The holidays are a beautiful, joyous time of year in which gift giving is the standard for many families. Everything from children’s toys to electronics, jewelry, and even cars are given to loved ones. The question is, should I insure my new gifts?
Many gifts will be covered in your homeowner’s insurance personal property limit. You shouldn’t need to schedule your child’s toys on the policy or the socks you bought for your spouse. Items you should consider scheduling will be higher value and most likely, mobile. With expensive valuable items, it is important to establish values with the insurance company so in the event you have a claim, you will receive a higher amount. These items include, jewelry, watches, silverware, firearms, and portable electronic equipment.
Many home insurance policies have sub limits for these items. For example, if you purchased a $5,000 piece of jewelry and it was not listed on your insurance policy, most homeowners’ policies will only pay $1,500 for theft.
The best way to prevent any insurance coverage deficiencies is to get an appraisal to establish a value and schedule the items on your homeowner’s insurance policy.
If you have any questions about what items should be scheduled or what items will be included in your personal property insurance limit, simply give us a call and we’d be happy to discuss.