How to Insure a Valuable Gifts This Holiday Season

If you’re lucky enough to be gifted a Birkin, gaming console, jewelry or even a highly-coveted Labubu collectible, you may wonder how to protect it with insurance.

However, the type of insurance you need will depend largely on the type of gift you’ve received. While some items can be covered by your existing homeowners or renters insurance policies, or added as a floater — an endorsement on your policy that extends coverage on an item — others might require specialty standalone insurance policies.

From diamond earrings to engagement rings, jewelry could be a popular gift in 2025: Last year, 20% of people were expected to give something shiny, according to a holiday consumer survey conducted by Prospect Insights & Analytics for the National Retail Federation. But with gold, platinum and silver prices spiking over the past year, replacing or repairing an item could be more expensive than you expect.

Most standard homeowners or renters insurance policies alone don’t have much coverage for jewelry built-in. “Oftentimes, jewelry is a $1,000 limit, depending on the carrier and it only covers it for theft,” said Andy Siegel, president of Siegel Insurance in Atlanta, Georgia and executive committee member at the Independent Insurance Agents & Brokers of America (IIABA).

You can better protect your jewelry collection in one of two ways: Adding it as a scheduled item on your homeowners insurance, or getting a standalone jewelry insurance policy. To schedule an item on your policy, you’ll contact your homeowners or renters insurance company, and submit any documentation they request for the item. While you may need an appraisal, a photo or a receipt may also be sufficient for less expensive items. Then, you’ll pay any additional premiums — while costs vary, you can expect to pay about $20 for every $1,000 of items you schedule.

Scheduling the item on your homeowners insurance covers it for more scenarios than a base policy would include. “Let’s say a stone chips, or you lose a ring, or a stone pops out of a setting. By listing it, you’ve got that broader coverage,” Siegel said. “And, scheduled items generally have no deductible.”

However, filing a claim could lead to increased homeowners or renters insurance costs. “Making a claim for $400 can cost you more in the long run,” Siegel said.

If you don’t want claims to affect your homeowners or renters insurance, a standalone policy is another option. These policies cost 1% to 2% of your piece’s value per year, and many of CNBC Select’s top jewelry insurance policies can also pay for routine maintenance like prong re-tipping, bent prongs and stone tightening in addition to coverage for loss or damage.

Some of our favorites include Jewelers Mutual, which covers normal wear-and-tear damage. We also like BriteCo for its affordable no-deductible policies.

Whether you collect designer bags or just received your first piece from Chanel, Goyard, Hermes, Louis Vuitton or another elite fashion brand, protecting these items is good practice. After all, handbags are some of the least volatile collectible assets, according to a study published in 2022 by Credit Suisse.

If you just own a bag or two, you may be able to schedule these items on your homeowners insurance or renters insurance. Keep documentation like receipts, and have a record of your collection with photos. Scheduling your bag can broaden the coverage from what would be covered on your standard policy, potentially even replacing it if your bag is lost or stolen.

If you have a large collection, some insurers also offer specialized valuable articles coverage outside of your homeowners or renters insurance. However, the cost of these policies vary based on the type of item you’re insuring. You may need an appraisal for a particularly large collection, but each company’s threshold for appraisal values vary, so consulting an agent could help you find the best fit.

Not every collection needs insurance. “You really don’t need to insure most hobby items unless you’ve got a very large value of them,” Siegel said.

But if you have accumulated many high-value items, getting coverage might be the right move. Whether you’ve collected fine art or have a valuable stash of trading cards or Labubus, there’s a way to insure the things you care about.

Standard homeowners insurance policies have a sub-limit that covers collectibles like furs and other items. But the limit is typically at about $1,500, according to the Insurance Information Institute.

“We’ve had clients with expensive comic book collections, wine collections, and sports memorabilia. For those things, it’s best to have them insured separately, because in most cases, you can’t just replace the item for its value,” Siegel said.

One of the first steps Siegel suggests collectors take is to make an inventory of your items. “Take pictures and document what you have,” he said.

Valuable property insurance is usually the best fit for large collections, such as art and comic books. Working with an agent can tailor your coverage to your unique situation, navigate insurer requirements like appraisals and help you find the policy that’s the best fit for the things you love.

Gaming consoles, wearables and headphones are expected to be hot gifts in 2025, according to data from Adobe. However, whether or not you need insurance on these devices can vary based on several factors.

“One thing I ask my clients all the time is, ‘If something were to happen to the item, would you be okay not getting it replaced?’ Everybody has a different comfort level,” Siegel said.

If the answer is that you would want that item replaced, insure it. But how you go about it should vary based on the item.

For phones, “I would recommend buying insurance from the phone provider, not through your home insurance,” Siegel said.

Given the low nature of some electronics’ values compared to homeowners or renters insurance deductibles, covering these things through policies you already have might not be an option. And, if you did have to file a claim, it could ultimately raise your homeowners or renters insurance premiums.

Getting a standalone electronics policy or a policy with your purchase is typically the best way to cover these items.

At CNBC Select, we work with experts who possess specialized knowledge and authority, gained through relevant training and experience. For this story, we interviewed Andy Siegel, President of Siegel Insurance in Atlanta, Georgia and a member of the Executive Committee of the Independent Insurance Agents & Brokers of America (IIABA). He is an independent insurance agent, as well as a Chartered Property and Casualty Underwriter (CPCU), a Certified Insurance Counselor (CIC), and Accredited Advisor in Insurance (AAI).

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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