Daily Dupaco

Wednesday, December 27, 2017

Properly protecting your new gifts

The holidays often give way to gifts of jewelry, drones and other valuable pieces.

It can be easy to overlook the importance of ensuring these gifts are properly insured, says Tim Bemis, insurance services manager at Dupaco Insurance Services.

“Because they’re gifts, and you don’t have any money in them yourself, the value can sneak up on you sometimes and surprise you,” he says.

Gifts that can affect your insurance

Gifts worth another look include:

  • Jewelry
  • Firearms
  • Collectibles
  • Fine art
  • Drones

Homeowners and renters insurance policies limit the amount of property coverage for these items, Bemis says.

But most Dupaco Insurance Services carriers offer the option to add a scheduled property rider to your policy that provides all-risk coverage for listed items—such as jewelry, fine art and firearms—up to their appraised value. The endorsement includes mysterious disappearance.

Properly protecting your new gifts

What you should know about drones

If you received a drone, it’s important to know what it will be used for to determine whether it is insured.
If it will be used for commercial purposes, such as wedding photography, neither a homeowners policy nor a commercial policy will respond, Bemis says. Instead, you need a commercial drone policy.

If it’s for personal use, your homeowners policy will cover damage to the drone or liability up to your policy limits in the event it crashes into someone’s property.

“But if you are renting and don’t have renters insurance, you don’t have that liability coverage,” Bemis says.

By Emily Kittle

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