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Chances are Santa Claus is not an insurance agent or broker and did not include additional coverage when he put your presents under the tree. And whether you got that surround sound home theater set up you wanted, or maybe a beautiful Persian rug, you will definitely need to revisit your homeowners or renter coverages.
For many people, making sure their new valuables are covered for damage or loss in not in the front of their minds. But it should be. Now that the festivities are over, for the most part, it is important to understand what would and would not be covered in the event of a loss. Many homeowners and renters policies have limits to what is covered.
Very often, that $15,000 home theater setup may only be covered for $5,000. Without appraisals, items like jewelry, artwork, expensive rugs, etc. may not be covered at all. In any event, expensive items need to be added to your existing homeowner/renters policy. You may have to obtain umbrella coverage or purchase individual coverage for certain items.
For items like new (or used cars), an additional auto policy is required, or the vehicles need to be added to an existing policy. A watercraft policy should be purchased for things like new boats, jet skis, etc.
Why guess? Your insurance professional is standing by ready to help you determine what sort of additional coverages you need for your new presents. Give him/her a call and schedule an appointment. Make sure you are protected.