What If Wednesday: Don’t Let the Grinch Steal Christmas! Part One

homeowners insurance | Kemner-Iott AgencyChristmas time is here, and you’re buzzing like a happy Who. Your house is decorated, your cookie jars are full, and there are piles of special gifts under your tree. But what if you aren’t sure how to keep those gifts protected? How can you keep the Grinches of theft, accident, or fire from stealing your Christmas?

Although the majority of your presents and stocking stuffers are covered by renters or homeowners insurance, there are some special gifts that might need extra consideration. Certain items may not be covered in full or at all, and will need special insurance coverage. In this two-part blog series, the insurance elves at the Kemner-Iott Agency will explain how to keep these unique holiday treasures safe from harm.

Luxury Items

Looking to treat a special lady in your life with a luxury piece of jewelry? Diamonds may be a girl’s best friend, but they are not always fully covered under a standard homeowner’s insurance policy. Most policies limit theft coverage of jewelry, watches, fur coats or throws, firearms, and silver, gold, and pewterware  to $1,000, so if you’ve bought your wife a diamond anniversary ring or a new hunting rifle for your teenaged son, you’ll need to contact your insurance agent to verify what your coverage limits are on these types of items.

When a new personal property item is purchased that exceeds the limits of your insurance policy, the item needs to be scheduled, meaning specifically listed, on your policy. The coverage on scheduled items extends beyond the basic policy limit, which means you will not lose out if something were to happen. In most cases, scheduling personal items also provides coverage should it be broken or mysteriously disappear.

Large Items

What if this year you’ve decided to invest in a beautiful piece of antique furniture or a gorgeous grand piano as a large family gift? Will those gifts also need special insurance attention? Absolutely!

Consider this – if you have a homeowner’s policy of $100,000 that is the total amount of coverage you have for every item in your home. A $20,000 antique armoire or a $50,000 grand piano would be covered under such a policy, such a large amount for one item will significantly cut into how much money you would have to replace everything else you own, should you experience a total loss through a fire, flood, or other disaster. By increasing the coverage on more expensive, larger items, you will ensure that you have coverage on said items without affecting the amount of money you’d have to replace all of your other possessions.

Let’s Talk

Have additional insurance questions about a certain gift you plan to give or one you’ve already received? Check back here next week for Part Two of our special holiday insurance report. Have specific questions about your existing policy or want to add coverage for a special present? Please contact us online with questions, or call one of our local insurance agencies:

Adrian:  517.265.7000
Ann Arbor:  734.971.1000
Cassopolis:  269.445.2425

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