Personal Property Insurance Protects Your Valuable Gifts

If you receive expensive holiday gifts,  protect them with adequate personal property insurance. If you assume your homeowners or renters policy already gives you adequate protection, you’ll be disappointed.

Contrary to popular belief, most standard homeowners policies, include only minimum coverage for your expensive gifts and valuables. If you receive valuable items during the holidays, consider one of two options to cover theft or serious damage to your jewelry, furs, art, antiques or collectibles.

Adding one of these riders, called “floaters,” to your home insurance will better protect your expensive valuables.You can decide which type of coverage delivers the most cost-effective and thorough protection for your valuables.

Individual Item Coverage

You can specify coverage for individual items. You may need to get third-party appraisals for the specific valuables. For example, you receive an impressive diamond ring for Christmas. Another gemologist may give you a written appraisal of the stone and/or setting.

An independent appraisal avoids disputes between you and your insurance carrier if you submit a claim. This protection also often includes “mysterious disappearance,” which means you have coverage if the valuables simply become lost or disappear.

Blanket Coverage

A less expensive alternative to individual floaters, you insure “categories” of things, similar to auto insurance or commercial insurance that covers losses for multiple hazards of exterior structures, furniture and equipment, you can choose to cover your jewelry, furs, art or antiques as categories.

If you’re in Idaho Falls, Idaho or surrounding areas and want further clarification, contact the Floyd Insurance Group. You’ll get all the answers you need to evaluate coverage for your valuable holiday gifts.