The holiday season is filled with gift giving of all kinds, particularly gifts of the pricey variety. Jewelry, video game platforms, art, and vehicles are all high-value gifts that need to have the insurance policies to protect them. Remember, you need the right type of protections for your shiny baubles, collectibles, and other expensive items.
What do these protections consist of? Insurance, of course. Here’s what you need to know to ensure that your holiday presents will be properly covered.
Check Your Homeowner’s Insurance
Before you ask about new policies and other coverage for your high-value items, check your homeowner’s insurance policy. You may already have a blanket plan in place for expensive items or an insurance rider or floater policy that you can add your new things to. If this is the case, then you don’t have to worry about anything further.
Get a Floater Policy
However, if your homeowner’s insurance policy doesn’t have a rider or floater policy for your pricey collectables, you may need to obtain one. These riders are attached to your homeowner’s insurance and provide extra coverage for specific items, like expensive jewelry, which won’t be covered by your standard policy due to how much they’re valued for.
Some of the best things about floater policies are the protections that they extend. For example, if your engagement ring has a floater policy and you lose the bauble while on vacation, your insurance may cover the loss. A downside to these types of insurance is the limitations: you can only have one item covered by each policy. You’ll need something more flexible if you have a diverse collection.
Ask About Blanket Coverage
This is where blanket coverage comes in. This type of insurance is a separate policy that isn’t connected to your homeowner’s insurance. It also covers more than one item in your collection. You’ll need to divide up your collections by type, like paintings, collectible figures, or designer handbags, and arrange one policy for each category.
There are monetary limitations on these policies as well, although they cover losses in a similar manner to floater policies, so you’ll have insurance on them no matter where you go. Not having to itemize every item insured on the policy is another benefit.
Consider Specialty Policies
Next, there are specialty policies. These are for gifts that go above and beyond the limitations of the previously described insurance options. That multi-million-dollar Picasso, rare and collectible car, or tiara purchased from a royal collection are all examples of what a specialty policy is designed to cover. A specialty policy is taken out for each particular expensive item, and the overall monetary coverage and premium prices are based on how much the gift is worth.
Keeping Your Presents Safe
Looking for the best insurance policy for your expensive collectibles, jewelry, cars, and other items? Or do you need to add one of your new holiday gifts to your insurance policy? Either way, please contact Spivey Insurance. Our knowledgeable agents can help you secure the policies you need to protect those valuable holiday gifts.