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Columbus, OH (PRWEB) January 5, 2012
For those who fall into a nice list last year and received a very special gift for the holidays, like diamonds, furs, watches, and fine arts, to name a few It is important to ensure the object in case of unexpected situations that can cause damage.
Homeowners
policyholders, including those with a condo or renters insurance, who received gifts during the past holiday season, is automatically covered for losses such as fire, vandalism and wind, with some limitations. For those who do not have insurance or homeowners policy with their limits, however, Grange Insurance, insurance company based in Columbus, offers advice on how to ensure the most precious gift that will be protected in the new year.
1 .???? Review the policy limits for homeowners coverage.
For those who are currently covered by homeowners insurance policies, prize will be automatically charged to the policy for the damage as fire damage, vandalism or wind, but there may be situations in which homeowners policy does not extend coverage for an expensive gift received during the holidays
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Items such as jewelry, watches, coins, tools and weapons have a limited coverage for certain losses, including theft, said John Ammendola, president of personal lines for Grange Insurance. In addition, accidental breakage of any items that do not usually own policies. Policyholders should speak with their insurance agent to discuss extending their coverage to include losses such as damage and limit the increase in coverage for valuable prizes.
2 .???? Take a self-insurance policy for valuable prizes.
If you do not have a policy of homeowners, condominium or tenant, to invest in one, Ammendola said. You can also buy a stand-alone policy to cover the inland sea is a precious gift that you received last year.
There may be limits to the value of items including jewelry, furs, fine arts, musical instruments, coins, weapons, cameras and silver. Often these limits will not be a problem because most of the gifts purchased fell below the limit value, which can range from $ 5,000 to $ 100,000 depending on the country, Ammendola said.
3 .???? Ask the donor a donation receipt or bill of sale.
In order to ensure the gift, the recipient must maintain the appropriate information, including sales receipt or invoice, and the detailed description of the prize. An assessment may be required.
If you are given the value
substantial gift, like expensive jewelry, consult your independent insurance agent on coverage, Ammendola said. Your agent will need to know exactly what the Prize, as well as monetary value, in order to provide adequate coverage.
Any person who receives a gift with a substantial value should consult your independent insurance agent to discuss coverage options and possible limitations. For more information about gifts that can be covered by a homeowners policy, visit http://www.GrangeInsurance.com and click Home.
Information
Grange
Grange Insurance, with $ 2 billion in assets and $ 1.3 billion in annual revenue, is the insurance provider based in Columbus, Ohio. Through a network of independent agents, Grange offers auto, home, life and insurance protection. Founded in 1935, the company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Wisconsin. For more information, visit http://www.grangeinsurance.com
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