If you received an expensive gift for Christmas, do you know if you need to insure it or if it's covered by your existing insurance policy?
As usual, my answer is It depends - in this case, on the kind of gift it is and what its value is.
There are a number of possible options for insurance coverage, based on these factors. Understand that a general property insurance policy may limit or exclude "specialty" items like jewelry, watches, art, etc.
Some types of gifts may have liability limits, especially if using them could cause possible harm to a third party. For example, a trampoline is considered in this category since those using it could possibly be hurt. Or, what about drones, dirt bikes, and dogs? In these cases, additional liability insurance is in order.
Also, coverage amount may be limited by your existing general insurance policy. For example, a typical homeowner's insurance policy may limit theft of jewelry to between $1000 - $2000.
The rule of thumb in deciding whether to insure an expensive gift is if it will be a financial burden to replace it, you should consider insuring it. How do you decide which kind of policy you need and the amount?
Enjoy the rest of your holidays by having peace of mind that comes with complete insurance coverage. Contact me today to protect your new gifts: 706-726-1446.