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Protect That Pricey Present

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December 8, 2020
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Protect That Pricey Present

A man and woman giving a girl a present

If it’s better to give than it is to receive, then giving a really expensive gift for the holidays should be the best feeling ever, right? But if that pricey present should suddenly go missing, that euphoric feeling can quickly turn to panic. That’s why Glenn Insurance recommends having a plan to insure expensive gifts before you even leave the store with them. If you already bought the gift, there’s still time to consult with us to make sure you’re covered.

Maybe it’s a piece of art or a new car, a bike, a camera or jewelry – if it costs more than $500, or if replacing it would cause a financial strain, then you should plan to have it insured.

Coverage Under Your Homeowners (or Renters) Policy

As long as that special someone you’re gifting to lives under your roof, you may be able to insure the gift by expanding your existing homeowners or renters coverage. Remember, most standard policies will pay out if your belongings (including gifts like most bicycles and cameras) are damaged or stolen.

Check your policy to determine if your coverage for valuables (jewelry, art, collectibles, etc.) is capped between $1,000 and $5,000, as is the case with most homeowners policies. That’s after any deductible, which is the amount you pay before your insurance does.

So let’s say your policy covers valuables up to $1,000, but that necklace you bought your wife for Christmas cost $5,000. Call Glenn Insurance to expand your homeowner’s insurance coverage with a “scheduled†rider, floater or endorsement. Since scheduled items are insured based on their cost or current value, so you’ll most likely be required to furnish a receipt (or an appraisal from a certified professional) to get coverage. This is a great way to protect fur and jewelry, plus gifts that could increase in value, like art or heirlooms.

Your insurance agent can help you choose between coverage options, such as expanding your homeowners policy with a scheduled rider or getting a standalone jewelry insurance policy for a necklace.

Is a Standalone Policy the Answer?

What if you’ve given an engagement ring to your loved one who doesn’t live with you? If he or she doesn’t have his or her own homeowner’s or renter’s insurance, a standalone policy may be your best bet to cover the ring.

Another example where a standalone policy might be the best solution is if the gift will be used as business equipment, which is excluded on most standard homeowners insurance policies.

Gifting a Car?

We’ve all seen the car commercials where someone opens the front door to find (surprise!) a shiny new car wrapped in a big red bow in the driveway. It might make for good imagery on TV, but it may not be too realistic. That new car or SUV will need car insurance before you even drive it off the dealer’s lot.

The easiest scenario is where the gift recipient is already on your auto insurance policy. In this case, you can just add the car to your shared policy and transfer the title after the surprise. However, if you’ve bought a new truck for your boyfriend doesn’t live with you, he will need to cover it with his own insurance.

No matter what you’ve splurged on during the holidays, giving that big gift will feel even better knowing it’s covered if it’s lost, damaged or stolen. Call Glenn Insurance today to ensure your precious gift is covered, whether it hangs on the wall, sits in the driveway, or wraps around her finger. We just want you and your loved ones to rest assured knowing your belongings are protected and secure. 

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