuild. On the other hand, businesses that proactively invest in cybersecurity measures and review their cyber liability insurance are positioning themselves to survive in this expanding digital environment.

Wallace & Turner’s Cyber Coverage for Ohio Businesses

At Wallace & Turner Insurance, we’ve served businesses across Ohio for more than a century, and we understand the unique challenges facing our region’s construction firms, manufacturers and distributors. Our team can help you:

  • Evaluate your current cyber liability policy

  • Identify potential gaps in coverage

  • Benchmark your protection against industry best practices

  • Provide risk management resources to strengthen your overall cybersecurity

Whether you’re a manufacturing company in Dayton, a construction firm in Urbana or a distributor in Springfield, we’re here to make sure your business is prepared for today’s evolving cyber threat landscape.

 

Protection for Your Pets: Wallace & Turner Introduces Nationwide® Pet Insurance Plans

Wallace & Turner and Nationwide Pet Insurance

Wallace & Turner knows pets are family, which is why we’ve partnered with Nationwide, the country’s leading pet insurer, to offer comprehensive pet insurance plans for every budget. Our customers receive preferred pricing on pet protection options, from accidents and illnesses to wellness and preventative care. Nationwide is also the only pet insurer to offer coverage for birds and exotic pets, including rabbits, guinea pigs, ferrets, pigs, lizards, reptiles and frogs.

More than one million pet owners already trust Nationwide to protect their pets. Now, our clients can enjoy that same peace of mind with added savings and tailored plans.

Benefits of Nationwide Pet Insurance through Wallace & Turner include:

  • Preferred pricing with agency discount

  • Freedom to use any veterinarian, anywhere

  • Cash back on eligible vet bills

  • Easy mobile claims and rapid reimbursement via direct deposit.

  • Prescription savings

  • 24/7 access to the Vet Helpline for expert guidance

Pet owners can get a quote today and explore plan options below, or contact our office for more information: 937-324-8492

Community Health Foundation Expo 2025 - Wallace & Turner Hosts Health Insurance Q&A Table

Join us for the Community Health Foundation HEALTH EXPO ‘25 being held Wednesday, October 8, 2025, from 4:00-6:00pm at Hollenbeck Bayley Conference Center, 275 S. Limestone Street in downtown Springfield. This is a free, interactive event for all ages.

The Wallace & Turner Health Insurance team will be onsite to compare and provide help with different Medicaid and Medicare plans, Marketplace options and more (Main Hall). The Health Expo will also feature:

  • Earlybird “Steps Toward Better Balance” Class – presented by Physical Therapist Emily Stanton from 3:40-3:55 (Classroom)

  • Kids’ Wellness Passport – fun activities and challenges to help kids stay healthy

  • Community Baby Shower – resources and giveaways for new and expecting parents (Main Hall)

  • Healthcare Legal Assistance – get help with Healthcare Power of Attorney documents and advance directives like Living Wills, with free on-the-spot notarization (Main Hall)

  • Live Fitness Activities – line dancing, yoga, tai chi, pickleball, and more (check website for schedule)

  • Cooking Demonstrations with Samples – try out new healthy foods and learn how to make them at home (Main Lobby)

  • Car Seat Safety Checks – Family and Youth Initiatives will offer free child car seat checks and help you learn how to install them safely (Outdoors)

  • Talk with a Doc – get your questions answered by local healthcare providers (Main Hall)

  • Free Chair Massages – offered by Zach Tamplin of Springfield Massage Therapy, presented by Villa Springfield (Main Hall)

  • Health Screenings – get flu shots, mammograms, blood pressure checks, vision screening, and more

  • 50+ exhibitors – find information and resources about all areas of health and wellness

18th Annual Champaign County Chili Festival, Cook-Off and Hoopla Parade - Wallace & Turner Sponsors

The 18th Annual Champaign County Chili Festival, Cook-Off and Hoopla Parade will be held on Saturday, September 27 in historic downtown Urbana, Ohio. Wallace & Turner is proud to serve as a Gold Sponsor.

Enter the cooking contests or enjoy as a spectator. Sample chili from the upwards of 25 cooks facing off, and cast your vote for your favorite.

The Chili Cooking Contest will begin at 8 am with a Grand Prize of $1,000 plus prizes for 2nd, 3rd, 4th and 5th place. There is also a Hot Pepper Eating Contest, A Best Salsa Contest, a Corn Hole Tournament and other fun contests. The event will also feature Victorious KayBirds band, a Kids’ Zone with games and a Bouncy House, a Beer Garden featuring Urbana Brewing Company Beer, over 30 vendor booths and much more.

