Gift-giving is something we all look forward to during the holiday season. But in the midst of this holiday cheer, we may neglect to think about covering the gifts we give or receive.

You may think that your homeowners or renters insurance covers the loss of all items in your home – but that’s not always the case. This is especially true as the years go on and you accumulate more valuable items.

What Does Homeowners or Renters Insurance Cover?

When you don’t have insurance, you probably already know that you won’t receive any compensation when you lose your items in a robbery or weather catastrophe. If you do have homeowners or renters insurance, you should revisit the fine print.

While most of your expensive items are probably covered, you’ll notice there’s a limit to your insurance coverage. That limit might have been acceptable when you first got your insurance policy, but your coverage needs can change over time.

Insurance will cap items in categories like:

• Art
• Firearms
• Instruments
• Jewelry
• Sporting gear
• Watches
• Cameras

When you receive expensive gifts, you may not notice that the gifts put you over your insurance coverage limits. It may not even be covered at all since your insurance will need it specifically included in your inventory contents to receive compensation.

You may also need to get insurance coverage when you’re giving an expensive present to someone. The holiday season is a prime time for robberies, and your gift may get stolen before you can give it.

To prepare for those situations, you’ll need to purchase additional coverage or document valuable items. If you’re unsure of what your insurance covers, consider discussing your circumstances with independent insurance agents.

What Should You Do After Receiving a Valuable Gift?

So you received an expensive gift worthy of insurance coverage. Here’s what to think about when determining how to add the item to your insurance:

• Get a blanket rider: A rider is an add-on to your insurance coverage with extra “blanket” coverage. This means it boosts your coverage for all valuable items.
• Schedule your items: To only add one valuable item to your coverage, you can get a scheduled item. You’ll need to get the item appraised and then the value will be added to your insurance.
• Consider standalone coverage: If you don’t have homeowners or renters insurance, you can get standalone coverage to get insurance for one item.
• Change your policy: You may want to switch policies to one with a greater scope of coverage.

Tips for Insuring Holiday Gifts

Insurance plus holiday stress isn’t a great combination. Here are a few tips to make the process of insuring holiday gifts easier.

• Have the item appraised: You’ll want to get an appraisal quickly – not only to get coverage as soon as possible, but also so the item doesn’t depreciate in value.
• Get shipping insurance: If you’re shipping your gift, you may want the appropriate shipping coverage. If your gift is lost or stolen from the porch, you can get the value back.
• Talk with insurance agents near you: Find out what your insurance currently covers and if you need additional coverage for your new gifts. It may be best to contact an insurance agent to find out this information. This isn’t a task to put off – you’ll regret it if your gift gets damaged or lost without any insurance to cover it.

Looking for independent insurance agents near you in Stuart, FL? Then consider Gambale Insurance Group. Our team is dedicated to quality service, and we can tailor insurance policies to help meet your unique insurance needs. We’re also here when the unexpected occurs and can make it easier to file a claim in the event of an issue.

Give us a call at (888) 875-3476 to discuss your insurance options. You can also schedule an appointment online.