Were you a good boy/girl this year? Did Santa Claus leave you lots of cool gadgets under the tree? Now that the festivities have come to a close and you are incorporating your new toys into the regular rotation, remember that some may require additional insurance.
Just like purchases made during the year, the cost of holiday gifts like large screen HD televisions and other expensive, Persian rugs, fur coats, jewelry, and more could go beyond your standard homeowners or renters policy. If your significant other decided to buy you a new car, is it insured? How about that new jet-ski or boat? Did it also come with a watercraft policy?
With gifts for the home, you have a few options. You can purchase an umbrella policy to cover expensive items. However, you still may not be able to collect the full cost should you file a claim. Sometimes, a policy will have limits on how much you can collect on certain kinds of losses. You may need to have some items appraised and specifically added to your existing policy. Other items may require an individual policy.
Whatever you were fortunate enough to receive over the holidays, make sure those gifts are protected against damage or loss. Check with your insurance professional to see if your homeowners or renters policy is adequate or if you need additional coverage.