Established in 2006,  the Simon Kenton Champaign County Chili Cook-Off and Hoopla Parade always takes place on the 4th Saturday in September.

Get the full schedule of events and apply to be a cooker here.

Wallace & Turner Sponsors Kiwanis: Springfield Jazz and Blues Festival 2025

Presented by Kiwanis, the Springfield Jazz and Blues Festival returns to downtown Springfield on August 8 - 9, 2025, with 18 national, regional, and local jazz and blues artists, including Springfield native and award-winning artist John Legend. Set in the historic Mother Stewart's Brewery and the Commons Park, the Festival begins at 5:00 on Friday and 2:30 on Saturday, and ends with late night jam sessions at the eclectic State Theater. Wallace & Turner is proud to serve as a “Festival Roadie” for the event now celebrating its fourth year.

The Festival is free for attendees; any donations will benefit the Springfield Soup Kitchen.

What you'll experience:

  • Award-winning jazz and blues artists

  • Two stages within walking distance

  • Locally-brewed beer from Mother Stewart's Brewing Company

  • Crowd-favorite food trucks

  • Historic neighborhoods and architecture

  • Late night jams at the State Theater

Check out the full schedule here.

11th Annual Springfield Rotary Gourmet Food Truck Competition - Wallace & Turner Serves as Food Truck Sponsor

The Springfield Rotary Gourmet Food Truck Competition is set to return for its 11th year, featuring delicious mobile eats, a beer garden, live entertainment and a new arts and crafts show component of the event. Springfield’s must-taste event of the summer event will run from 11 a.m. to 7 p.m. on Aug. 16 at Veterans Park in Springfield. The event is free to attend. Wallace & Turner is proud to serve as a Food Truck Sponsor.

Up to 30 food trucks serving a variety of gourmet cuisine will compete, with a panel of celebrity judges scoring each of their signature dishes. The first place winner will receive a $5,000 grand prize. A $2,500 runner-up and $1,500 third-place winner will also be selected by the judges.

The Springfield Rotary Club was established in 1914 and is comprised of business and professional leaders within the community who volunteer their time and resources to help others in the Clark County area and throughout the world. Proceeds from the Food Truck Competition will benefit the many charitable causes it supports.

Is Your Insurance Policy Still Working for You? Why You Should Reevaluate Coverage Today

For most people, insurance is one of those things that gets filed away and forgotten—until something goes wrong. But Insurance Awareness Day, observed each year in June, is a valuable reminder that coverage shouldn't be a “set it and forget it” part of life. Whether you're an individual safeguarding your home and health, or a business owner managing risk and liability, now is the time to ask: Do I really have the coverage I need?

From rising property values to increasing cyber threats, the world continues to evolve, and so should your insurance. Here’s what you should be reviewing (at a minimum) with your independent insurance agent to make sure you’re protected, informed and financially secure.

Homeowners and Renters Insurance: Are You Covered for What It Would Cost Today?

If you haven’t looked at your homeowners or renters policy in a few years, you might be underinsured. Many people assume their coverage will take care of everything if disaster strikes, but that’s not always the case, especially in today’s economy.

Why review now?

  • Rising replacement costs: The price of building materials and labor has increased significantly. If your home were damaged or destroyed, would your policy cover what it costs to rebuild today?

  • Personal property gaps: Think about your electronics, appliances, furniture or new purchases like exercise equipment or luxury handbags. Are they included? Are the limits still realistic?

  • Natural disaster risks: Flooding and wildfires are on the rise in areas not historically known for them. Standard policies don’t cover flood damage, and wildfire exclusions are increasing in some states.

What to ask your agent:

  • Do I have replacement cost coverage or actual cash value?

  • Are my valuables (jewelry, art, electronics) properly covered?

  • Should I consider additional endorsements or umbrella coverage?

Auto Insurance: Beyond the Basics

If you've recently purchased a newer or more expensive vehicle, you’ll want to make sure you're fully protected.

Why review now?

  • Underinsured motorists: Accidents involving uninsured or underinsured drivers are more common than you might think.

  • Rising repair costs: Advanced safety and tech features mean even minor fender-benders can result in expensive repairs.

  • Lifestyle changes: If you’re commuting less, bundling policies or adding teen drivers to your household, your rates and needs could shift.

