If you’ve received lavish gifts this Christmas season, protecting these items should be a priority. Although personal items are covered under standard home insurance coverage, most policies have limits on the amount of coverage they provide. These limits may not cover the cost of replacing such gifts as expensive jewelry, artwork or precious stones if they are stolen, lost or damaged.
By reviewing insurance coverage options with Shaner Insurance Group, Inc., Tucson, AZ, you can get a better idea of how to protect valuable gifts from those you love.
Floaters and Endorsements
One way to protect valuable holiday gifts is to obtain personal property floater insurance designed specifically to protect expensive personal items. With floater insurance, your gifts will be covered against theft, accidental loss or damage, enabling you to recuperate their value in full or have them replaced. An endorsement is additional insurance coverage added to your current policy to protect costly personal items. Both floaters and endorsements offer a viable means of protecting expensive gifts received over the holidays.
Cost of Insuring Valuable Gifts
The cost of floaters and endorsements may vary depending on the items being insured, the location of your home and the security measures taken to protect your valuables. Representatives from Shaner Insurance Group, Inc., can help you evaluate your current insurance coverage to determine how much extra coverage you need to protect your gifts.
It’s good to have your valuables appraised before selecting additional insurance coverage as the value of your gifts will help determine premium costs. You can forward a copy of the appraisal to your insurer and keep a copy for yourself in case you need to make a claim. When not in use, valuable gifts should be stored in a safe location in your Tucson, AZ, home to reduce the risk of theft, loss or damage.