12/21/2015 12:35:34 PM
You found the perfect gift for that special someone, but what if it gets lost or stolen? There are a couple of options to protect the gifts you give or receive.
Insurance policies: A homeowners or renters insurance policy can protect against damage or theft but note any exemptions. Policies have limits for jewelry, electronics, or other expensive items. Check with your insurance agent about your policies' coverage limits and determine if you need an insurance rider or additional policy.
Warranties: You might hear a sales pitch for an extended warranty when you purchase a big-ticket item. Know the difference between what a warranty and insurance coverage provides. For example, a warranty won't cover damage or replace a lost or stolen item.
Home inventory: Now is the perfect time to create or update a home inventory. A home inventory is simply a list of your valuable household items with make/model information and receipts. In case of damage or loss, a home inventory can make the claims process smoother.
Gift cards: If you are a giving a gift card, be sure to include the receipt. This will be helpful in case it is lost or stolen.