What to ask your agent:

  • Is my liability limit high enough to protect my assets?

  • Should I have comprehensive and collision coverage?

  • Do I need gap insurance for a new vehicle?

  • How does my deductible affect my premium?

Business Insurance: What Growing Companies Often Miss

For business owners, having the right insurance can mean the difference between survival and bankruptcy after an unexpected event. Yet many small and midsize businesses are underinsured or unaware of new risks that require coverage.

Why review now?

  • Cyber threats are growing: Every size of business is at risk. Even small businesses are frequent targets of data breaches and phishing scams.

  • Remote work shifts liability: Having employees work from home can change your exposure.

  • Business interruption insurance: COVID-19 revealed how many companies weren’t clear on their policies.

What to ask your agent:

  • Do I have the right level of general liability and professional liability coverage?

  • Should I consider cyber liability or employment practices liability insurance?

  • What’s excluded from my current policies?

  • How would my business income be protected during a disruption?

Umbrella Policies: Extra Protection for Life’s “What Ifs”

An umbrella policy provides an extra layer of liability coverage beyond what your homeowners or business policy typically includes. It’s relatively affordable and can be crucial if you’re sued for a large amount—especially in today’s litigious environment.

Why review now?

  • Asset protection: If you have savings, property or investments, you need to protect them from large liability claims.

  • Peace of mind: Accidents happen—even one social media post or dog bite could lead to a lawsuit.

What to ask your agent:

  • At what net worth level should I consider umbrella coverage?

  • How does it coordinate with my existing policies?

  • What scenarios are most commonly covered?

Life Insurance: A Future-Focused Conversation

Life insurance is not just for people with dependents or those approaching retirement. If you have student loans with a co-signer, a mortgage or anyone who depends on your income, it’s worth considering. And if you already have a policy, it’s important to revisit the details as your life evolves.

Why review now?

  • Milestones matter: Marriage, children, homeownership and career changes should trigger a review.

  • Employer-provided insurance isn’t always enough: Many people rely on workplace policies that may not be portable or adequate.

  • Policy types vary: Term vs. whole life, cash value options and riders can significantly change what you’re getting—and paying.

What to ask your agent:

  • How much coverage do I really need?

  • What are the pros and cons of term vs. permanent insurance?

  • Are my beneficiaries up to date?

  • Can I convert or adjust my existing policy?

Contact Wallace & Turner’s Life & Health Team.

Awareness and Knowledge Leads to Better Protection

Insurance Awareness Day isn’t just about checking a box—it’s about taking control of your financial well-being. An annual review with your independent agent can help you avoid surprises, close dangerous gaps and even find savings through smarter bundling or updated risk assessments.

Life changes. The economy shifts. Risks evolve. Your coverage should too.

Contact Wallace & Turner today to discuss your existing coverage, or if we can provide a complimentary quote for new coverage. 937-324-8492 or here.

Wallace & Turner Sponsors Clark County Fair 2025

A longtime supporter of the Clark County Fair, Wallace & Turner is once again sponsoring the 2025 fair being held July 18 - 25. The event features rides, music entertainment, a junior fair livestock show, rodeo, Clark County Fair queen contest, pig and calf scrambles, and much more.

The first fair in the Springfield-Clark County area was held in 1840. John R. Lehman, organizer of the Clark County Agricultural Society, was the prime mover in establishing the first Springfield fair although several were held earlier in South Charleston.

Professional Women of Clark County Networking Event - Wallace & Turner Serves as Sponsor

Join for a networking experience hosted by Professional Women of Clark County at the Springfield Art Museum where professional women from across Clark County will connect, collaborate, build meaningful relationships and enjoy a beautiful art exhibition by Aminah Robinson.

Wallace & Turner is proud to sponsor the event being held June 18, 2025, from 4:00 PM – 6:00 PM at Springfield Museum of Art, Cliff Park, 107 Cliff Park Rd, Springfield, OH 45504.

Whether you're looking to expand your professional circle, seek new partnerships, or simply enjoy stimulating conversation with like-minded women, this gathering promises to deliver value in an elegant setting that celebrates both professional achievement and artistic excellence.

Register here by June 9.

The Abilities Connection Fishing Derby - Wallace & Turner Supports Event

Wallace & Turner was a proud supporter of The Abilities Connection’s (TAC) Fishing Derby. The day included lots of smiles, sunshine and a whole lot of fish! A special shoutout to the Ohio Air National Guard 269th Combat Communications Squadron for jumping in to bait hooks, cast lines, reel in fish and be part of the fun!

