Here’s what you can do to ensure that your holiday gifts are covered.
With the holiday season officially upon us, it’s time to start thinking about what you will do if you receive a particularly expensive or valuable gift. While your homeowners or renters insurance does offer coverage for your personal belongings, this coverage is subject to certain limitations. If the value of your holiday gifts exceeds your policy’s coverage limits, you will need to secure additional coverage to protect these items. Here are some steps take to ensure that your valuable holiday gifts are adequately covered.
Speak to Your Agent
After receiving your gifts, speak to your insurance agent to determine how far your existing coverage will extend. Your agent will tell you if your current policies offer enough coverage for your new items, or they will advise you on how to secure additional personal property coverage if they do not.
Schedule an Appraisal
If you do need to secure additional coverage, scheduled an appraisal for the items you want to have insured. Going through the appraisal process will help you determine the item’s exact value. This, in turn, will help you decide exactly how much coverage you need to secure for the gift.
Update Your Home Inventory
Once you have your gifts appraised, include this appraisal paperwork in your home inventory files. Be sure to also include any receipts and other purchase information for the item into this file as well. This will ensure you can file an insurance claim if your expensive gifts are stolen or damaged during a covered event.
These are some of the steps you should take when insuring your valuable holiday gifts. Do you have additional questions regarding your personal property coverage? If so, contact the experts at Pierce Insurance Group. We are ready to secure the coverage that you need today.