With the holidays right around the corner, you are sure to be receiving some gifts in the coming days. If you receive expensive or particularly valuable presents this year, it’s important to make sure they are insured. Here are some of the steps you should take to cover your holiday presents.
Speak to Your Insurer
If you have homeowners or renters insurance, your policy does offer coverage for your personal property. However, if the value of your holiday gifts exceeds the personal property coverage limits on your policy, they will not be insured. This is why you need to speak to your insurer to determine if your existing policies will offer the coverage that you need.
Have Your Gifts Appraised
If your existing policies will not offer you the coverage that you need, the next thing you should do is make an appointment to have your gifts appraised. During the appraisal process, an expert will determine the exact value of the items you are having looked at. Once you know the exact value of your gifts, you can determine how much coverage you need to secure for them.
Secure Additional Coverage
When it comes time to insure your holiday gifts, you have some options. You can secure a personal property insurance endorsement that your insurer will tack onto your existing homeowners or renters policy. This is a convenient option because all your coverages will be in one place. You also have the option to secure a completely new policy for your holiday gifts. This is a good option if you need to secure a considerable amount of additional coverage. Additionally, securing a separate policy also affords you more flexibility with your coverage options.
These are the steps you can take to insure your valuable holiday gifts. Do you have additional questions about your personal insurance needs? If so, contact the experts at Phocus Insurance in Phoenix, Arizona. We are ready to assist you with your coverage needs today.
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