Love may be in the air, but you do not want to find out too late that you do not love how your insurance company handles a problem with a gift you give or receive this Valentine’s Day. Many jewelry or other valuable gifts are not always automatically covered by homeowners or renter’s insurance policies, especially if their value exceeds approximately $1,500. This means that working with a local independent insurance agent is an important step in understanding your options for ensuring that you will have the coverage you expect if a specific gift is stolen, damaged, or otherwise lost. Here are some of the most important things to know about how common high-value Valentine’s Day gifts are typically covered and how you can personalize your policy to better meet your needs!
Typical Home Insurance Coverage and Limitations
Your homeowners or renter’s insurance is a valuable tool for replacing damaged or lost belongings more easily and reducing your liability if someone in your home causes a relevant accident or property damage, but thoroughly understanding what your specific policy does and does not cover is crucial. Not all policies automatically cover certain types of unique or high-value items, which means that you may need to consider taking out a supplemental policy to make sure that you will have the coverage you need if an especially valuable or sentimental item is damaged or goes missing.
Most homeowners and renter’s insurance policies include a section called personal property insurance, which is the primary way that policyholders will be able to obtain compensation for property damage or loss. The amount that your personal property insurance will cover is generally based on a particular percentage of your total dwelling coverage.
While the total coverage value that most policies provide far exceeds the value of even the most expensive Valentine’s Day gifts, being especially diligent about making sure that valuable or sentimental gifts are covered is an important step in avoiding devastating surprises down the road. For example, most standard policies do not cover flood damage, and certain high-value items may be subject to sub-limits that mean that a specific type of item may have a much lower maximum coverage than you might expect. Gold, precious or semi-precious stones, and furs are just a few examples of common Valentine’s Day gifts that often fall into categories with sub-limits.
Types of Gifts to Consider Insuring
Adding an insurance rider that covers a specific gift to your regular homeowners or renter’s insurance policy is one of the most important steps you can take to boost your peace of mind and ensure that you are able to obtain the compensation you expect if something happens to that gift. This is generally the most effective option for addressing any potential issues if the value of a particular gift is likely to exceed its sub-limit coverage.
Many Valentine’s Day gifts that require extra insurance considerations consist of high-value jewelry, particularly pieces that are made from solid gold or contain multiple large precious stones. Other potential gift items that may be more difficult to cover with a standard homeowner or renters insurance policy include musical instruments, golf clubs and other sporting goods, and cameras and other electronics.
Choose Northeast Nebraska Insurance to Protect Your Valentine’s Day Gifts
At Northeast Nebraska Insurance, our agents are here to help you understand and obtain the individualized coverage you need to make sure that your unique or high-value items are covered. If you receive or are planning to give a gift that may be more challenging to adequately insure this Valentine’s Day, we can help you evaluate your options for making sure that you will be able to obtain the compensation you need if it goes missing or experiences a qualifying type of damage. Contact us today to learn more about how to make sure that your Valentine’s Day gift will keep on giving for years to come and to start the process of applying for the right rider or other specialized policy for you!