Expensive Gifts a Good Reason to Check Home Insurance Coverage

02/16/2010

After various holidays, people may find themselves with expensive new merchandise in their homes, which in some cases may be sufficient to warrant examination of one's existing homeowner insurance coverage.

While big-ticket items given as Christmas gifts are among the most recent examples of such a situation, those who receive jewelry and other such items for Valentine's Day may also want to take a closer look at their coverage.

In fact, the Illinois Department of Insurance recently advised people that heirlooms and big-ticket purchases should be reflected in one's insurance policy.

"Many family treasures and heirlooms with sentimental and economic value should not only be cherished, but protected as well," said the director of the Illinois Department of Insurance, Michael T. McRaith.

Suggestions include having jewelry appraised and documented, and being sure that home insurance policies provide for the damage or loss of items. Some policies may also offer a certain coverage limit for the combined value of items like jewelry. Another pointer is for people to evaluate their current insurer to be sure they are covered by a reputable company.

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