The holiday season is a time for generosity, which sometimes includes big-ticket gifts. Whether you’re gifting fine jewelry, a rare piece of art, or a brand-new car, consider the insurance implications before putting a bow on it. A single oversight could leave you or your recipient underinsured or unprotected.
The Ingram Agency helps our clients safeguard the things and people they care about most. Here’s what you need to know about insuring valuable holiday gifts.
When Is Extra Coverage Necessary?
Standard homeowners and renters insurance policies include coverage for personal property, but they often come with sub-limits for certain categories. That means your policy may not completely cover expensive gifts like engagement rings, rare collectibles, or luxury tech.
What to Insure
If you’re buying or receiving something of high value this season, ask us about increasing your protection.
- Jewelry and heirlooms: Prone to wear, theft, or loss – often subject to low sub-limits unless specifically scheduled.
- Fine art and antiques: Appraisals are critical, especially for appreciating assets.
- High-end electronics: Laptops, gaming systems, and home theater equipment can exceed standard policy limits.
- Musical instruments: Often need specialized coverage, particularly for performers or traveling musicians.
- Rare wine or spirits: These might require climate-controlled storage and dedicated coverage for full protection.
- Vehicles: A gifted car requires active auto insurance before anyone drives it – no exceptions.
How to Insure Expensive Gifts
Before surprising someone with a high-value present, give another priceless gift – peace of mind. Here’s how to properly protect it from Day 1.
1. Review Your Current Policy
Look for sub-limits on personal property – especially jewelry, artwork, electronics, and collectibles. These caps can leave you dramatically underinsured.
2. Get a Professional Appraisal
Items like diamonds, art, or antiques need a recent appraisal to establish accurate value, avoid disputes, and ensure adequate coverage in case of a claim.
3. Add a Personal Articles Floater
This rider to your homeowners or renters policy offers broader coverage, often with no deductible, and includes protection for accidental loss – something standard policies usually exclude.
4. Document Everything
Keep receipts, appraisals, serial numbers, and photos in a secure location like a fireproof safe or digital backup. This documentation will streamline the process if you ever need to file a claim.
5. Talk to Your Agent
Before giving a costly or big-ticket gift, contact your agent to adjust your coverage. In some cases, you may need a stand-alone policy to extend coverage to the gift recipient.
6. Consider Security Enhancements
Installing alarms, safes, or using a safety deposit box to protect your valuables may also qualify you for discounts.
7. Immediately Insure Vehicles
If you’re gifting a car, remember insurance must be in place before anyone drives off the lot. Coordinate with us to secure auto coverage for the recipient in advance.
Protecting the Joy of Giving
A considerate gift deserves equally thoughtful protection. Whether you’re investing in something sentimental, valuable, or both, insurance coverage ensures your generosity doesn’t become a liability.
The Ingram Agency wants to help you protect the things that matter. Our founder works directly with every client, helping you secure policies with less red tape. Contact us today for practical guidance, top-tier carrier access, and serious protection tailored to your lifestyle.