Make sure your expensive gifts are protected – insure those valuables!

Was Santa good to you over the holidays? If you received any valuable gifts, you may want to review your insurance coverage to make sure that these items are adequately protected in the event of a loss. Standard homeowners, renters and condominium insurance policies will generally cover personal items, but policies often have limits of $1,000 to $2,000 on the dollar amount for certain valuables. You may also want to check your deductibles. It’s a good idea to review your policy to be sure of the extent of your coverage and to check with your insurance agent if you have any questions or doubts. You may want to add an endorsement (also called a rider) to give you additional coverage for valuable possessions.
Here’s a list of some potentially high-value items that you may want to consider for additional coverage:

  • Expensive jewelry and precious stones
  • Original art and custom or handcrafted items
  • Musical instruments
  • Antiques and heirlooms
  • Crystal, china, silverware
  • Furs
  • Collectibles and special collections
  • Computer equipment

It’s a good practice to keep a home inventory and to update it periodically. The Insurance Information Institute offers guidance on taking a home inventory, along with free downloadable home inventory software. The inventory is stored on your computer but it’s a good idea to keep a back-up copy in a safe location on a CD or a portable flash memory stick.
Additional reading
Insurance Information Institute: Jewelry and Other Expensive Gifts May Require Special insurance Coverage
South Carolina’s Insurance News Service: Insuring Gifts This Holiday Season.
FiLife: Valuables Insurance Guide: The Basics