Whether high tech, playable, recreational, wearable, or just good to look at, your item may need extra coverage.
What great new toys did you get this holiday season? A new car, boat, rv, hover board, drone, or even a jet ski or two? Most of us did not, but those of you who did, have probably already called your insurance agent and made sure you are covered. You might not have been able to leave t
he show room without it!
But how many of us got some great new “toys” we haven’t thought about adding to our home owner’s policy? And not for just for us, our children may have received some too.
Many times items we pay a nice sum of money for, go uninsured. We don’t even consider it until something actually happens to it. And we’re not talking about the item breaking or malfunctioning, what if its lost, stolen or destroyed in a fire?
Most times the coverage you get at the time of purchase only covers manufacturing problems, not theft or damage from outside sources. In order to be protected for this, you might have to add a “rider” to your home owner’s policy. The rider will add extra coverage above and beyond what your basic policy covers.
One of the major riders most of us think of right away is expensive jewelry, like are our wedding rings, engagement ring or new Rolex watch. These are usually quite costly and no one wants to pay out-of-pocket to cover one of them should they disappear or get destroyed in a fire!
But what about some of your other items? If you received any of these on our list, you might want to
look at the fine print on the coverage you purchased at the time of the sale. In some rare cases, theft and/or damage is a covered loss. If not, or you did not purchase any additional coverage, you might want to consider calling your insurance agent. Ask your agent if your item is already a covered expense. If not, see if it should be added to your homeowner’s policy as a rider.
1. Techie toys - that new cell phone with all the bells and whistles, a tablet, iPad, your new ultra-light, ultra-fast, packed with memory laptop, desktop computer with new monitor, keyboard and mouse, or your new multi-function printer/copier/scanner/fax machine.
2. Gamer’s toys – a brand new gaming system, with all the controllers, headphones, software and accessories that come with it.
3. Entertainment toys – your mega huge HD, 4K, curved or flat screen TV, your new surround system that rocks the walls. That brand new cd player with a speaker system that sounds like the orchestra is in your home. Your new video camera, digital camera, outdoor speaker system or apple watch.
4. Home decorating or furnishing items – All of these, if expensive, could only be covered up to a certain percentage of value under your homeowner’s policy. You may need a rider to cover the total cost. If very expensive, your agent may suggest having an appraisal done for insurance purposes. Artwork, antiques, silverware, crystal and oriental rugs fall into this category. But look around your home, you may have other items.
Hopefully you are already covered, but if in doubt, a quick call to your insurance agent should put your mind to rest.
And if you're in the market for better or more affordable coverage, contact The Murray Morris Group's preferred provider:
Brett Lynes, CIC with Aegis Alliance Insurance, LLC. call 804-493-5800 or email him at blynes@aegisallianceinsurance.com. He may be able to offer you both.
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