Last week we discussed how to protect special Christmas gifts such as jewelry, furs, and antiques, but what if you’re still not sure if a gift you’ve purchased or received is properly covered under your current insurance policy? Our happy insurance elves at Kemner-Iott Agency will also help you keep all these other special items out of the hands of the Grinch this holiday season!
What about popular gift items such as battery operated kiddie cars, gas powered scooters, or all-terrain vehicles (ATVs)? Do they also need extra consideration when it comes to insurance? Yup, they sure do!
All powered vehicles, from dirt bikes to electric skateboards to that Barbie Jeep you’ve gotten your four year old daughter, are defined as a “motorized land conveyance” or a “motor vehicle”. These items might have limited coverage under your policy, or they might not even be covered at all. It may be possible for you to add additional personal property and liability coverage to your policy for these gifts, or you may need to purchase a separate policy specifically for such items.
Say you’ve decided to surprise your husband with that kayak he’s always wanted, or maybe you and your spouse have purchased a small speed boat for the whole family. How will that fit into your current homeowner’s insurance policy?
These watercraft items might not be covered under your policy, or they might have only limited coverage. Most policies include a $1,000 limit for all watercraft items, but this limit also has to cover all equipment, accessories, parts, trailers, and outboard motors.
Liability coverage is also usually only included for non-motorized craft, with the exception of sail boats that are 26 feet or larger. Motorized watercraft coverage is usually quite limited, so if you purchase or receive a motorized boat of any sort, you will need to contact your agent to increase your personal property and liability coverage.
Don’t Forget to Review and Update
Once you’ve had all of your special items scheduled, you’re good to go for life, right? Wrong! As important as scheduling unique and expensive items in your home is, it is just as important to have their value reviewed and updated regularly. If the value of a particular piece in your home has increased over the years, you’ll want to make sure your coverage increases right along with it, and if it has decreased in value, regular reviewing and updating will ensure that you aren’t paying more in premiums than you need to.
Of course, direct any detailed and specific questions you have about any of your possessions or your homeowner’s insurance policy to your trusted Kemner-Iott agent. We are here to serve you and all of your insurance needs! Please contact us online with your questions, or call one of our local insurance agencies:
Ann Arbor: 734.971.1000
Kemner-Iott Wishes You a Very Merry Christmas and a Happy and Prosperous New Year!
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