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Your homeowners' insurance can protect your holiday purchases

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Posted at 5:00 AM, Nov 30, 2021
and last updated 2021-11-30 12:14:39-05

PHOENIX — It's an added layer of protection for your holiday purchases you may not have thought about - insurance.

"I think a lot of people wouldn't realize that if a gift got stolen from them that they would have coverage," said Jason Metz an insurance analyst with Forbes Advisor.

He says your renters or homeowners' insurance covers you not only if gifts are stolen or damaged inside your home, but if packages are taken from your front porch.

"If you have home renters or condo insurance, you know, you're covered for your personal property. And until you give that gift away, it is your personal property," said Metz.

What if you're shopping at a mall and items get swiped from your car?

"They would have coverage in their home insurance," said Metz.

The one thing to consider, most plans have deductibles, and filing a claim could raise your premiums.

"If it's a $1,000 laptop, you kind of have to do that calculus, like is it worth filing a claim paying a $500 deductible and only getting $500 back?" said Metz.

If you're a renter, plans can run about $15 a month for about $30,000 in coverage. For homeowners, about $100 a month.

"All the Whos in Whoville would have done all right, regardless of the Grinch change of heart, if they had renters or homeowners' insurance," said Metz.

Metz says when it comes to porch pirates, you may have to prove an item was delivered and swiped from your home. A video or doorbell camera can make the claims process easier.