Giving and receiving gifts are popular traditions during the holiday season. One thing that can often be overlooked is how to protect expensive gifts with insurance. In most cases no additional insurance is necessary to cover your family’s newest toys and trinkets. They will likely covered by your home policy as part of your home’s contents. However there are exceptions with certain “big-ticket” or expensive items.
Your property policy contains special limits for certain contents you own. Sometimes these items require increased coverage when the items over a certain value. Here are a few items typically listed under special limits on your policy to be aware of this holiday season and typical coverage amount:
Your policy will have a specified limit for these special contents. Some may be on a per item basis, some may take the full collection into account, and others will have limitations on both. For example, your policy may have a total limit for comic collections of up to $2,000 with a limit of $500 per item in the collection. Each insurance company will have their own limits set out in your policy. If this limit is exceeded, you will want to consider purchasing additional coverage for these items.
Whenever you own an especially valuable item it is always wise to look at increasing coverage for it to ensure that it is properly protected in the event of a loss. Personal articles coverage allows you to insure specific items that you own on your policy so that they are protected up to the amount they are valued at. This includes personal property that goes over your policy’s specified limits.
In order to ensure that your personal property is well protected this holiday season, here are a few more of the best practices:
Have more questions? Check out this post from our friends at economical.com to learn more about insuring your big ticket holiday gifts.
For quote or questions on how to protect expensive gifts or special items, give us a call 1-877-941-2266 or contact Absolute Insurance Brokers and we would be happy to get you set up with the best insurance coverages and rates.
