Make Sure Your Gifts are Covered from Damage and Theft This Holiday Season

December 19, 2014

expensive holiday giftsIn the midst of the hustle and bustle of the holiday season, insurance for expensive gifts is not top of mind for most shoppers. However, homeowner’s insurance won’t always cover expensive gifts, such as jewelry, computers or a special trip, that you may be giving or receiving this holiday season.

When you purchase a gift, but it gets destroyed or stolen while still in your possession, your various forms of insurance will be responsible as it is still your property. If a gift is destroyed due to an event in your home, such as a fire, your homeowner’s or renter’s insurance policy would cover the item. However, if an item is stolen out of your vehicle, or your vehicle is stolen with the gift inside, it would also be covered under special off-premises theft coverage that is part of either your homeowner’s or renter’s policy. Check with your insurance provider to determine if this coverage is included in your current policy or if it needs to be added.

If you are given an expensive gift this holiday season, the type of gift will determine the type of insurance you need.

For items such as a television, stereo or expensive furniture, you will most likely be covered under your homeowner’s or renter’s insurance policy against circumstances such as smoke damage, theft, vandalism or fire. However, make sure that you don’t need to increase the value of the items included in your police once you’ve received these gifts. Also, other broader coverage options are available that will protect you if you accidentally break your new stereo. Make sure to contact your insurance provider to determine what type of coverage suits you best.

If you receive expensive clothing or jewelry this holiday season, you have a variety of coverage options available. Many homeowner’s or renter’s insurance policies have a specified limit for these types of items, but you can also choose to raise the amount of liability coverage or purchase specific policies for those items that covers a larger amount.

For more information on the coverage policies you need for expensive holiday gifts, read the full article “

Must-Have Insurance Policies for Expensive Holiday Gifts” on the Equifax Finance Blog.

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