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Holiday purchases and packages can be safely insured from damage and loss if you are a smart shopper. Since December is the biggest time of year for holiday shopping, you can save yourself a lot of needless anxiety by following this insurance advice.
First, you may want to make the majority of your purchases with a Gold Visa or Mastercard if you have one. Most Gold cards come with credit card protection for FREE for your purchases against theft and damage - but only if the Gold card is used to make the purchase. Check with your lender to see if you qualify for upgrading your card to Gold, usually begin at $5,000, or if your card has this optional insurance.
Second, many store cards offer the same purchase protection for a small fee including Sears and JC Penny's. The fee is accessed at around 2 percent of your outstanding balance or a flat fee. Also, purchases made with the store card can be protected against many different types of loss such as theft, fire, flood at full purchase price (no deductible). You can cancel at any time and the cost also includes coverage if you are laid-off or if your spouse dies.
Third, remember to pull and keep all receipts from the bags and keep a record of when and where the purchases were made (even for those gifts to others). At the mall, lock bags in your trunk. Check your car insurance and home owner's property coverage to see if packages left there are covered. You can add face value coverage for computers and electronics if needed for just a few dollars extra on car and home policies.
Fourth, when mailing packages insure them. You can get up to $400 coverage for 85 cents through the US Postal Service (that is the minimum). It only takes a minute to have extra peace of mind. Avoid sending United Parcel Service or any other company which makes you or your loved ones wait at home, imposes on a neighbor or requires a signature. Make the gifts easy to receive.
Fifth, many stores can send gift-wrapped packages on-line or by mail order. The store is then responsible for insuring the safety of the package delivery by mail when charged against your account. Amazon.com offers books, toys and videos. Figis, Swiss Colony, 7th Avenue all offer food (quality assured) and gifts at easy credit terms for the holidays and will include gift wrapping, holiday motifs and cards.
If pets, sports or computer equipment are on your list, be sure to buy from a reputable dealer who guarantees your purchase for at least 60 days. Petsmart actually gave me their insurance in writing and registered the ID of my birds. Mail in any registration cards as soon as the gifts are opened on TVs, bikes, stereos and other electronics - do not throw them out with the box.
When traveling, mail your packages ahead. New restrictions on airline flights limit carry-on packages to and from your destination. In the alternative, buy a huge duffle bag, tag it and buy the extra carrier insurance to cover it.
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