Did you make the nice list this year?
If Santa fulfilled your request for that big screen TV, new laptop or fancy gaming system, it’s important to speak with your insurance advisor to make sure your holiday gifts are properly covered (after you’re done celebrating of course).
If you have a renters insurance or homeowners insurance policy in place, then your big gifts, like that 70-inch TV Santa delivered, are most likely already protected to some degree. In most situations, if you have a fire, a flood, theft or other event that is covered by your insurance, then your possessions are protected for as much as your policy allows.
Sometimes the amount covered by your homeowners or renters’ policy is not enough to fully protect your new gift, so you may need to add more coverage. With scheduled personal property, you’ll get coverage that helps protect the financial value of your gift.
Jewelry is an example of a commonly scheduled item. While your jewelry will have some coverage under your homeowners or renters’ policy, the amount allotted will most likely not be enough to fully cover your item(s).
Scheduling your jewelry can provide you with the additional coverage you need to fully protect your item. It can also help replace your jewelry should you lose your item on a trip.
Please note that it is important to understand the value of the jewelry you received to determine if the item should be scheduled for additional coverage. Whether you use the purchase price or appraisal value, take that number and make sure you either have or purchase coverage to fully protect the item.
If you have any questions about insuring holiday gifts, please give us a call! We are always here to answer any questions you may have.