TAC is a nonprofit organization that serves people with disabilities. Their mission is to empower people with disabilities and other barriers to reach their full potential.

At TAC, people with and without disabilities collaborate in accepting work environments to learn new skills, create new products, and reinforce their sense of purpose. They provide meaningful work that helps team members grow professionally, empowers and encourages them to share their voice, and prepares them to thrive beyond TAC.

Wallace & Turner Elevates Four to Partnership

Wallace & Turner, Inc., Springfield and Urbana, Ohio’s largest, locally owned independent insurance agency, has announced four new equity partners: Ben Galbreath, Jason Heims, Mary Jo Leventhal and Myles Trempe. All are based in Wallace & Turner’s Springfield office.

“Wallace & Turner places great importance on superior client service and professionalism, deep industry knowledge and community leadership, and these four absolutely exemplify these traits,” commented President Patrick Field. “They set a standard of excellence within the agency and their elevation to partner is well-deserved.”

“Ben, Jason, Mary Jo and Myles have been instrumental in driving Wallace & Turner's growth and success,” said Vice President and Partner Otto Larson. “Their innovative thinking and relentless work ethic continue to push us forward, and we are excited to welcome them to the partnership.

Ben Galbreath has nearly two decades of experience in personal, commercial, life and supplemental benefits insurance. He also holds a farm certification from Nationwide Insurance Company. Ben obtained a B.A. from Kent State University where he lettered in Division I baseball. He sits on numerous boards including serving as Vice President of the Board of Education for the Clark‐Shawnee Local School District.

Jason Heims has been with Wallace & Turner since 2007, specializing in both personal and commercial lines, and overseeing claims management. He has a B.A. from Wright State University. Active in the community, Jason currently serves on the Clark County Literacy Coalition board of directors.

Mary Jo Leventhal serves as Director of Operations & Business Development, and is a Certified Insurance Counselor (CIC) and Certified Risk Manager (CRM). She obtained a Bachelor’s degree with honors from Wittenberg University. Mary Jo holds numerous leadership roles, including as a Board member of Second Harvest Food Bank of Clark, Champaign & Logan Counties and Co-Chair of the Springfield Museum of Art’s Art Ball for All.

Myles Trempe is a second-generation Wallace & Turner employee and handles both personal and commercial lines coverage. He has a B.S. from Ball State University. Myles gives back significant time to community organizations, including as a Finance Committee member for Springfield Foundation and a board member with Ferncliff Cemetery and Arboretum, Springfield Arts Council and Partners for the Parks.

About Wallace & Turner, Inc.

An independent insurance agency, Wallace & Turner has provided comprehensive personal and commercial insurance services since 1870, including homeowners, auto, business, farm, umbrella as well as life & health coverage. With offices in Springfield and Urbana, Ohio, Wallace & Turner works with a range of top-rated carriers which means clients receive cost effective insurance options tailored to their needs. The agency is a long-standing member of Keystone Insurers Group, Trusted Choice, Ohio Insurance Agents Association, and Independent Insurance Agents Association both in Ohio and nationally. Connect with Wallace & Turner on Facebook, X and LinkedIn.

The Greater Springfield Partnership Networking Event - Wallace & Turner Serves as Sponsor

A night to remember at The Springfield State Theater! Wallace & Turner was proud to serve as the Bar Sponsor for The Greater Springfield Partnership Networking Event on May 22, 2025. The evening was was full of energy, connection and community spirit, all set in the stunning atmosphere of The State Theater. Thank you to Carmae Catering for providing the delicious food.

Greater Springfield Partnership is a nonprofit, membership-based organization of over 800 businesses and their 15,000+ employees whose mission is to amplify the work of Springfield, Ohio’s business community, advance important economic and workforce development opportunities, promote aspirations that will make the region more aggressive, and help member-investors grow through pertinent connections.

Wallace & Turner Serves as Team & Hole Sponsor for Leadership Clark County Ohio Golf Outing

Leadership Clark County Golf Outing 2025

Wallace & Turner was proud to serve as a Team & Hole Sponsor for Leadership Clark County’s Golf Outing on May 9, 2025 at Windy Knoll Golf Club. The event featured a full day of golf, silent auction, bourbon raffle, dinner and awards, networking and community impact.

