'Tis the Season to Insure Expensive Gifts

Are you planning to put an extra twinkle in your loved one's eye by giving them an expensive gift for the holidays? If you are going to buy an item worth more than $1,000, it may be wise to insure your gift. Here’s what you should know:

According to the U.S. Department of Justice, Bureau of Justice Statistics, from 1994 to 2011 the largest percentage of burglaries consistently involved the theft of personal items, such as:

• Clothing, furs, luggage, briefcases, jewelry, watches and keys
• TVs, DVD players and portable electronic devices

Check out your existing homeowner's policy. Coverage for some items may be subject to specific dollar amounts. In many cases, the coverage limits are less than the cost to replace each item.

In order to fully protect your expensive belongings, you'll want to purchase a "Scheduled Personal Property Endorsement," also known as a "Floater," from your homeowners insurance company. By endorsing individual items, you’ll enjoy more comprehensive coverage for the items up to their replacement values. Note, you may be asked to provide current appraisals for each item and it is a good idea to maintain updated appraisals moving forward. If you are an NJM policyholder, you can contact a homeowners representative at 1-800-232-6600 to protect your gift today.

Now that you’re in the know, you can ensure that your holiday gifts are properly insured. Now go have fun shopping for the holidays!