The holiday season is synonymous with giving, and sometimes, the gifts we give are not just items but investments – like jewelry, watches, or even electric bicycles. Here’s a quick guide on ensuring these valuable gifts are protected beyond the unwrapping:
Gift Insurance for Jewelry and Watches:
When gifting something as significant as a piece of jewelry or a luxury watch, standard homeowners or renters insurance might not suffice. Here’s why:
- Limited Coverage: Standard policies often have low limits for jewelry theft, typically around $1,500. If your gift exceeds this value, you’re underinsured.
- Scheduling Your Items: To ensure full coverage, you should consider “scheduling” these items. Scheduling means adding specific, valuable items to your insurance policy with their appraised value. This can cover losses like theft, mysterious disappearance, or damage without a deductible.
Benefits include:
- No Deductible: For scheduled items, you often won’t have to pay any out-of-pocket expenses if you need to file a claim.
- Full Replacement: If your item is lost or damaged, insurance will cover either the cost to replace the item or the full appraised value.
Electric Bicycles – A Special Case:
Electric bicycles (e-bikes) have become popular for their convenience but come with unique insurance needs:
- Separate Policy: E-bikes might not be covered under regular bicycle insurance due to their motor. They require a separate policy that addresses both liability (if you cause damage or injury) and property damage (to the bike itself).
- Liability Coverage: This is crucial if you’re involved in an accident with another person or property.
- Property Damage: With e-bikes often being more expensive than traditional bikes, ensuring you have coverage for theft, vandalism, or accidental damage is imperative.
Other High-Value Items:
- Firearms: Similar to jewelry, firearms should be scheduled on your policy due to their value and the specific risks associated with them.
- Collectibles: Art, coins, or stamps might also need additional coverage beyond standard policy limits.
Action Steps:
- Appraisal: For jewelry, watches, or any high-value items, get a professional appraisal to verify their worth for insurance purposes.
- Consult an Agent: Discuss scheduling with your insurance agent to ensure your valuables are adequately covered.
- Separate Policies: For e-bikes, ensure you have a policy that explicitly covers these more complex vehicles.
By taking these steps, you not only protect your investment but also give the gift of peace of mind. Remember, insurance is there to safeguard what matters most, even if it’s under the Christmas tree.
Ready to chat about your new gift? Contact us today: https://www.lwginsurance.com/contact/