Many people forget to make sure they have the necessary coverage for big ticket items.
While consumers shop for the best deals on the hottest holiday gift items this year, many forget to consider the way that home insurance factors into the situation.
It’s not uncommon for homeowners to be unaware of the coverage they need in case the worst should happen.
Home insurance companies across the country are hoping to spread the message that standard policies will provide some protection in case gifts are stolen from within the home or off the front porch, or damaged by a covered event such as fire. Renters and condo insurance also provides this protection. That said, there are limits to personal property coverage, so it’s important to check the policy to see how much coverage is provided.
If you’ve scored a great deal on a big-ticket item such as jewelry, a computer or a bicycle, for instance, insurers recommend giving them a call to make sure the current policy is adequate to provide protection in case of damage or theft. Many policies have limits for certain specific types of items unless additional coverage is purchased for them. Additional coverage can typically be added for a small addition to the premiums.
Renters and home insurance coverage can even help if a gift is stolen out of a car at the mall.
It isn’t uncommon for people to think they’re out of luck if their car is broken into and gifts are stolen from the back seat or trunk. As auto insurance policies don’t provide protection for contents, policyholders think that they must face the loss themselves if something is stolen from the vehicle.
However, it’s important to note that protection for your possessions is often in place regardless of whether they are inside your home. Therefore, consumers who do a lot of shopping at brick-and-mortar stores should find out what type of coverage they have in case something goes missing out of their vehicle before they bring it home or if it is left in the car until the big day.
Home insurance can even offer coverage against items lost to porch pirates if there is proof that an item was delivered but stolen. A doorbell camera video can make a considerable difference to smoothing out the claims process. That said, insurers also remind consumers this season to remember to understand their deductibles. That way, they won’t be disappointed to find out that a stolen $500 item won’t bring them an insurance payment on a policy with a $1,000 deductible.