OKLAHOMA CITY – Christmas is just around the corner, and experts say you should take steps to protect the expensive gifts you may receive this holiday season.
The Oklahoma Insurance Department says if you give or receive an expensive present, there are a few things you can do to make sure it is adequately covered.
- Know your coverage: High value personal possessions are covered under homeowners or renters insurance, but many policies limit the amount of coverage to less than $1,000. If your current policy isn’t enough, consider purchasing a separate policy or adding an ‘endorsement’ or ‘floater’ to your existing policy.
- Obtain an appraisal: If you give or receive heirloom jewelry or antiques, you’ll want a written appraisal to tell you the exact dollar value. When you are ready to purchase insurance, plan on providing the recent appraisal and a receipt if you have one.
- Purchasing a vehicle as a gift: If you’re giving a car as a gift, make sure the recipient updates the insurance. If you share an auto insurance policy with the person receiving the gift, the process can be as easy as adding it to your shared policy.
- Update your home inventory: Add any expensive or sizable gifts to your home inventory. This will help you purchase the right amount of insurance and speed up the claims process if there is a loss. Whether you use a physical list, makes sure to include as many details as possible, take photos of each item and take video of rooms in your home.