Since 1981, Leadership Clark County has been a change agent for community activism by dedicating time, money and resources to developing servant leaders in the Clark County community. Programming that focuses on leadership skills, sensitivity to community needs and diversity empowers Leadership alumni to become change agents themselves, assuming leadership roles and contributing their talents and energies to community service.

Junior Achievement Mad River Region Business Hall of Fame Awards - Wallace & Turner Serves as Sponsor

Patrick Field at Junior Achievement Business Hall of Fame Awards 2025

Wallace & Turner was proud to serve as a sponsor for the Junior Achievement Mad River Region Business Hall of Fame Awards held on May 7, 2025 at the Hollenbeck Bayley Creative Arts and Conference Center in Springfield, Ohio.

Congratulations to Business Hall of Fame Laureate Jamie McGregor with McGregor Metal; Spotlight Award winner Leigh Anne Lawrence with Leadership Clark County Ohio; Impact Award winner Cassie Francis with The Merchants National Bank.

Junior Achievement Business Hall of Fame Award Winners 2025

The Business Hall of Fame honors past and present business leaders for their outstanding achievements and contributions to the quality of life in our community. This year’s laureates have risen to the pinnacle of success in the business world by demonstrating a tradition of excellence and achievement.

In recognition of his remarkable achievements in the insurance industry and inspiring others through countless philanthropic efforts, President Patrick Field was previously inducted into the Junior Achievement Mad River 2024 Business Hall of Fame.

Gold Prices Are Soaring — Is Your Jewelry Properly Insured?

Gold prices have surged to record highs in recent months. Driven by global economic uncertainty, inflation fears and geopolitical tensions, investors have turned to gold as a safe haven — significantly pushing its value up. While this is good news for anyone holding gold assets, it also comes with an important caveat: many households may now be underinsured when it comes to their luxury gold jewelry, watches and heirlooms.

If you haven’t reviewed your insurance policy lately — or worse, you’ve never had your high-value items appraised — now is the time to take action.

Why the Spike in Gold Prices Matters to You

Jewelry isn’t just sentimental — it’s a financial asset. When gold prices rise, so does the value of gold-based pieces, especially those with high purity. A gold necklace purchased five years ago for $5,000 may now be worth significantly more. But unless you've had it professionally reappraised and updated your insurance policy accordingly, your coverage might only reflect its original, outdated value.

This is where many policyholders fall short. Standard homeowners or renters insurance policies often include limited coverage for jewelry — typically capped at around $1,000 to $2,500 unless you’ve added a specific rider or scheduled item coverage. Without up-to-date valuations, you risk being underinsured in the event of theft, damage or loss.

The Hidden Risk of Being Underinsured

It’s easy to assume your valuables are protected, especially if you’ve held the same insurance policy for years. But coverage that seemed sufficient even a few years ago may no longer be adequate given current market conditions. And it’s not just about the raw gold value — inflation, craftsmanship, brand recognition (think Cartier or Rolex) and historical significance all influence an item’s worth.

The average policyholder tends to underestimate the true value of their luxury items, especially when sentimental attachment overshadows a realistic appraisal. If you’re relying on outdated valuations — or no documentation at all — you could be left footing the bill if something goes wrong. Having the right documentation also helps streamline the claims process in the unfortunate event of loss or theft.

Tips for Protecting Your Gold Jewelry

If you haven’t reviewed your jewelry coverage recently, here are a few steps to take:

  1. Inventory Your Collection: Start by documenting each piece — photos, receipts, certificates, serial numbers and any previous appraisals. Even items stored in a safe or safety deposit box should be accounted for.

  2. Get a Professional Appraisal: Look for a certified gemologist or a reputable jewelry appraiser, preferably one affiliated with a professional organization such as the American Society of Appraisers (ASA). Ask for an insurance replacement appraisal that reflects current market values.

  3. Update Your Insurance Policy: Share your updated appraisals with your insurance agent and discuss whether your current policy offers adequate protection. If not, explore scheduled personal property coverage or a separate valuables policy.

  4. Reappraise Periodically: Gold and other precious materials fluctuate in value. As a rule of thumb, items should be reappraised every three to five years — or sooner if market conditions shift dramatically, as they have in 2025.

  5. Secure Storage and Documentation: Insurers often offer lower premiums for valuables kept in secure storage, such as home safes or bank deposit boxes. Keeping digital backups of receipts, appraisals and photographs in cloud storage can also help support any future claims.

