Risk Tip: Coverage for Holiday Gifts

As with most celebrations, jewelry is at the top of the list for gift giving. Thinking of gifting a piece of expensive jewelry or a high-priced luxury item for the holidays? You will want to make sure its properly covered under your insurance policy. Most homeowner’s insurance policies include personal property coverage which includes belongings such as clothing, furniture, appliances and many other items.

Scheduled personal property coverage is an optional add-on to your policy that provides coverage for a
greater number of risks and/or may increase the coverage limits on specific high-value belongings such as: 

·       Watches 

·       Jewelry

·       Artwork and antiques 

·       Family Heirlooms

Depending on the age of the item and value, you may need to provide a recent receipt or professional
appraisal. Having a professional appraisal will determine the current value of the item, not how much you or loved one originally paid for it.

Therefore, if you have or recently received a gift of significant monetary value then it is recommended
that you speak with your Personal Risk Advisor to ensure it is properly covered in the event of a loss.