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Extravagant Holiday Gifts and How to Protect Them

Buying something special this year? 

Camera equipment, jewelry, furs, electronics, etc.?

It’s that time of year again, and most of us are making our lists and checking them twice. Some gifts – like those to our partners, children, nieces, and nephews – will be fun and heartfelt. Others – the ones to our colleagues, neighbors, hairstylists, and massage therapists – may be less fancy and even a tad obligatory. In any case, very few of us have the means – or the desire – to give gifts that qualify as “extravagant.” What is an extravagant gift? It’s a gift that turns that timeless old adage, “It is better to give than to receive,” on its head.

 

What are some of the most overly extravagant gifts given in recent history?

    1. In some The $2,000,000 bathtub that champion fighter Mike Tyson bought for his one-time love, Robin Givens.
    2. The $12,000 Chanel bicycle that actress Courtney Cox presented to her bestie, Jennifer Aniston, after the latter said she was interested in doing a bit of biking.
    3. The white Lamborghini that recording artist Sean ‘Diddy’ Combs gave his protégé Justin Bieber, when the Bieb’s record sales had already made him more than rich enough to buy dozens of luxury cars on his own.
    4. The $20,000,000 Island in the Florida Keys that smitten rapper Jay-Z bought for his lady-love, Beyonce, on her birthday.

Even if overly extravagant gifts aren’t quite your style (or in your budget), you still may want to splurge on your nearest and dearest this holiday season. Perhaps you want to buy a fancy piece of jewelry for the love of your life, a beautiful boat for your hardworking spouse, a nice mountain bike for your son, or a new car for your college-bound child. How can you protect these costly gifts?

In some cases, such as with the aforementioned boat or car, you can take out a new policy specifically for the item, or add it onto your existing policy. Objects like fine jewelry, bicycles, pieces of art, or other precious possessions that are kept at home can be added onto your homeowners’ insurance policy. Simply add a rider for each category of object (jewelry, artworks and antiques, oriental rugs) to your current homeowner’s policy. And give gifts happily, knowing that your investments will be as protected as they are appreciated!

For answers to any of your insurance questions, or to find out how your valuable items are protected, call or contact Consolidated today.