Find out if you should insure your holiday gifts.
While most people know that they need home, auto, health, and life insurance, they don’t often think about insuring particular items of value. However, if you received an expensive or highly sentimental gift for the holidays, you might want to consider an additional insurance plan. Here are some questions to ask yourself to help you decide if you need the additional coverage.
How valuable was my gift?
If you received an extremely expensive or highly sentimental gift, then you probably want to get it insured. Generally speaking, if you cannot afford to replace an item, this item should have insurance. Even if a gift is considered irreplaceable, having some monetary compensation might help to ease the lost of such a precious item.
Is it already covered?
In many cases, your holiday gifts will be covered under one of your existing policies. For instance, standard home insurance generally extends coverage to the personal belongings of the homeowner and any residents within the home. However, keep in mind that most policies have coverage limits. If the value of your gift exceeds your policy limit, then you will need to purchase a policy rider or additional policy to get it covered.
Can I afford coverage?
Getting additional coverage means that you will have to pay additional or higher insurance premiums. This is why insuring your presents is such a personal financial decision. However, if you can afford the extra coverage, then getting your high-value items insured is highly recommended.
Ask yourself these questions to help you decide if you need to insure the gifts you received this holiday season. If you have any questions regarding your coverage, don’t hesitate to contact us. We at Westwood Insurance Agency are always ready to assist you with all your insurance needs.