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  • 1 December 2017

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  • by cincinnatusinsurance

Itemized Personal Insurance Coverage

Insure Joy this Holiday Season with Itemized Personal Insurance:

There is so much magic around the holidays. From parties with coworkers to special gatherings with loved ones, the season is filled with celebrations. Giving your children or spouse a special present and watching them unwrap it underneath the glow of holiday lights. These are Family Memories that last a lifetime.

According to Statista, one of the nation’s leading statistics companies, Americans love to exchange high-value gifts, including jewelry, electronics, cash, and clothing. Black Friday is the busiest shopping day of the year. People across the country take advantage of steep price cuts on high-dollar items. Nothing would cause the joy of the season to come crashing down more than the loss, theft, or damage your new purchases.

Many homeowners and renters insurance policies cover personal property up to a certain dollar amount.  Insurance coverage for items such as jewelry, precious stones, and electronics is often capped around $1,500 total for all goods. If your gift list includes anything that would exceed your policy’s limit, be sure to extend insurance coverage to your new purchases. Expensive or costly items can be detailed, or “itemized,” on your home policy. Another option is to obtain a personal articles policy, which is coverage that extends beyond your homeowners insurance policy to insure valuables that exceed your policy’s limit.

There are three primary benefits to itemizing your valuables or obtaining a personal articles policy:

1. Your itemized or covered items are insured at their full value
2. Your valuables are covered regardless of the type of loss you experience
3. The policy is typically not subject to a deductible

To create an itemized personal insurance policy, there are special requirements. Keep these guidelines in mind:

Communicate with your insurance agent. Tell your insurance agent right away if you make any significant purchases. We can help you determine if you need additional coverage or if your current policy has you covered.

Appraisals matter. Although not all carriers require appraisals for items under $15,000 in value, we believe that appraisals are important parts of getting the proper coverage in place. Appraisals are particularly important for jewelry and gems, as the appraisals offer important details such as cut, clarity, and color, which will impact any future claims. Many times, the premium for your policy is based on the value of the purchase, and any future claims would be held to the value of the appraisal.

Keep your receipt. This is an additional layer of protection that can serve as proof of the retail value of your purchase.

Secure your valuables. A safe or a safety deposit box is a great gift idea for a loved one or a family member who has several high-value goods. One tip from the pros: be cautious of small safes that could be easily carried—burglars may target safes as a sure bet for expensive items. Opting to secure your valuables in a safety deposit box may offer additional discounts, so be sure to inform your agent how you plan to store high-dollar valuables.

At the end of the day, we know that health, safety, and happiness are the true celebrations of the season. Getting proper itemized personal insurance in place to protect each aspect of your life can offer added enjoyment to an already-joyful season. Call Cincinnatus Insurance at 513-587-3553 to help you determine if itemized insurance policies make sense for you, and your family.

Happy holidays from our family to yours!