December 21, 2015 2:09 am
“The holidays are a great time, but all the commotion and celebrating can sometimes cause people to be too relaxed,” says Laura Adams, senior analyst for insuranceQuotes.com. “No one is thinking of a broken leg or a house fire as they’re sipping eggnog and socializing with family, but these things do happen and it is better to be prepared than to let it ruin your whole holiday."
Other causes for concern? Guest injuries, which have occurred in seven million households, and sewer backups, which have occurred in 47 million households.
Homeowners and renters insurance policies typically cover claims related to these hazards, but only up to a certain amount. Purchasing extra liability coverage, often called umbrella insurance, is a wise move, says Adams.
And if you plan to give jewelry or end up receiving jewelry as a gift this year, take care to insure it, too.
“It can be a very expensive mistake not to insure a valuable piece of jewelry,” Adams says. “Most standard homeowners and renters insurance policies only insure jewelry up to a couple thousand dollars. Additional jewelry insurance can be purchased for as little as a few dollars each month—a very affordable price, especially when compared to the cost you would incur if you had to replace the item out of pocket,” Adams says.
Published with permission from RISMedia.