Did someone spoil you over the holidays with a vintage watch or a brand-new bike? With the holidays winding down, you might be too busy enjoying your new presents to be worrying about insuring them. However, if they’re more on the pricey side, you might want to consider getting special coverage for them.
Insurance for expensive items
While a basic home insurance policy will cover you for the loss or damage to your
Here’s an example to give you an idea of what we’re talking about:
The holidays are the most popular time of year to get engaged – seriously, look it up – which means some of you might be sporting a certain accessory on a certain finger for the new year. (Congratulations!) Engagement rings are arguably one of the most expensive gifts you can receive, so it would fall under the “specialty belongings” category of your personal belongings. But say the limit of coverage on specialty belongings on your policy is $1000, and the ring is valued at $3000. In this case, you’d want to “schedule” the ring to your policy and give it a custom limit. That way, your home policy will cover the actual value of your ring, if you happen to lose or damage it (and we promise we won’t tell your fiancé).