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Consumers should be reminded to update their homeowners insurance policies to cover any big-ticket items they may receive as holiday gifts, Pennsylvania Insurance Commissioner Diane Koken recently advised.
“Standard homeowners, renters and condominium insurance policies often include only limited coverage for the theft of personal items, and that limit will vary by company,” Koken said.
Those “fortunate enough to receive a gift of jewelry, electronic equipment or even costly artwork or collectibles this holiday season” should be certain they have those gifts properly insured.
She urged consumers to consider puchasing additional coverage through a floater or an endorsement to insure jewelry and other expensive items.
Koken said December is a good time of year for consumers to create or update a home inventory list, which helps to determine how much insurance is needed and helps to document losses in the event of fire, theft or weather-related loss.
“The time for consumers to educate themselves and review their insurance policies is long before something happens,” Koken said.
Source: Pennsylvania Insurance Department