Make Sure Those Valuable Holiday Gifts Are Protected

January 9, 2012 at 5:06 pm | Posted in Insurance | Leave a comment

Did you receive new computer equipment this holiday season? How about a new piece of jewelry? Musical instruments, high quality cameras, golf clubs and even fine arts are popular gift items.

If you were given a valuable gift, you need to take steps to protect it against loss.  Although most homeowners insurance covers a certain amount of personal property, many high-value items are excluded from your policy or have limited coverage.

 Some items you should consider getting additional insurance on include:

  • Jewelry
  • Furs
  • Cameras
  • Musical instruments
  • Silverware
  • Golfer’s equipment
  • Fine arts
  • Collectable stamps
  • Rare and current coins
  • Computer equipment
  • Fire Arms
  • Wine Collections

# # more # #

Ask your insurance agent about protecting these possessions with what’s called a Scheduled Personal Property Endorsement, or a Personal Articles Floater. These endorsements allow your agent to list each article separately, and assign a specific value to them for which they will be covered.  Be sure to talk with your agent about the true cost of your gift; providing a bill of sale or an appraisal of the item is always the most accurate way of determining value.

There are various ways to cover these items:

  • Actual cash value (original cost minus depreciation)
  • Cost of repair
  • Replacement Cost (cost to buy new)
  • Replacing with “like kind and quality”
  • Agreed value loss settlement

The terms of this type of scheduled personal property coverage is determined by the specific insurance company and the terms of the agreement.  Keep in mind in some cases you will not be able to return to your neighborhood jeweler but instead the insurance company will find the replacement for you.

Fine arts should be insured under an agreed value, as they are usually unique and their value is difficult to determine.

As with most insurance policies, there are some things that aren’t covered, like damage due to wear and tear, or damage caused by insects. Ask your agent about any exceptions in your policy.

For more information about protecting your valuable possessions, contact your insurance agent. They are trained professionals that can offer expert advice on how best to insure against loss.  If you are interested in additional information on this topic, please don’t hesitate to contact one of The NSA Group offices.

Additional Links:

The NSA Group Contact Information

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