How to decide if you need to insure your holiday presents.

If you received expensive or extremely valuable presents this holiday season, you might want to consider getting these gifts insured.  While this extra precaution might seem excessive, there are certain presents that really should have the extra protection.  Ask yourself these questions to determine whether you should insure your holiday presents.

Can I afford to replace the item?

Basically, any presents that you can’t afford to replace should have insurance coverage.  Normally, very expensive gifts, or gifts with a lot of sentimental value are the ones that need coverage.  Making sure that these items have insurance coverage will ensure that you receive compensation in the event that they are damaged or stolen.

Will my existing policies cover my gifts?

The other thing you need to consider is whether your current insurance policies will provide enough coverage for your gifts.  In some cases, your existing homeowners, renters, and auto insurance will provide the necessary coverage to protect your new belongings.  However, be aware that these policies normally have coverage limits.  This means that if the value of your gifts exceeds the max dollar amount of your policy, your policy will not provide coverage for your items.  If this is the case, you should consider adding a rider to an existing policy to get the coverage you need.

These are the things you need to consider when deciding whether to insure your holiday gifts.  If you’ve decided that you need the additional coverage, turn to the experts at Scautub Insurance Agency in Scotia, New York.  Our professionals are ready to assist you with all your insurance needs.  Contact us to get started today.