Tis the season for gift giving! I remember the days when my grandmother would gather us grandchildren together to make our handmade ornaments for gift giving. Salt-dough ornaments, Angels (made with nylon faces – each face having its own ‘personality’), and Thumbprint Christmas cards (in the spirit of Ed Emberly). These are the gifts which are invaluable.
Then there are the gifts which have definite value. Jewelry, Automobiles, Artwork and Collectibles. Just for the record, I have yet to find a ribboned automobile parked in my driveway Christmas morning! That being said, around the holidays the value of what you own can change significantly.
If it does, consider these things:
Your homeowners policy provides coverage for personal property, including newly received gifts. However, that coverage may be limited. Certain high-value items, such as jewelry, musical instruments, artwork, and collectibles, require additional coverage also known as scheduled property for proper protection. Insurance companies will often only insure up to a specific limit for these items. The Coverage C section of your homeowner’s policy will list these limitations. Some of the benefits of scheduling high value items are you can set the value (with appropriate documentation) and these items are not subject to a deductible. If you have any questions about what your homeowner’s policy does and does not cover please give us a call.
After Christmas, it is a good time to update your personal property home inventory. Our September blog discusses the benefits of and how to create a home inventory.
My grandmother always taught me, it is the thought that counts. Honestly, there are very few ‘presents’ I remember, my memories consist of precious moments we spent together and laughs we shared. May your holiday be filled with many of those gifts which are invaluable!