As people across the world prepare to celebrate the holidays with family and friends, many are searching for the perfect gift to give to loved ones. While some gifts may be simple or handmade, others may plan to give big-ticket and extravagant gifts, which can result in a gap in insurance coverage for their new property. In today's Aegis blog post, we look at some of the kinds of holiday gifts that may require changes in personal insurance coverage amounts to ensure their values are covered in the event of damages, loss, or theft.

Jewelry and Collectibles

Jewelry has long remained a popular gift for loved ones to give during the holidays, whether it's luxury earrings, an engagement ring, a rare collectible, or a designer watch. These gifts can have high sentimental value, but also a significant dollar value, so their worth should be protected by adjusting Homeowners or Renter's Insurance, or adding Inland Marine coverage, to protect their value. This can ensure that if a wedding ring, designer watch, or rare collectible is stolen or damaged in a covered event, the value of these high-end gifts are included as well.

Art and Antique Furniture

Another expensive gift that can lead to insurance adjustments is giving the gift of valuable art or antique furniture. These gifts can increase in value over time, so it's important that they be properly appraised for their correct value and that the appraisal is included in Homeowners or Renter's coverage or protected through an insurance endorsement policy such as Inland Marine coverage. This can ensure that if the dwelling is destroyed in a fire or other covered event that the financial value of the artwork or antiques are properly included in insurance claims.

Home Improvements and Additions

Finally, some people opt to give the gift of home improvement or additions for the holidays, such as a long-awaited home remodel or the addition of a backyard pool. These additions and home improvement projects can add significant value to a home, so it's essential that they be included in the value of the home or rental property to ensure their value is protected with insurance coverage. Otherwise, any damages or losses that occur later might not include the full value of the upgraded or added property.

When giving loved ones a luxurious or high-end gift, make sure that insurance policies are updated to reflect the full value of these additions to protect against theft, damage, or loss. Aegis Insurance & Financial Services helps individuals and families get the Personal Insurance protection needed to cover personal property if disaster strikes, without any devastating gaps in coverage. Contact Aegis today at 713-850-7622 for more information, or fill out our online form to request a free quote!