Should You Insure Your Gifts?
Gifts are special, as they can mean so much to the person receiving them. But what if something goes wrong with the present? It can be an incredibly frustrating experience and something that you might not want to risk happening again.
That's why it's often worth considering buying insurance on gifts as a way of protecting yourself and your loved ones. Of course, there are a lot of pros and cons to consider when deciding whether to insure a gift. Still, in the end, it's about providing peace of mind with your gift – and protecting a memorable experience.
How to Insure Your Gifts
There are a few places to find insurance to protect gifts purchased for someone else. But it all boils down to where a gift is when a loss occurs.
Gifts kept at your home may be covered under your homeowners insurance policy. While at your house, gifts are simply considered contents. If they were damaged or stolen, coverage would be afforded under your policy, subject to any deductibles.
However, there may be limitations on how much coverage is available. For example, jewelry is often capped at $1,500 per item. In addition, many insurance companies allow you to schedule higher-value things. However, this may only be practical if you have the gift for a certain amount of time.
Coverage afforded under a homeowners or renters insurance policy is only valid while someone within the household possesses the gift. Therefore, if you are giving your gift to someone who does not live with you, purchasing a standalone policy may be worthwhile.
A standalone item policy is the most expensive option. The benefit, however, is that the gift may be insured for some time after it has been gifted. The extra time allows the recipient to obtain their own insurance if desired.
There are a lot of pros and cons to consider when it comes to purchasing insurance for the gifts you give. Ultimately, whether to purchase insurance depends on the situation and the giver's preferences. For many, the more expensive or meaningful a gift, the more likely insurance should be considered.
- Mastering the Mind: Techniques for Better Memory and Cognitive Function
- The Art of Productive Procrastination: How to Make the Most of Downtime
- Eating for Energy: Foods that Boost Your Stamina and Productivity
- How to enjoy and celebrate chilly, gloomy days
- Thriving in Your Golden Years: Strategies for Aging Gracefully and Vibrantly
- Best Dog Breeds that Suit Your Needs
- Reduce Stress: Develop Patience
- DIY Delights: Creative Projects for Seniors
- Coping with Seasonal Affective Disorder (SAD)
- Long-term Health Benefits of Physical Activity
- How to Trim Down Hidden Costs of Flying
- Best foods for hydration
- How to Experience Positive Aging (8 Tips)
- How to Improve Your Health: The 5 Main Aspects of Wellness
- How much should you actually have in savings?
- Are you underinsured for your circumstances?
- How to Build Sustainable Wealth
- How to Maintain Our Body
- Enhancing Resilience as We Age
- The Body After 60: Overcoming Barriers to Exercise
- The best herbs to grow for beginners
- Foods you had no idea you could freeze
- Is celebrating your 100th birthday no longer a dream?
- Medicare and Medicaid: Dual eligibility
- Summer Workouts for Your Dose of Vitamin D
- What’s Keeping You from Losing Weight?
- Music and Your Wellbeing
- Your NEW Social Security Statement
- How to Dispose of Unused Medications
- Smart Home Systems: Promoting a Comfortable Environment for Seniors
- Aging and Our Body’s Ability to Heal Itself
- Keeping Health Insurance After a Layoff (Copy)
- Keeping Health Insurance After a Layoff
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- What experts say about raising the retirement age
- Coverage for healthcare treatment denied? Here's what you can do.
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- Living Your Best Life After 60
- Buying Health Insurance: A Millennial’s Guide
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Set Yourself Up for Success with Your Fitness Routine
- Winter Hydration – Do I Need It?
- I’m 60+; Do I Need Life Insurance?
- Why Do I Keep Breaking My New Year's Resolutions?
- Closing Out the Year with a Smile!
- How to Enjoy a Long Layover
- 6 Cold Weather Safety Tips
- 10 Tips for Managing Cholesterol Levels
- How Much Life Insurance Do You Need Right Now?
- 3 Top Tips for Better Posture
- Building Bone Density for Seniors
- Living Outside Your Comfort Zone in Retirement
- Should You Insure Your Gifts?
- 7 Benefits of Slow Travel
- Utilizing Medicare Preventative Services
- The Harsh Reality of Credit Card Fees
- 7 Tips to Weather Challenging Periods in Your Life
- What is a Variable Annuity? 4 Key Details You Should Know