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.
- Aging and Our Body’s Ability to Heal Itself
- 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?
- Medicaid Unwinding: Your Questions Answered
- 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
- 3 Top Habits that Lead to a Happy Life After Retirement
- Should You Insure Your Gifts?
- Everything You Need to Know When Retiring Under 65
- 7 Benefits of Slow Travel
- Utilizing Medicare Preventative Services
- The Harsh Reality of Credit Card Fees
- Keeping Your Health Insurance Affordable
- 7 Tips to Weather Challenging Periods in Your Life
- What is a Variable Annuity? 4 Key Details You Should Know
- 4 of the Best Ways to Stay Healthy this Summer
- How to Prevent Sun Damage to Your Eyes
- 3 Tips for Safer Grilling
- When the Sun is NOT Your Friend (What You Need to Know about Sun Exposure)
- Tips to Avoid Stress Eating
- Common Exercise Pains – How to Work Past Them and When to Call for Help
- Signs Your Identity Has Been Stolen (and what to do about it)
- How Does Inflation Affect Life Insurance?
- Know the Benefits of Walking
- Do Brain Food Supplements Really Work?
- Ways You Can Spend Less on Gas
- What Are Alternatives if LTC isn’t Right for You?
- 4 Tips for a Less Stressful Summer
- Veteran and Medicare Benefits Work Together
- What are the Safest States From Natural Disasters?
- How to Choose an In-Home Care Provider for Your Loved One in 5 Steps
- 7 Myths About Your Back Pain
- 5 Foods that Will Help Keep Your Mind Healthy
- Don’t Throw Away Those Used Coffee Grounds
- I’m 50 Years Old. Should I Keep My Life Insurance?
- How to Spot Government Imposters
- 5 Mistakes to Avoid When Buying a Life Insurance Policy
- Happiness Through Healthy Food
- 5 Step Checklist to Choosing a Health Insurance Plan
- 5 Creative Spring Décor Ideas
- 10 Ways to Maintain Healthy Joints
- 3 Incredible Healthcare Smart Technologies Coming Your Way
- Do I Need a Long-Term Care Plan?
- Senior Diet: To Meat or Not to Meat
- How to Take Care of Your Personal Intangible Assets
- Dream All-Inclusive Trips to Escape the Cold
- How to Get Health Insurance if You’re a Freelancer
- Safety Tips for Driving in Winter
- Ways to Locate a Lost Life Insurance Policy
- Critical Times in Life that You Need Life Insurance
- Giving and Forgiving
- Why Buy Life Insurance on Children
- Things We Are Grateful for This Year
- What to Avoid When Switching to Medicare from the Public Health Exchange
- How to Host a Successful Virtual Holiday Party
- Is One of These Factors Keeping You from Seeking Life Insurance?
- Who Invented Insurance Anyway?
- Common Senior Micronutrient Deficiencies
- The Art of Aging Well
- Insure What? Celebrity Body Parts Insured
- Using HSAs in Your Retirement Planning
- 6 Strange Insurance Policies You Can Buy
- How Valuable Is Cash Value Life Insurance?
- Mistakes You Can Make When Exercising at Home
- Why You Should Never Lie to the Underwriter
- Forget Salad Recipes, Try a Salad “Matrix”
- Why Gardening is Good for Your Health
- Best Nutrition Apps
- Reducing Stress Through Music
- Factors that Affect Health and Life Insurance Coverage
- Thanksgiving: 4 Contactless Ways to Give Back
- Carbon Monoxide Concerns in the Home
- How to Save on Electricity for Free
- Why You Should be Grateful for the Year 2020
- Whole or Term Life Insurance
- Does a Stay-at-Home Spouse Need Life Insurance?
- Preventing Heart Health Issues
- Life Insurance for Your Newlywed Child
- Exercises for a Sedentary Lifestyle
- Post Pandemic Travel Tips
- Remote Activities You Can Do with Your Grandkids
- Benefits of Grateful Living
- Power Foods that Lift the Spirit
- How to Live Without Regrets