Update Your Home Insurance Policy to Reflect High-Value Gifts from The Holiday Season
More than 2 in 5 (43%) of home insurance policyholders who purchased or received valuable items (worth $1,000 or more) during the recent holiday season did not update their insurance coverage to insure those items, according to a new study commissioned by Selective Insurance and conducted by The Harris Poll.
The online study, which polled over 1,700 US homeowners/renters insurance policyholders (policyholders) in late December 2020, found that nearly one-third (29%) of policyholders are not aware of the need to update a homeowners or renters insurance policy to protect new high-value items in case of a loss caused by an event like fire, flood, or burglary.
Of those policyholders that updated/plan to update their insurance policy to reflect their new high-value items received/purchased during the holidays, 52% work with an independent or captive insurance agent.
“These findings show that the majority of Americans with homeowners or renters insurance policies may be facing unappreciated risk by failing to insure their valuables properly,” said Allen Anderson, Senior Vice President, Personal Lines, Selective. “If you’re one of the more than half of American policyholders whose household acquired valuable items over the holidays, now is a perfect time to take inventory of your assets – new and old – and make sure they’re properly insured.”
Additional highlights from the Selective survey can be found here and include:
53% of policyholders purchased or received one or more valuable items (worth $1,000 or more) during the recent holidays. Some of these items included: Electronics (32%); Indoor/Outdoor Home Furnishings (26%); Jewelry (21%); Exercise Equipment (13%); and Collectibles (11%).
Policyholders aged 35-44 years old are significantly more likely than their older and younger counterparts to have updated or plan to update their homeowners or renters insurance policy to properly insure the valuable items they purchased or received during the holidays (56% vs. 37% aged 18-34 and 28% aged 45+).
Policyholders who have higher incomes, higher education levels, or are currently employed are significantly more likely to have updated or plan to update their insurance to add coverage for those new items. They also are considerably more likely to be aware of the need to update an insurance policy after acquiring new high-value items.
Homeowners and renters should speak with an independent insurance agent to review whether their insurance includes coverage for specialty items like jewelry, watches, or even comic book or trading card collections. Standard policies may not cover these items.
An independent insurance agent can advise you whether you need to itemize your possessions and help create tailored solutions to protect your assets if the worst occurs.
The start of the New Year is the ideal time to take inventory of assets and talk to an insurance agent about the best coverage for your valuable possessions.
Find out more at Selective.com.
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