The holiday season often brings joy, celebration, and sometimes expensive gifts. Whether it’s fine jewelry, electronics, or luxury items, New York homeowners may wonder if their homeowners insurance policy provides protection for these new valuables.
How Homeowners Insurance Covers Holiday Gifts 
Most homeowners insurance policies include personal property coverage, which protects covers inside your home against risks such as theft, fire, or certain types of damage. This coverage typically extends to holiday gifts, whether they were purchased or received. However, it’s important to note that insurance limits apply. If your new gift exceeds the standard coverage limit, you may not receive full reimbursement in the event of a claim.
Special Considerations for High-value Items
High-value gifts such as engagement rings, designer watches, or expensive electronics may require additional coverage. Standard homeowners insurance often places sublimits on categories such as jewelry, art, or collectibles. For example, a policy might only cover a few thousand dollars for jewelry, regardless of its actual value. To ensure full protection, New York homeowners should consider adding scheduled personal property coverage or endorsements that specifically list and insure these items.
Scenarios Where Coverage May Not Apply
While homeowners insurance provides broad protection, it does not cover every situation. Wear and tear, accidental loss, or damage outside of covered perils may not be included. For example, if a new laptop is dropped and broken, that may not qualify for reimbursement under a standard policy. Understanding these exclusions helps homeowners decide whether additional coverage is necessary.
How Lupton & Luce Can Help
Lupton & Luce works with New York homeowners to evaluate insurance needs and provide solutions to cover valuable holiday gifts. From reviewing personal property coverage to recommending endorsements for high-value items, the agency ensures your policy matches your lifestyle and possessions.
Contact Lupton & Luce today to review your homeowners insurance and get appropriate coverage.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.