Valuable Gifts Require Extra Protection - Keating Agency Insurance

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valuablesNow that the gift-giving season is behind us, it’s time to assess our new belongings, especially anything valuable.

The experts at Practical eCommerce say televisions again were a top selling item over the holidays.  Gifts of jewelry also are popular this time of year.  Wedding Wire lists Christmas Day as the most popular day for couples to get engaged.

While Homeowners Insurance includes coverage for lost or stolen belongings, it is limited.  To fully protect expensive belongings, consider a scheduled personal property rider.

Valuable Property Needs Special Coverage

Valuable presents you gave or received over the holidays, depending on their cash value, may not be covered by your Homeowners Insurance or Renters Insurance policy.  This is especially true, as the nerds at Nerd Wallet tell us, if the gift was given to someone who does not live with you.

Items that increase in value over time, such as art or family heirlooms, and items used for business, think laptops and printers, need their own coverage.  A scheduled personal property rider also means lost or stolen items are not subject to your Homeowners policy’s deductible.

valuablesIn addition to newly purchased items, review items you already owned.  Perhaps jewelry or other family items increased in value.  Collectibles, like stamps and coins, should be covered by a policy separate from your Homeowners policy.

But how much coverage do you need?

An article in the Burlington County Times recommends getting an appraisal of your valuables.  It also recommends re-appraising items every three to five years.  Getting started can be as simple as taking a photograph or having a video chat with an appraiser.

The Keating Agency works with more than two dozen companies so that we can help you find the right policy at the right price for you.  Give us a call or contact us through our website.  Were here to help.