What Gifts Should You Insure? 

The holiday season is a time of joy and generosity, often marked by exchanging thoughtful and sometimes extravagant gifts. But while giving and receiving gifts can be exciting, it’s essential to consider the financial protection of these valuable items.

Due to their high value or susceptibility to damage or loss, certain gifts may benefit from insurance coverage.

Gifts That May Need Insurance

The perfect gift for loved ones may come in many forms, but several common presents may be particularly advisable to insure. Consider the following:

• Jewelry—Items like diamond rings, gold necklaces and luxury watches are not only expensive but also prone to theft and loss. Insuring these items helps ensure that you can replace them if the worst happens.
• Electronics—High-end gadgets such as smartphones, laptops and gaming consoles are popular holiday gifts. Given their high cost and the likelihood of accidental damage or theft, insurance can provide a safety net.
• Art and collectibles—Original artwork, rare collectibles and antiques can be incredibly valuable. These items often appreciate over time, making insurance a wise investment to protect against damage or loss.

How to Get Insurance for Gifts

Securing ideal coverage for gifts can be a complicated process. Consider the following steps as you go about covering these new and treasured belongings:

1. Appraise items. Obtain a professional appraisal for high-value items to determine their worth. This step is crucial for setting the correct coverage amount, regardless of how you may proceed.
2. Check existing policies. Start by reviewing your homeowners or renters insurance policy. Some high-value items might already be covered, but you may need to add a rider for specific items.
3. Explore additional solutions. For particularly valuable or unique items, consider specialized insurance policies or endorsements. Companies may offer tailored coverage for jewelry, electronics and art. Alternatively, scheduled property coverage may provide protection beyond the capabilities of homeowners or renters insurance.
4. Compare providers. Shop around and compare insurance providers to find the best coverage options and rates. This can help you find a policy tailored to your specific gifts while enjoying the best available price.

Get the Right Coverage

Contact Diamond Insurance Agency today to learn more about coverage options for gifts this holiday season.

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.