06 Feb How to Protect Your Valentine’s Day Gifts
As a group of people who are Guided by Heart, we obviously really love Valentine’s Day! We love any reason to share our hearts with our friends, family, and the extra special people in our lives. There are so many great ways to share the love on Valentine’s Day, but if you’re buying an extra, extra special gift for someone you love, let’s make sure it’s protected!
Whether you’re buying an engagement ring, a beautiful necklace, an exquisite wristwatch, or something else extra special, the last thing you want is for something to happen to this great gift! Many of our purchases are covered by our homeowner’s insurance, but your existing coverage may not be enough for your most expensive and special items.
Standard homeowners, condominium or renters insurance policies include a limited amount of coverage for jewelry and other valuable items, but many policies limit the dollar amount of coverage for the theft or loss due to a covered peril of such items. To properly protect certain types of valuables, additional coverage is available through a policy endorsement or floater.
Endorsements are additions to your homeowners, condominium or renters insurance policy that change or add to the policy’s provisions. They can cover property otherwise excluded from a basic homeowner’s insurance policy, extend the number of perils included, or increase the amount paid for a covered loss. To determine each item’s value, an appraisal or sales receipt is typically required. This will help ensure that, in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash payment of the item.
A separate personal articles floater policy may be used to schedule your valuable property that is subject to special limits under basic homeowners’ coverage. Once you have an endorsement or floater, don’t forget to periodically review your policy’s coverage limits to minimize the likelihood of being underinsured due to outdated appraisals and inadequate limits of insurance.
The cost of coverage varies for each item, but typically the fee is nominal. Your valuables are important to you, and your Sava Insurance Group agent will help protect those valuables to prevent serious loss in the event of damage or theft. You can safeguard your special Valentine’s Day gift as well as your other extra special valuables. Our knowledgeable personal lines team can provide you with more information about coverage and an estimate for the cost of scheduling an item.