As you examine your family’s gifts following the holidays, you may wonder if they’re covered by your homeowners policy. The answer is often yes, but not always. Some items may not be covered for full value, as well.
Homeowners insurance always involves a set of reimbursement limits and exclusions. So if you received a valuable antique or precious jewelry over the holidays, you may find that your policy does not cover the full replacement value. In addition, your policy may exclude the items from coverage. Insuring jewelry, for instance, may require you to add a clause to your coverage or buy an additional policy.
If you want to insure excluded items or increase your coverage on a valuable gift, you can purchase separate property insurance or have a specific item rider added to your current policy. Covering an expensive gift does mean your premium will increase, and your insurer may require you to have the item appraised and even add extra security to protect it.
Insuring gifts that are rare or have sentimental value can bring peace of mind. Medwin Insurance Agency can help you find homeowners and property insurance that meets your needs. Learn more by contacting us.