Protecting Your Holiday Haul: Are Your New Gifts Covered?
The joy of unwrapping a truly special gift—like a new laptop, a stunning piece of jewelry, or that designer bag you’ve been dreaming of—is one of the best parts of the holiday season. After the excitement settles, however, a practical question arises: Is it covered by your insurance?
At DSB Insurance Agency, we want to help you protect the things you value most. Here’s what you need to know about insuring your new holiday treasures.
Understanding Your Personal Property Coverage
Your standard homeowners or renters insurance policy includes coverage for your personal belongings. This is great for most items in your home, but it has its limits. There are two key things to be aware of:
- Overall Coverage Limit: Your policy has a total limit for all your personal property. A sudden influx of high-value gifts could push you closer to, or even over, that limit.
- Special Limits for Certain Items: Most policies have specific, lower limits for categories like jewelry, electronics, and fine art. For example, your policy might cover up to $50,000 in personal property, but have a sub-limit of only $1,500 for jewelry. If a new engagement ring or watch is stolen, you’d only be reimbursed up to that specific limit, regardless of its actual value.
When to Schedule an Item For high-value items that exceed these special limits, the best solution is to “schedule” them. Scheduling an item, also known as adding a rider or floater to your policy, provides specific, separate coverage for that item.
Benefits of scheduling an item include:
- Coverage for the full appraised value.
- Broader protection, often covering accidental loss or damage that a standard policy might not.
- No deductible in many cases.
We recommend getting an appraisal for new jewelry, art, or collectibles and giving us a call. It’s a simple process that provides invaluable peace of mind.
Time for a Year-End Policy Review? The holidays are the perfect time to review your insurance coverage. Let’s ensure your policy reflects the new additions to your household. Contact Jason D. Brown at DSB Insurance Agency today for a complimentary review.