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Gotham Brokerage: Does Renters Insurance Cover Damaged or Stolen Christmas Gifts?
Protect your gifts with a separate policy, say insurance pros at Gotham Brokerage
If you’re buying a loved one jewelry or other pricey gifts holiday season, you should tack on a little extra gift for yourself: insurance to cover the cost of replacement if it’s lost or stolen.
Each year, thousands revel over the gifts Santa brought them, only to have those treasures ripped from their hands in theft. Thieves steal $100 million in jewelry and gems every year, according to the FBI.
And if it’s not enough dealing with the loss of a thoughtful gift, or worse, a precious family heirloom, many are faced with the realization that their homeowner’s or renter’s insurance policy covers just a fraction of what the gifts was actually worth. Most standard policies set limits on reimbursement for loss and theft of property— sometimes as low as $500 or $1,000.
We at Gotham Brokerage Co., Inc. understand the connection you have with your valuables. In most cases, they mean much more to us than even their dollar value: they’re a link to the past, a fond memory and treasures we’re likely to pass on to our loved ones.
Purchasing a separate policy might be the best option to ensure your fine jewelry is as protected as possible. Also when discussing a separate policy, make sure to ask your broker:
• Are items covered by their replacement cost or by an agreed value?
• Does the policy require an appraisal?
• Would the policy cover damage as well as misplacement and theft?
New York City-based Gotham Brokerage Co. Inc. can help you assess your insurance needs, whether you are renting an apartment or moving into an $88 million penthouse. The company is family-owned and has been helping New Yorkers find insurance for more than 50 years. We work with multiple insurers, which allows us to shop around for the policy that best suits a customer’s needs.