Are Holiday Gifts Protected by Insurance?
December 12, 2023
Shiny objects can attract cagey crooks who are ready to swipe your Holiday gifts. Since many of the items being purchased or delivered this time of year are presents, unsavory types often consider your shopping bag or front porch deliveries to be their gift from Santa.
Unfortunately local ne’er-do-wells are well aware that people make big-ticket purchases during the Holidays. So, a good snatch-and-run could net them expensive jewelry or the latest electronics like a new iPhone or laptop. You don’t know if or when it might happen, but you can protect yourself.
Homeowners insurance and renters insurance policies typically include specified limits of coverage to protect against loss of personal property. Normally, there are limits on the amount of can receive for certain high-dollar or luxury items. Capped items may need added coverage and failing to insure new purchases could result in a significant loss. It’s best to purchase extra coverage for any big-ticket gifts.
Larceny Often Occurs in Plain View
Although you might think larceny happens most often at night, more than half of reported holiday burglaries happen in broad daylight. To help avoid unwanted chaos, tune-down the holiday cheer and stay tuned-in to where you are at and what’s going on around you. Whereas home break-ins have declined in recent years, opportunistic thieves just can’t resist easy pickings.
The scenarios discussed below account for almost one-third of all larceny types:
- Thefts in the Parking Lot – Be aware of your surroundings and watch for suspicious activities, such as someone following you after leaving a store. It is equally important to park in patrolled areas that are well lit. Insurance usually pays for property stolen outside your home but coverage may have limits. Adding off-premises coverage is an option for frequent shoppers.
- Thefts from Vehicles – During the Holidays, it is important to keep shiny objects out of view. Cellphones, laptops, and shopping bags should never be left in plain sight. Although homeowners and renters insurance can cover stolen items and comprehensive auto insurance can pay for vehicle damage, both have deductibles. Best option is to lock items away in the trunk.
- Thefts of Porch Packages – With more than half the population receiving at least a package per week during the holiday season, you likely have someone scoping your front door. Although most homeowners or renters insurance cover porch theft, you will need to prove it was delivered and stolen. Doorbell cameras, motion sensors, and parcel lockers can help.
Holiday thieves tend to hang out in store parking lots and neighborhood pirates can often be seen driving through communities casing homes for front-door packages. So keep your eyes open and make sure your head isn’t filled with Holiday fog, especially walking to your vehicle carrying bags. If you are the victim of a Holiday Grinch, file a police report and make a timely claim for the theft.
Purchase Peace of Mind
The after-effects for victims of larceny during the Holidays can include feelings of being violated and less secure. But, it is important to act as smartly and quickly as you can to file a claim and recoup the monetary value allowed by your homeowners, condo or renters insurance policy. Fortunately, most policies cover losses outside the home as well as personal property stolen off-premises. However, actual reimbursement can vary based on the type of coverage, such as:
Replacement Cost – If your personal property is insured at replacement cost, the reimbursement amount will be the value of new items based on the actual receipts for a claim payout.
Actual Cash Value – If your personal property is insured at its actual cash value, the reimbursement amount will be calculated based on its depreciated value due to age and condition.
In addition to understanding the limits established for your personal property insurance coverage, you can do three things to help manage the unexpected happening. Since almost everyone has cellphone, snap a picture of any expensive item you purchase, as it can help with any claims in the event the item is stolen. Whether printed or digital, keep the receipt as proof of cost at the time of purchase. Any big-ticket items like jewelry should be appraised and insured for its full value.
If you do not file a police report and submit a claim after a theft has occurred, your homeowners, condo or renters insurance policy may not cover the reimbursement of stolen personal property. To make sure you’re covered, have an independent agent at Nsurance Nation explain how a scheduled endorsement or off-premises coverage can provide added protection from Holiday Theft.
