Which Christmas Gifts Should Be Added to My Insurance?

We all know that our personal property is covered under our homeowners policy. However, did you know that coverage is limited for some property?  Now that we have given and received Christmas gifts, now is a good time to see if anything we own, especially any new Christmas gifts, are subject to these limits on our insurance.

While all the coverages below may vary a bit from one insurance company to another, here are some general things you should be looking for:

Jewelry and Furs

Your coverage is limited to $1500 for loss by theft.  If you own jewelry or furs with a value higher than that (either a single piece or a collection), it is a good idea to list it separately and pay an additional premium (about 1% of the value for jewelry – less for furs).  Not only will the limit of $1500 be removed, but your coverage will be broadened.  Virtually anything that can happen to jewelry and furs is covered, including loss of a stone, anywhere in the world.  More good news: if you list them separately (known as “scheduling”) there won’t be any deductible if there is a claim.

Firearms and equipment; Silverware and pewterware

The limit on these items is $2500 for loss by theft.  Usually, these would be among the first items a burglar would go after. Therefore, if you have an item or collection which exceeds $2500, we recommend listing them separately on your homeowners policy. This would result in a small additional premium to have them covered completely. However, this cost is usually very low. Scheduling these items also removes the deductible.

Boats and Trailers

These items are covered by your homeowners policy, but only up to $1500.  If you have a boat, trailer, or boat and trailer together that exceeds $1500 in value you should have a separate boatowners policy or have the trailer listed on your auto policy.

Other

Here are some other items it might be worth insuring separately since they are frequently taken off the residence premises, difficult to evaluate after a claim, or would be high targets for burglars;

• Fine Arts
• Golf Equipment
• Photographic Equipment
• Stamp and Coin Collections
• Musical Instruments
• Bicycles

Give us a call if you have any of these items! We can discuss the best way for you to have them properly insured.