Did you receive treasured gifts for the holidays? Have you insured them yet? If you think that your homeowners policy will protect you, think again. Standard homeowners insurance covers only small amounts of valuable items.
If you’ve received diamonds, in the form of an engagement ring, pendant or earrings, you’ll be disappointed at the amount of coverage afforded by your typical homeowners policy. Properly insuring gifts of value involve one of two options.
- Special coverage for individual scheduled items. Adding “floaters” to your homeowners coverage that identify particular items, like that wonderful diamond ring, is the best option for protecting your valuable items. This option eliminates potential costly disagreements between you and your insurance company.
- Blanket coverage for categories of valuables, such as jewelry, antiques, art, wine or collectibles. These “floaters” are less expensive than scheduling individual named items’ protection, but provide less coverage for specific items. Offering digital pictures of your item(s) in each category helps define your damaged, stolen or destroyed valuables.
The most important action is protecting those valuable new holiday gifts. Leaving them without coverage is always the wrong action plan. If you live in Oregon, consider contacting the Fullhart Insurance Agency to get the answers and advice you need to make the best decisions to protect your valuable new gifts.
With locations throughout Oregon, the Fullhart Insurance Agency has been an advisor of residents since 1966. They’ve focused on educating and helping others protect their autos, homes and insuring gifts or valuables for almost five decades.