It’s Christmas morning, and you’ve just unwrapped the most unbelievable gift. Whether from family and friends, or something that you’ve gifted yourself, there’s no denying that it’s amazing and something that you’ll treasure forever. While insuring your Christmas gift is probably the last thing on your mind with everything else going on during the holidays, it should be something that you take time to consider once the festivities are over.
For most homeowners, your Christmas gifts will be covered under your existing home or contents insurance policy, but you’ll want to keep in mind that some big ticket items are subject to coverage limitations. This means for items like sports memorabilia, jewelry, retro games, and bikes, your policy may have an overall limit on how much will be covered under each category. Your policy may also have a per-item limit within each category, meaning that while your new electric bike may fall within your total coverage for bikes, it may be more than the smaller per-item limit and would require extra coverage.
After the rush of the holidays has died down, and you’ve had a chance to enjoy, play with, or admire your new gift, follow these simple steps to ensure that you’re covered in case of loss or theft:
- Update Your Home Inventory: Keeping track of what’s in your home and your valuables will be helpful in case of a claim, so be sure to keep a detailed record. Be sure to list important information like brand, purchase price, and keep a photo for your records.
- Get Specialty Items Appraised: To find out the true value of that vintage Rolex you unwrapped this year, you’ll want to have it appraised by a professional. Some insurers may require this report before they will add extra coverage, so you’ll want to be able to have one to show to your broker.
- Talk to Your Broker: If the value of your new gift exceeds the coverage provided by your policy, you’ll want to reach out to your broker to increase your coverage for the relevant sections of your policy. They can also help you sort out the type and amount of coverage you have for that particular item.
No matter the gift, be sure to follow these simple steps to make sure you have the right coverage for your gifts.
