Your existing insurance coverage may not be enough for all of your new gifts.
Giving gifts during the holiday season is the best way to show your loved ones just how much you care about them. If you happened to open any especially valuable gifts this year, you may still be feeling the love. While writing your €œthank you€ letter to whoever gave you such a wonderful gift, it is important to make sure that you also keep the item properly protected.
Use this guide when insuring your holiday gifts to make sure they have the coverage that they need.
If you got a new stereo or flat screen TV, you will want to add the item to your home inventory as soon as possible. In most cases, new electronics will be covered under the personal property limits of your
home insurance policy. Take a look at your policy and talk with your agent to figure out if you need to increase your limits for your new electronics.
If you opened up something sparkly this holiday season, such as a diamond necklace, or were gifted with a family heirloom, your existing coverage will most likely not provide enough coverage. Jewelry and family heirlooms are valued differently than more traditional gifts, which means they will need different coverage.
The best way to protect your new valuables is to schedule them within your homeowners insurance policy. When you schedule valuables, you get additional protection that goes beyond the coverage that is provided by your existing policies. You will need to prove the value of each item with either a receipt or an appraisal. Scheduled items are covered for their full value, giving you the peace of mind that you need.
For all of your questions and concerns when it comes time to protect your new gifts,
contact the independent insurance professionals at Little & Sons Insurance Services, serving Redlands, Calimesa, Beaumont, Banning, and surrounding California areas.
