Are Your Holiday Gifts Covered?

Yes and No.  As usual in the Insurance Business, it depends.  Generally, a Homeowners or Renters Policy covers personal property, usually subject to your deductible. However, many policies limit the amount of coverage or insurance they provide for Personal Computers, silverware, valuable item collections, fine art and jewelry.  So if your house or apartment is filled with expensive gifts, you may want to consider additional coverage to make sure that these gifts can be replaced if something happens to them.

Ask your Independent Insurance Agent about Personal Property Endorsements.  With an endorsement on your valuable items, you can specify a higher amount of coverage than under the standard homeowner’s policy.  Jewelry can be covered at full value based on a current appraisal or bill of sale with no deductible.  An endorsement can also cover a broader range of losses, such as dropping a new ring down the drain.

A Home Inventory is also a good idea in protecting your personal property.  Conduct a Home Inventory on all your possessions and update the inventory whenever you make a major purchase or receive gifts.  Keep receipts, serial numbers and dates of purchase for all major items as well.  And appraise your jewelry and fine art at least every three years, because they may change in value.

As always, if you have questions or concerns regarding your Insurance Policies, contact your Independent Insurance Agent.  Your Agent can make sure your policy provides coverage for the total value of your valuable items.