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Insuring Holiday Valuables
The season of gift-giving brings many treasures from loved ones. Whether it’s a ring from a partner, a watch marking a special Christmas, or an expensive TV for the family, this festive season brings a host of expensive presents! As you’ve spent time picking the right ring, watch, or TV, you should ensure that it sticks around for many years to come.
Every reason of why you treasure a piece of jewelry or a pricey appliance is a reason why it should be insured. Luckily, your homeowners, renters, or condo insurance is able to cover personal property coverage. Christmas is a time of expensive gifts – be sure to know how much insurance covers your high-ticket items.
Existing Policy
If you already have a personal property coverage as part of your homeowners policy, you’re likely to already have some form of protection for your valuables. The typical insurance policy will cover you, up to your policy limit, for belongings that’s stolen or damaged in certain incidents, such as a fire or theft. Most policies won’t cover everyday damage, such as a stone falling out of its setting.
Calculate Value
If you’ve recently purchased an item for a loved one for Christmas day, you should have the receipt still in hand! This enables you and your insurer to note the worth of your precious pieces. If you’re looking to insure your wedding ring that you’ve had for many years now, get it appraised as precious metals and stones can increase in value over time. Knowing the value of an item allows for sufficient coverage to be applied.
Limitations
If your family heirloom necklace is worth $7,500, but your homeowners insurance will only cover jewelry loss at $3,000, if you were to lose this item, you’d be out $4,500. For an extra couple of bucks a month, increasing your personal items coverage is worth its weight in gold! You may be able to insure high-value items individually, as part of your homeowners insurance.
Talk to a trusted insurance professional to acquire the coverage best for you and your items! At Cook, Disharoon & Greathouse Insurance, our homeowners insurance policies will see you and your valuables through Christmas and beyond! Contact us in Oakland, California today for more information!
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