I am sure many of you will be buying and receiving gifts this holiday season. Have you ever thought that you might need extra insurance for them?
Did you receive a special piece of jewelry, fur or an expensive electronics item as a gift from a loved one? If so, the value of that kind gift may exceed the specified limits on your homeowner’s insurance policy. Those items are normally insured by your homeowners or renter’s insurance, but that coverage is most likely limited, especially on a high ticketed item. Your homeowners or renter’s policy might pay only a small reimbursement if these items are stolen or damaged. For this reason, you may need to purchase an Insurance Rider/Floater.
Insurance Rider/Floater: Who Needs It?
To provide additional coverage and to insure against additional risks consumers who purchase an expensive item might want to consider a Rider or Floater, which is sold as an add-on to a homeowners or renters policy. This will provide additional coverage for those items if they exceed limits of your current policy.
A Rider or a Floater is for expensive items such as jewelry, electronics, camera equipment, collectible, furs, art, fine furniture, antiques, and fine rugs. If you’re considering getting a policy to protect your jewelry, you will need to get an appraisal first because your premium will be based on that amount. If something should happen to the item, you would be covered up to that dollar amount.
Be sure to keep the appraisal and the receipt for the purchase with your insurance policy.
The Holiday Season is the busiest time of year for most, planning, preparing and purchasing gifts for everyone to enjoy. Thieves also enjoy this time of year! Hence, it is so important to keep your home and valuables safe, secure and protected. Insurance companies see huge increases in theft claims over the Holiday Season.
Insurance is the last line of defense against financial loss. Don’t take a chance, give your insurance agent a call to protect your valuables.
For further information on insuring your valuables contact Motz-Rusin Insurance Agency at
760-564-3888 or contact us through our website!
This article is for general informational purposes only and does not provide details of what you need to do to protect your valuables.
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