Whether you received valuable collectibles or heirloom
jewelry, you'll want to insure these holiday presents. Your homeowners or
renters insurance policy may provide coverage for some of your new items, but
anything above the existing coverage limit requires a personal articles
floater. Consider specific gifts that you'll want to insure this year.
Jewelry: Your homeowners insurance policy should cover
jewelry valued at less than $2,000. However, appraised jewelry that's more
valuable will require a floater.
Furs: From a real fur jacket to a fake fur-trimmed hat, add
any furs you receive to your homeowners insurance policy.
Fine Art: Paintings, sculptures, rare books, manuscripts,
ornamental collectibles, glasses and antique furniture fall under the fine art
category. Record these items and their value on an itemized schedule attached
to your insurance policy.
Electronics: Laptops, cameras, TVs and other electronic
devices, plus telescopes, video recording equipment and films, are typically
included in your existing homeowners or renters insurance policy. If these
items are high-end, consider a floater.
Coins or Stamps: Depending on their value, you'll want to
add a floater for new coins or stamps in your collection.
Musical Instruments: List any musical instruments, including
sound equipment, on a floater.
China, Crystal or Silverware: List these items on a schedule
and include the insurance coverage amount.
Guns: List and describe each gun on a schedule. Include the
value.
Sporting Goods: Bicycles, golf equipment, guns and other
sporting goods fall under your existing insurance policy unless they're
collectible, rare or expensive.
Tools: Insured under your homeowners or renters policy, your
new tools won't need a floater unless they exceed the value of your existing
coverage.
As with everything in your home inventory, record a detailed
description, serial number, purchase date, value and picture of your new
holiday presents. Store copies of this information with your insurance policy
in a fireproof safe and in a secure location other than your home.
Go ahead and enjoy your new holiday presents. Just remember
to check with your insurance agent to be sure they're covered.