A Rising Market Shouldn’t Be a Liability

Whether you wear your gold or keep it locked away, it has monetary value that deserves the same attention as your home, car or other high value items. By being proactive, you can protect yourself from the emotional and financial stress of discovering too late that your treasured possessions weren’t properly insured. As gold continues to climb, your jewelry is becoming more valuable by the day. Make sure your insurance coverage reflects that reality.

Questions About Gold Jewelry Insurance Coverage?

Contact Wallace & Turner in Springfield (937) 324-8492 or Urbana (937) 652-8492 to review your existing policies and ensure your gold jewelry and heirlooms are fully protected.

31st Annual Empty Bowls Fundraiser - Wallace & Turner Serves as Silver Soup Sponsor

The 31st Annual Second Harvest Food Bank of Clark, Champaign & Logan Counties Empty Bowls fundraiser was held March 27 at Wittenberg University. Wallace & Turner was proud to serve as a Silver Spoon Sponsor.

For a $20 donation, guests enjoyed an all-you-can-eat soup dinner and took home a handmade ceramic bowl created by Wittenberg University & Springfield High School’s art departments. These bowls serve as a poignant reminder of the persistent “empty bowls” in the world, a consequence of wide-spread food insecurity. All proceeds from the fundraiser benefit the Second Harvest Food Bank to help address food insecurity in Springfield and across Clark County.

Bad Art by Good People Fundraiser - Wallace & Turner Serves as Diamond Sponsor

The Bad Art by Good People fundraiser is back and Wallace & Turner is supporting the event as a Diamond Sponsor! Presented by the Champaign County Arts Council (CCAC), Bad Art by Good People features non-artist celebrities competing to create a work of art and campaigning for the public's votes for their artwork.

The 14th annual dinner and auction will be held on May 2, 2025, from 6-9 pm at VFW Brown Ridge Hall: 220 E Court St, Urbana, OH 43078.

This year’s artists include Vickie Maruniak, Triad Local Schools; Tonya West, Mercy Health Urbana; Gretchen Lapp, State of Ohio Department of Youth Services; Samantha Winner, F&M Bank; Taylor Armstrong, Urbana City Schools; Stephanie Peterson, A Mustard Seed Boutique; Sara Thomas, First Central National Bank; Staci Wisma, Berry Digital Solutions; Amy Evans, Champaign County Municipal Court; Heather Chamberlain, Theresa’s Gingerbread House; Frankie Bennett, Walter & Lewis Funeral Home; Lori Rose, The Peoples Savings Bank and Colin Vernon, Vernon Family Funeral Homes.

The public can vote for their favorite artwork using PayPal on the Arts Council’s website, www.champaigncountyartscouncil.org/bad-art. Votes can also be cast with cash, check or credit card at the Arts Council, 119 Miami St., Urbana. The office is open Tuesday-Friday, 9 a.m. to 2 p.m.

Buy tickets and vote now.

Wallace & Turner Sponsors Dye Hard 5K Benefiting Developmental Disabilities of Clark County

Wallace & Turner is once again serving as a Booster sponsor for the Dye Hard 5K benefiting Developmental Disabilities of Clark County. The race includes food trucks, games, music and TONS of color!

The Dye Hard 5K is being held Sunday April 27, 2025, from 10:00 am - 12:00 pm. $30 registration includes shirt if signed up before 4/7/25. Shirt not guaranteed after that date. $35 race day sign up.

Developmental Disabilities of Clark County empowers people throughout their lifetime to achieve their fullest potential.

Learn more and register here.

Ridgewood School Hearts & Hands Dinner & Auction - Wallace & Turner Serves as Sponsor

This year's Ridgewood School Hearts & Hands Dinner and Auction will raise funds to support students' education and personal development. The proceeds will help cover the costs of classroom materials, field trips, activities, guest speakers, programs, and special events. Wallace & Turner is proud to serve as a Silver Sponsor to assist in nurturing Ridgewood students on their pathways to becoming successful members of the "global community."

Date: Friday, April 11, 2025

Location: Ridgewood School, 2420 Saint Paris Pike, Springfield, Ohio

Schedule:

  • 5:30 p.m. Social Hour, Hors d'oeuvres, Silent Auction

  • 6:30 p.m. Dinner by Rich Taste Catering

  • 7:30 p.m. Live Auction, Auctioneer Jeff Harvey

Buy tickets and browse auction items here.