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Insuring Gifts This Holiday Season
December 1, 2008
FOR IMMEDIATE RELEASE
Russ Dubisky, Executive Director
803-252-3455 or cell phone 803-708-5271
russd@scinsnews.com
Columbia, S.C. – December 1, 2008 – Whether you are giving or receiving gifts this holiday season, the South Carolina Insurance News Service suggests you check your insurance and have those gifts properly insured.
Expensive items such as jewelry, artwork, computer equipment, camera equipment, antiques and other collectibles have limited coverage under standard homeowners’ insurance policies. Standard homeowners, renters and condominium insurance policies include coverage for personal items such as jewelry. However, many policies limit the dollar amount for theft of valuable personal possessions such as jewelry, furs and precious stones from $1,000 to $2,000 total.
“It’s a tough economy, but don’t bet against Santa Claus,” said Fran Preston, executive director of the South Carolina Retail Association.
“Gifts can get stolen from under the tree or from the car. To properly insure jewelry and other expensive items, consider purchasing additional coverage through a floater or an endorsement,” says Allison Dean Love, the South Carolina Insurance News Service’s executive director. A floater is typically purchased for items that are moved from location to location, covering losses wherever they occur. This is also a good time of year to update your home inventory which helps you determine how much insurance you need.
The price for floaters and endorsements will vary depending on the item you want to insure, the insurance company you choose, where you live and where the item will be kept. With floaters and endorsements, there are no deductibles and you will frequently get the option of having the insurance company replace the item for you, according to Love.
To make sure your jewelry or other expensive gift is adequately protected, the South Carolina Insurance News Service suggests:
Contact your insurance professional immediately. Let your agent or company representative know that you are now in possession of jewelry or other expensive items. Find out how much coverage you have under your home or renters insurance policy and if additional insurance is needed, purchase additional coverage.
Have the item appraised. It is important that expensive items are appraised properly. If you purchase a floater or endorsement, your premium will be based on this value, as will any subsequent claim. If buying this coverage for the first time, have heirlooms and other expensive items purchased several years ago appraised as well. Your insurer can recommend a reputable appraiser if necessary. Expensive items go up or go down in value. Talk to your insurance professional about how to make sure the dollar amount of your floater or endorsement reflect these changes.
Keep a copy of the store receipt and add it to your home inventory. You will need to forward a copy of the receipt to your insurer so the company knows the current retail value of the item. Keep a copy for yourself and update your home inventory. Get into the habit of keeping a visual record of your personal possessions. This helps to document your loss and speed up the claims process, particularly for claims involving antique and unusual pieces of jewelry.
Store valuables in a secure location. Protect your jewelry by storing it in a secure location in your home. If you don’t wear the item regularly or are saving it for a child, consider keeping it in a safety deposit box. You may save money on the cost of insuring it, as some companies offer vault coverage. If you want to wear the jewelry for a special occasion, many insurers will offer the option of purchasing additional coverage for the time it is out of the bank. You do, of course, have to notify your insurer in advance.
In order to take a home inventory, free software is available for download from the South Carolina Insurance News Service web site at www.scinsnews.com. The updated software "Know Your Stuff" Version 3.0 is made available through the Insurance Information Institute (III). The software and your personal home inventory files are all stored on your computer. To safeguard your privacy, neither the South Carolina Insurance News Service nor the I.I.I. will have access to any of the information you input. Once you have downloaded the software, it is your responsibility to save your home inventory in a secure location.
For more than 30 years, the South Carolina Insurance News Service, a nonprofit organization, has been providing free insurance information to consumers and the media about property and casualty insurance issues. The News Service is funded by insurance companies doing business in South Carolina.
For more information, contact the South Carolina Insurance News Service at 803-252-3455 or use our contact form.
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