The holiday season and month of December is the biggest time of year for purchasing gifts. You may be considering purchasing an expensive gift for a loved one this season. During December, jewelry sales more than double and these expensive purchases may have you thinking about protecting them. Whether it is a piece of jewelry, expensive piece of art, or fur, these types of gifts are an excellent reason to review your insurance coverage.
Check out these Tuesday Tips to see what you should do if you are giving or receiving an expensive holiday gift.
- Contact your local agent at Community Insurance & Associates to find out how much coverage you have under your homeowner policy.
- You need to have an expensive item, such as jewelry, appraised properly. Your agent will be able to recommend a trustworthy and reliable appraiser in the area.
- Always keep a copy of the receipt for the items you bought so it can be sent to your insurer.
- Store your valuable items in a safe or secure place to avoid them being lost or stolen.
- Find out whether your policy covers replacement costs or actual cash value.
- Keep a copy of all appraisal documents, as well as receipts, in case your insurance company ever needs them.
Remember, if you will be acquiring a valuable item—it may exceed the specified limits on your insurance policy. If this is the case, talk to your agent about adding additional coverage onto your homeowner’s policy.
As always, check back here every week for your Tuesday Tips.