How Lavish Gifts Can Change Your Insurance Policy

How Expensive Gifts Change Your Insurance Policy

How Expensive Gifts Change Your Insurance Policy

Did You Receive Expensive Gifts Over the Holidays? Read This.

So your husband bought you a gorgeous diamond tennis bracelet. And this holiday season, you finally caved and bought him his 80 inch, curved 3D Smart TV he’s been begging you for all year long. Over Black Friday, you decided to upgrade your kitchen flooring and countertops. The sales were just too good to pass up.

But did you think about what happens if your precious jewels go missing? Or if someone breaks in and steals his prized television? What if there’s a fire in your kitchen? These things may or may not be covered in your current homeowner’s policy. This is why it’s so important to schedule an annual review with your insurance agent. A 30-minute chat can save you money, find holes in your insurance coverage, and eliminate any future unexpected expenses.

If you’ve received gifts that are valued over $2,500, give us a call today to make sure your policy is sufficient to cover any losses, damages, or thefts. Most insurance policies only cover luxury items between $1,000 to $2,000. If your gifts are over this amount, you could suffer a considerable loss.

Replacement vs. Cash Value

Another thing to think about is if your current policy covers replacement or actual cash value. If the answer is cash value, then your insurance policy will cover the cost of the item, minus depreciation. So let’s go back to the tennis bracelet. You should talk to your insurance agent to obtain a ‘rider’ to your policy that will take care of you as your bracelet appreciates in value.

In most instances, adding a “rider” or a “floater” to your insurance policy will ensure that your item will be covered for its actual value and not just the standard $1,000 to $2,000 limit mentioned earlier.

You must have the item appraised in order to add a rider or floater to your policy. Most jewelers will give you a written appraisal at the time of purchase. If, for some reason, you have not received one, you can go to an authorized appraiser and have the item appraised for a reasonable fee. The appraisal document, along with the receipt for the item, should be kept with your insurance policy in a safe place.

Security & Prevention

While we’re on the topic of safe places, if your gift is of exceptionally high value, keep your special item(s) in a secure location, such as a safety deposit box. This extra measure of security will enable you to purchase “in vault” coverage and will save you some money. When the item is going to be worn on special occasions, you can purchase a rider from your insurance representative for the period of time the item will be out of the vault or safety deposit box.

There are other scenarios you might need to consider when buying and delivering expensive gifts. Do you know if your homeowner’s policy has “off-premises” coverage? In other words, will your insurance cover your item if it is stolen from your car, or if it’s stolen while you are on a vacation?

Ready to schedule your annual insurance policy review? Give us a call! 

Next Helpful Article: 5 Home Improvements You Didn’t Know Could Change Your Insurance Policy

32 thoughts on “How Lavish Gifts Can Change Your Insurance Policy”

  1. Знаете ли вы?
    Видеоигру с простейшей графикой называли и шедевром, и троллингом.
    Канадский солдат в одиночку освободил от немцев нидерландский город.
    Фиктивно отменить рабство в Камбодже её короля заставили французские колонизаторы.
    Рассказ Стивенсона о волшебной бутылке был опубликован почти одновременно на английском и самоанском языках.
    Один из старейших музеев Амстердама находится в церкви на чердаке.


  2. I simply want to say I am beginner to blogs and seriously savored you’re website. Likely I’m likely to bookmark your blog . You absolutely have outstanding articles and reviews. Regards for sharing with us your web site.

  3. I’d like to thank you for the efforts you’ve put in writing this website.
    I am hoping to see the same high-grade blog posts from you in the
    future as well. In fact, your creative writing abilities has inspired me to get
    my very own website now 😉 adreamoftrains web hosting service

  4. I’m really enjoying the theme/design of your site. Do
    you ever run into any web browser compatibility problems? A handful of my blog audience have complained about my blog not working
    correctly in Explorer but looks great in Opera.
    Do you have any suggestions to help fix this issue?

  5. Fantastic beat ! I would like to apprentice while you amend your web site, how can i subscribe for a blog web site?
    The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear idea

  6. I really love your site.. Great colors & theme.
    Did you make this web site yourself? Please reply back as I’m trying to create my very own blog and would like to learn where you got this from or what
    the theme is called. Appreciate it!

  7. An outstanding share! I have just forwarded this onto a co-worker who was conducting a little research on this.
    And he in fact bought me dinner simply because I
    stumbled upon it for him… lol. So allow me to reword this….

    Thank YOU for the meal!! But yeah, thanks for spending time
    to talk about this matter here on your web page.

  8. Hi are using WordPress for your blog platform? I’m new to the blog world but I’m trying to get started and create my own. Do you need any html coding expertise to make
    your own blog? Any help would be really appreciated!

  9. Yesterday, while I was at work, my cousin stole my apple ipad and tested to see if it can survive a 40 foot
    drop, just so she can be a youtube sensation. My apple ipad is now broken and she
    has 83 views. I know this is totally off topic but I had to
    share it with someone!

  10. Wow, fantastic blog layout! How lengthy have you ever been running a blog for?
    you made blogging glance easy. The entire glance of your web site is magnificent, as smartly as the content material!

    cheap flights 31muvXS

  11. I do not know if it’s just me or if perhaps everyone else experiencing issues with your site.
    It appears as though some of the written text in your posts are running off the screen. Can someone else please comment and let me know
    if this is happening to them too? This could be a problem with my internet browser because I’ve had this happen previously.
    Cheers cheap flights y2yxvvfw

  12. I do not know if it’s just me or if everybody else experiencing problems with
    your site. It appears like some of the text in your content are running off the screen. Can somebody else please provide
    feedback and let me know if this is happening to them too?
    This might be a issue with my internet browser because
    I’ve had this happen previously. Kudos

  13. I was excited to find this website. I want to to thank you for ones time for this particularly wonderful read!!

    I definitely loved every little bit of it and i also have you saved to fav to look at new things in your website.

  14. hi!,I really like your writing so much! share we keep in touch extra approximately your article on AOL?

    I need a specialist on this area to solve my problem.
    May be that’s you! Looking forward to look you.
    31muvXS cheap flights

  15. I have been exploring for a little for any high quality articles or blog
    posts in this kind of space . Exploring in Yahoo I finally stumbled upon this
    site. Reading this information So i am happy to show that I’ve an incredibly
    excellent uncanny feeling I came upon just what I needed.

    I such a lot certainly will make certain to do not forget this
    site and provides it a look on a relentless basis.

  16. A Black man in San Antonio was stopped and detained by police Tuesday while he was jogging, witnesses said, as officers searched for a suspect in a nearby domestic violence call.

  17. The victim of the family violence incident met officers and said Ometu was not the suspect, but Ometu still would not give officers his information, the report said.

  18. hello there and thank you for your info – I have definitely picked up anything new from right here. I did however expertise a few technical points using this website, as I experienced to reload the website a lot of times previous to I could get it to load properly. I had been wondering if your web hosting is OK? Not that I’m complaining, but sluggish loading instances times will sometimes affect your placement in google and can damage your high quality score if advertising and marketing with Adwords. Well I am adding this RSS to my email and could look out for much more of your respective intriguing content. Make sure you update this again very soon..

Leave a Reply

Your email address will not be published. Required fields are marked *