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Are your gifts covered? And by covered, I don’t mean wrapped! Be sure to find out if your homeowners insurance protects your gifts or if you should take up the opportunity at the checkout. The NAIC provides some advice to help you decide.

  • Find out what your insurance policy already covers. If you are covered, do you have a limit? Is it cash value coverage or replacement cost coverage? Talk with your agent about the conditions of your policy to make sure your new purchases do not exceed the policy threshold. Know what your situation is in order to make sure you do not spend more than you need to.
  • If you are a renter and do not have renters insurance, now may be a good time to look into it. While you’re landlord has protection for structural damage, your personally belongings are not included. The additional $15 to $30 a month may be worth it!
  • Understand the difference between insurance and warranties. A manufacturer’s warranty offers a guarantee to the quality or performance of a product for a certain period of time. While a warranty is great for repairs and convenience it will not replace your product if it’s stolen like insurance will.
  • Lastly, update your home inventory. Keep a continuous list of all the valuables in your household with the make, model numbers and receipts. Over time after items are given away or new things are added, your coverage can change. Having this inventory list will be helpful making sure you have enough coverage or save you money. It is also a great thing to have when filing a claim after a loss.
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