Protect That Pricey Present

They say it’s better to give than to receive, but giving a pricey gift for the holidays should feel like the best experience ever, right? If that special gift suddenly goes missing, that joy can quickly turn to stress. That’s why Glenn Insurance recommends having a plan to insure expensive gifts before you even leave the store. If you’ve already made the purchase, don’t worry – there’s still time to consult with us and ensure you’re covered.

Whether it’s a piece of art, a new car, a bike, a camera, or jewelry – if it costs more than $500 or replacing it would cause financial strain, it’s wise to consider insuring it.

Coverage Under Your Homeowners (or Renters) Policy

If the recipient of your gift lives under your roof, you may be able to insure it by expanding your existing homeowners or renters policy. Most standard policies cover your belongings – including gifts like bicycles and cameras – in case they are damaged or stolen.

Review your policy to check if coverage for valuables (such as jewelry, art, and collectibles) is capped between $1,000 and $5,000, which is typical for many homeowners’ policies. Keep in mind this is after the deductible, which is the portion you pay out of pocket before your insurance kicks in.

For example, if your policy covers valuables up to $1,000 but you bought a $5,000 necklace for your spouse, contact Glenn Insurance to expand your coverage with a “scheduled” rider, floater, or endorsement. Scheduled items are insured based on their cost or appraised value, so you may need to provide a receipt or a certified appraisal.

This type of coverage is an excellent way to protect jewelry, furs, and gifts that could appreciate in value, such as artwork or heirlooms.

Is a Standalone Policy the Answer?

If you’ve given an engagement ring to someone who doesn’t live with you, and they don’t have their own homeowners or renters insurance, a standalone policy might be your best option.

Standalone policies are also ideal if the gift will be used as business equipment, as standard homeowners insurance often excludes such items.

Gifting a Car?

We’ve all seen the commercials – a new car in the driveway with a big red bow. While it’s a beautiful image, the reality is that the car will need insurance before you can drive it off the lot.

If the recipient is already on your auto insurance policy, the process is simple – just add the car to your shared policy and transfer the title after the surprise. However, if you’re gifting a car to someone who doesn’t live with you, they will need to secure their own coverage.

No matter how extravagant your holiday gift, the joy of giving will feel even better knowing it’s protected. Call Glenn Insurance today to ensure your precious gifts – whether they hang on the wall, sit in the driveway, or sparkle on a finger – are covered against loss, damage, or theft. We’re here to help you and your loved ones enjoy the holidays with peace of mind.