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Gifts need to be insured in case of future issues

Posted On Tue, February 14, 2012

The Insurance Information Institute recently warned consumers that it is a good plan to keep in mind the importance of insuring gifts, as it could be costly if something happens to the gift.

Whether a person is giving a pricey gift for Valentine's Day, or just buying a family member a car, there are important measures that need to be taken. The III noted that jewelry can be covered under most home insurance plans, as well as renter's insurance policies.

"While there is no way to insure the sentimental value of a gift, at least having it properly insured provides financial protection in the event it is lost or stolen," said Loretta Worters, vice president of the III.

In most states, motorists are required to carry liability auto insurance coverage. However, it could be smart to find a good insurance plan that has both damage and theft coverage. Comparing auto insurance quotes may help a person get the most sufficient coverage available. For those gifting jewelry to a family member, ensuring their home insurance covers it could benefit in the long run. However, to find a less expensive plan, looking over home insurance rates could help find an affordable plan.

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