Blog Post
Luxury item sales were up this holiday season
January 16, 2012 | Tom Kirkpatrick, President
So you got some great holiday gifts? Well, you weren’t alone. A recent article in the Boston Globe showed holiday spending on high end luxury gifts was up at retailers such as Saks Fifth Avenue, Neiman Marcus and Nordstrom. Saks reported a 9.3 percent increase in sales compared with 2010, and Nordstrom rose by 5.6 percent. The majority of upscale retailers reported strong sales in jewelry, designer purses and clothing. Other high end items frequently gifted during the holiday season include furs, watches, fine art and collector vintages for the wine connoisseur.
Depending on your homeowner’s policies, many of these items will require special documentation and scheduling so that you’re covered in the event of unexpected damage or loss. For these reasons, the start of the New Year is a great time for both policy holders and carriers to review homeowner’s coverage and make the adjustments needed to ensure proper coverage. For items such as fine art and collectibles, specialty contents claims experts may be needed to review documentation and provenance as part of the valuation process. Here are some helpful tips for insuring your holiday gifts.
