If Santa left you an expensive gift this Christmas, it's important to make sure it is fully covered by your insurance policy. It may be difficult to know if the valuables you received require some extra protection, but your insurance agent can help you decide if you need additional coverage. The team at CIG Insurance Agency, located in Canandaigua, NY, offers this guide to protecting your Christmas presents with an insurance policy.
What Type of Insurance Covers Valuables?
The Christmas gifts you receive are typically covered by your homeowners or renters insurance policy if they are lost or damaged. These personal belongings include furniture, clothing, and jewelry items you may receive as presents. Although, in most situations, these items are protected by insurance, you may be surprised to know that expensive gifts may not be entirely covered by a standard personal property policy.
Why Do I Need Additional Coverage to Protect Valuable Items?
Certain items you receive as gifts may have limited coverage under your homeowners or renters insurance policy. Many of these policies cap the amount of coverage for fine art, furs, jewelry, and other expensive collectibles. Even if you have a high personal property coverage limit, you might only have a $2,000 cap for jewelry or furs. These expensive items can be included separately on your homeowners insurance policy.
How Do I Purchase Additional Insurance Coverage?
If you receive any valuable gifts, contact your insurance agent to see if you should purchase a scheduled personal property policy. This policy provides expanded coverage for expensive items under your existing homeowner’s insurance policy. You may require an appraisal for the item before it is insured. Once the item is protected by a scheduled policy, you can receive coverage up to the policy limit if it is damaged or stolen.
The team at CIG Insurance Agency strives to deliver the best insurance products possible to their clients. Give them a call at (859) 331-3292 to speak to a dedicated agent. You can also visit them online to learn more about their insurance products.