The holiday shopping season is here, and the National Retail Federation predicts holiday sales to rise 3.9 percent to $602.1 billion this year. That’s a lot of money being spent on gifts for loved ones, making homes a big target for theft during the holiday season. If you have jewelry, electronics or other big ticket items on your wish list this year, make sure you’re protected long after the gift wrap and ornaments are put away.
“It’s easy to get wrapped up in the excitement and flurry of the holiday season,” says Erie Insurance Vice President and Product Manager Joe Vahey. “But it’s important to remain practical and responsible when it comes to gifting and receiving high-priced items like electronics, jewelry, family heirlooms, automobiles and more. Without the proper insurance coverage, you could become a victim to a real-life Grinch looking to ruin your holiday.”
Make sure your valuables are covered:
- Have the gift appraised. This can help establish the item’s value. If a piece of jewelry is an antique or was purchased several years ago, it will need to be appraised for a dollar value. While it might be difficult to put a price tag on sentimental value, this is a necessity to ensure your priceless possessions are accounted for and protected.
- Check your insurance coverage. Review your current policy to make sure your valuables are covered. If not, speak with your insurance representative to discuss your options. Most homeowners and renters insurance policies do include coverage for expensive personal items but many policies will limit the reimbursement amount if they are stolen. In this case, you might want to purchase an additional rider to expand the coverage on the policy.
- Consider expanded policy coverage. For an additional premium (the amount paid for coverage), you can increase your coverage limits for each theft loss. Your insurance agent can help you decide what makes sense, based on the value of your items.
- Keep your store receipt. Save it with your home inventory records and take a picture of the item. Photos and documentation will help speed up the claims process if you ever have to file one.
- Store the item in a secure location. If it’s something that you don’t use on a regular basis, you may want to consider keeping it in a safe deposit box. Otherwise, use an in-home lock box.
- Get a home security system. Consider installing a home security system for added protection. Many times, just having a sign in your yard from the home security company is enough to dissuade intruders. ERIE offers a discount for preventive measures such as having a security system installed.
- Alert the authorities and your insurance agent. Should your items go missing or you suspect theft, fill out a police report and alert your insurance agent right away. This will speed up the claims process and will probably increase the likelihood of getting your personal items returned.
This holiday season, if you want to make sure your valuables are protected, talk to your insurance agent to find out just what your options are. To locate an Erie Insurance Agent near you, visit www.erieinsurance.com.