Wednesday, December 30, 2015

By John Voket If I was to suggest a resolution you could keep, and possibly be VERY grateful for in the New Year, it would be to protect yourself, your family and property as completely and economically as possible. So our resolution is to bring you even more ways to help stay safe in 2016.

Let's start by talking about some of those awesome gifts you received over the holidays. According to Professional Insurance Agents of Connecticut (PIACT) President Terri Walsh, confirming you have enough insurance for holiday gifts is easy.

And if you don't, obtaining coverage could be an important add-on if you gifted or received an expensive or investment level gift this holiday season - or in the New Year.

Walsh says "contents coverage" is the part of the typical homeowners insurance policy that protects against loss to personal property.

The amounts of coverage vary depending on the policy that a homeowner chooses and the items they chose to cover. It also has special coverage limitation for items like jewelry, furs, and fine arts.

These limitations vary by company and may not be enough to cover their total value, however, so extra coverage called personal property "floaters" can provide specific insurance for the value of the insured property, Walsh says.

Most insurance companies will require a homeowner to have the items appraised to determine the amount of coverage, says Walsh.

To make sure your items are protected adequately, PIACT suggests:

• Contact your insurance agent immediately to let them know you now received an expensive piece of jewelry or other costly items.
• Have those items) appraised starting with the most expensive items. If you purchase a floater or endorsement, your premium and potential claim compensation will be based on this amount.
• Take a picture of any item or items and keep copies of any receipts. You may need to forward a copy to your insurer. Keep a copy of your insurance policy and the inventory of your home in a safe deposit box or other secondary location for added security.

Stay tuned to our reports for more ways to help stay safe in 2016.

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