Insurance Guide to Your Christmas Gifts

Christmas is right around the corner, and while you’re thinking up the perfect Christmas gifts for your loved ones, don’t forget to accessorize — with a little insurance. Sure, it may be more fun to pick out a sapphire necklace than to make sure it’s properly protected, but by considering the necessary insurance beforehand, you’ll show the recipient that you’re both creative and considerate.

“A lot of people think of insurance as a hassle or something they have an obligation to do, but really what insurance is doing is making you whole again,” says Alan Davidson, Texas Farm Bureau Insurance agency manager for West Texas cities Big Spring, Lamesa, and Robert Lee.

“I use the parachute analogy: If you’re going to go jump out of a plane tomorrow, would you want the cheapest parachute you could find, or would you want the best parachute you could find?” he says. “Having insurance is almost like having that parachute. We want the cheapest when we’re paying for it and the best when we’re using it.”

Fortunately, there are reasonable insurance policies available for most big-ticket Christmas gifts.

Here are seven Christmas gifts you should consider insuring this holiday season.

Jewelry

While most homeowners and renters insurance policies cover jewelry, there’s a limit — and it’s typically around $1,000. It’s also subject to a deductible and has to be lost to or damaged by one of the perils covered under the policy to be reimbursed.

By getting a special property floater policy, you take away the deductible. Plus, the floater covers “mysterious disappearance,” which applies to a lot more situations than a homeowners or renters insurance policy would typically cover.

The best time to insure jewelry is at the time of purchase, but you can usually add insurance with a receipt that’s less than a year old. “Most people don’t think about insuring jewelry until it’s too late and the piece is gone,” Davidson says. Don’t let that be you, especially if the ring is a splurge purchase.

The other nice thing about the floater policy is that you can add multiple items to it. “I have one family that gives a high-end watch every time a child graduates,” Davidson says. “They just keep adding onto the policy.”

Art

Like jewelry, art pieces can be put on a special property floater policy. In fact, anything that can be appraised can be added, including golf clubs, furs, and coin collections.

It’s a good idea to get the item appraised before you even make the purchase so that you can get insurance on it as soon as the transaction takes place.

Cars for New Drivers

Before you let your teen loose in the driver’s seat of his own set of wheels, you want to make sure the auto insurance policy is in order. Even for established drivers, you should add all new vehicles to your policy before you begin cruising around town.

RVs and Motor Homes

Davidson suggests getting the best insurance possible for an RV or motor home. “We can now put RVs and travel trailers onto a client’s auto policy, which certainly makes it more convenient,” he says.

Vacations

Purchasing a romantic tropical getaway for your spouse or a ski trip for the entire family? You might want to consider travel insurance. Although this isn’t offered by Texas Farm Bureau Insurance, your Agent can point you toward a good source for insuring your vacation against scenarios such as trip cancellation, lost baggage, and emergency medical assistance while traveling.

Boats

There are a few different ways to insure boats and watercraft, including putting them under your existing homeowners policy or adding an inland marine policy. The coverage is similar to what you might have for tractors and other farming equipment.

Life Insurance

You might not think of life insurance as a present, but this is a great gift idea in and of itself. It’s a smart choice for an adult or a child, “especially the kids who are so young they don’t know any different — they’d rather get the box the gift is in than the gift anyway,” Davidson says. “By the time they’re grown, they’ve already got life insurance that’s established.”

Even if the child developed a condition later in life that made him or her ineligible for a life insurance policy, that one from childhood would remain. Plus, “because you’re purchasing a permanent life insurance product, there’s cash value that’s there,” Davidson adds.

It’s a gift that keeps on giving — and what could be more in the spirit of the holidays than that? Call your Texas Farm Bureau Insurance Agent today to discuss the right option for your family.

Coverage and discounts are subject to qualification and policy terms and may vary by situation. Life insurance products are offered through Southern Farm Bureau Life Insurance Company.