After a season of gift giving, you may have received some valuable gifts. It’s important to avoid financial loss if these high-ticket items are lost, stolen, or damaged. Rings, earrings, electronics, and antiques are common gifts that should be insured. Your standard homeowners or renters policy may not cover these types of valuables if they are not explicitly listed on your home inventory list. Also, most insurance policies that provide essential coverage for personal items like these have fixed caps that may not offer adequate coverage for your new gifts.

At Doeren Mayhew Insurance Group, our customized insurance policies ensure your expensive items will be covered should something happen to them. Once the holidays are over, it’s a great time to reassess your insurance needs and achieve peace of mind knowing that your holiday gifts are covered. Our experienced insurance brokers will guide you through the process of securing personal insurance that protects your most valued items. Read on to learn how to insure your holiday gifts to prevent unnecessary losses.

Get Appraisals

From family heirlooms to computers and other gadgets, there are many valuable assets that should be appraised. Find an accredited appraiser to determine the current retail value of your items for insurance purposes. When executed properly, an appraisal will come with a written report that outlines the explanation for the estimate provided, which helps streamline the process for an insurance claim. Appraisals can also ensure that you are reimbursed for the full value of any lost or stolen items, should a claim take place.

Secure Endorsement or Floater Coverage

Endorsements and floaters are often added to an existing homeowners insurance policy as a means to extend coverage to specific categories or items such as high-value purchases or gifts. Increasing your coverage limits for these types of items minimizes your risk of being underinsured if something happens, without having to cancel your current policy.

Purchase Standalone Policy

Getting standalone insurance is particularly beneficial — and necessary — when you don’t have renters or homeowners insurance to rely on for basic coverage, or to modify to include endorsements or floaters. Gifts like vehicles and boats are often insured with a standalone policy. Similarly, if you are gifted valuable items, such as jewelry, but do not have an existing property policy, it’s a good idea to purchase a standalone policy to cover these items.

At Doeren Mayhew Insurance Group, we understand how important it is to protect your most valued assets. Our customized insurance policies will help ensure that your cherished items are covered in the event of theft, or accidental loss or damage.

Contact us to learn more about how to insure your holiday gifts, or to schedule a consultation with one of our trusted insurance advisors today.