Most people don’t typically associate Christmas with buying additional insurance coverage, but depending on what you’ve unwrapped from underneath the tree, you may be underinsured.
Although you may already have adequate insurance solutions for your current possessions, if you or someone in your home has received a valuable gift this holiday season, your current coverage may not be enough. In addition, depending on the gift, it may fall outside the scope of your current coverage details.
Read on to learn about some typical Christmas presents that may need to be insured and how The Meyer Group, Inc. can help you get the coverage you need.
Common Christmas Presents That Need to Be Insured
Expensive Personal Property
As a general rule of thumb, any high-value gift may not be adequately insured under your current personal insurance solutions, such as a renters or homeowners insurance policy. While these policies offer coverage for personal property, expensive items may exceed your insurance limits.
Or you can check whether your personal property is covered under replacement cost or actual cash value. Generally, for expensive gifts such as the following, you’d want to make sure they’re insured under replacement cost coverage, which would help you replace the item for a similar one in today’s market.
· Any jewelry, including engagement rings
· Golf clubs
· Cameras, lenses and accompanying equipment
· Musical instruments
· Computers, televisions or other electronics
· Skis or snowboards
· Bicycles or skateboards
Attractive Nuisance Presents
Perhaps instead of high-value personal items, you’ve gifted your household with a pool, playset, treehouse or trampoline. Although these items are fun, they create what’s known as an attractive nuisance and increase your risk of a liability claim. You may need to purchase an endorsement or extend your liability limits to be adequately insured. You may also need to purchase additional fencing or deterrents to secure the appropriate coverage.
Recreational Vehicles and Watercraft
If your present was a type of recreational vehicle, such as an ATV, motorcycle, road bike or similar, or you’ve been gifted a boat, jet ski, or another type of personal watercraft, you’ll want to verify coverage against your existing policies. Not all auto, homeowners or renters insurance policies automatically include recreational vehicle or boat coverage.
How to Get Coverage
Contact the experienced team at The Meyer Group if you’re concerned about your insurance coverage following Christmas. We’re here to help you protect all your belongings.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.