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.
Conclusion
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.
Featured Blogs
- How to Trim Down Hidden Costs of Flying
- What kind of mortgage is right for you?
- How to Experience Positive Aging (8 Tips)
- How much should you actually have in savings?
- When travel insurance can go wrong
- How to Build Sustainable Wealth
- How to Maintain Our Body
- Enhancing Resilience as We Age
- The best herbs to grow for beginners
- Is celebrating your 100th birthday no longer a dream?
- Medicare and Medicaid: Dual eligibility
- Summer Workouts for Your Dose of Vitamin D
- Music and Your Wellbeing
- How to Dispose of Unused Medications
- Guide to Getting a Mortgage
- Aging and Our Body’s Ability to Heal Itself
- Keeping Health Insurance After a Layoff (Copy)
- What is Credit Health Insurance? (Copy1)
- What is Credit Health Insurance? (Copy)
- What is Credit Health Insurance?
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- What experts say about raising the retirement age
- How are the proceeds of a life settlement taxed?
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- What Every Renter Needs to Know about Renters Insurance
- Does Uber Insurance Cover Passengers?
- Living Your Best Life After 60
- Buying Health Insurance: A Millennial’s Guide
- Weird Things Covered by Home Insurance
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Winter Hydration – Do I Need It?
- I’m 60+; Do I Need Life Insurance?
- What Does My Home Insurance Policy Cover?
- 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
- Are You Paying Too Much for Auto Insurance?
- How Social Security Cost-of-Living Adjustments Affect Your Taxes
- 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
- Fun Part-Time Jobs for Retirees
- Living Outside Your Comfort Zone in Retirement
- 16 Tips for Keeping Your Home Secure While You’re Away
- Should You Insure Your Gifts?
- The Most Important Fall Home Maintenance Tasks
- 7 Benefits of Slow Travel
- Do you need $1M to retire?
- The Harsh Reality of Credit Card Fees
- How to Retire Early
- 7 Tips to Weather Challenging Periods in Your Life
- Financial Planning After Saying “I Do!” - 3 Crucial Steps
- 4 of the Best Ways to Stay Healthy this Summer
- 4 Boat Safety Precautions to Take this Summer
- 3 Tips for Safer Grilling
- Rental Car Road Trip? Consider Buying This Coverage
- 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)
- Are Annuities a Good Investment?
- Know the Benefits of Walking
- Using Life Insurance in Estate Planning
- Ways You Can Spend Less on Gas
- What Are Alternatives if LTC isn't Right for You?
- Is Your Retirement Income Keeping Pace with Inflation?
- 4 Tips for a Less Stressful Summer
- 6 Factors Impacting Homeowners Insurance Costs
- What are the Safest States From Natural Disasters?
- How to Choose an In-Home Care Provider for Your Loved One in 5 Steps
- How to Protect Your Home from Wildfires
- 7 Myths About Your Back Pain
- Don’t Throw Away Those Used Coffee Grounds
- Are Personal Items Covered by My Auto Insurance Policy?
- How to Spot Government Imposters
- Do I Really Need Condominium Insurance?
- Happiness Through Healthy Food
- 5 Step Checklist to Choosing a Health Insurance Plan
- The Cost of Home Ownership
- 5 Creative Spring Décor Ideas
- 10 Ways to Maintain Healthy Joints
- 3 Incredible Healthcare Smart Technologies Coming Your Way
- Death and Taxes (and Insurance?)
- Do I Need a Long-Term Care Plan?
- Aging In Place – What You’ll Need
- What Is Road Trip Insurance?
- 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
- Choosing the Right Homeowners Insurance
- Safety Tips for Driving in Winter
- What to do if Your Travels Get Delayed Due to Weather or Flight Cancellations
- Is Working from Home Covered by Homeowners Insurance?
- Giving and Forgiving
- Overlooked Products to Consider When Planning for Retirement
- Things We Are Grateful for This Year
- What to Avoid When Switching to Medicare from the Public Health Exchange
- Maintenance Checklist for the Year-End
- How to Host a Successful Virtual Holiday Party
- Ben Franklin: Father of Modern Insurance
- Who Invented Insurance Anyway?
- Stacked vs Non-Stacked Uninsured Motorist Coverage
- 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
- Baby On Board! 9 Tips for Carrying Precious Cargo
- Forget Salad Recipes, Try a Salad “Matrix”
- Mortgages Dissected: Details to Know
- Will My Life Insurance Policy Cover Me If Something Happens While Traveling?
- 5 Most Common Estate Planning Mistakes
- I’ve Been Denied a Life Insurance Policy. Now What?
- Bucket List Ideas and Why It’s Important
- Insurance Coverage All Small Business Owners Must Consider
- Getting Fit Before the Medical Exam
- The Basics of Insurance APIs
- Don’t Lose Non-Refundable Down Payments with Travel Insurance
- 8 Gas Savings Tips During Summer
- Keeping Your Landscaping Lush Under the Hot Summer Sun
- How to Stay Hydrated During the Summer Season
- Safety Tips for Outdoor Barbecues
- What You Don’t Know About Senior Fitness
- Should You Pay Off Debt or Save For Retirement?
- The Last Guide to Chair Yoga You’ll Ever Need
- Smart Things to Consider When Buying a House
- Sleep Care is the New Self-Care
- Tips for Making Dinnertime Special
- 7 Ways to Improve the Quality of Life of Seniors You Care About
- Pool Safety Tips
- Ways to Get the Best Health Care
- Flood Insurance 101
- Adapt Your Home for Safe Mobility
- Understanding Hurricane Deductibles
- Why Gardening is Good for Your Health
- Best Nutrition Apps
- Back to Work: How Businesses Are Trying to Make Workers Feel Safe
- Reducing Stress Through Music
- How to Live Without Regrets
- Power Foods that Lift the Spirit