Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter


Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Must-Have Insurance Policies for Expensive Holiday Gifts

Written by Heidi Petschauer on December 9, 2014 in Insurance  |   No comments

The holidays have arrived, and when it comes to holiday presents, whether insurance will cover an item is generally not top of mind. However, it’s important not to assume that your homeowner’s insurance will cover any expensive gifts that you may be giving or receiving,…

must-have-insurance-policies-for-expensive-holiday-giftsThe holidays have arrived, and when it comes to holiday presents, whether insurance will cover an item is generally not top of mind. However, it’s important not to assume that your homeowner’s insurance will cover any expensive gifts that you may be giving or receiving, such as computers, jewelry, or even a vacation package.

Giving a nice gift? Consider your own insurance first

Suppose you purchase a new stereo for your brother, place it in your trunk, and head home from the store to wrap the gift. On your way back home, you decide you need a cup of coffee, so you park your car outside the nearest coffee shop and run inside. Do you have coverage if someone steals your car and drives off—with the stereo still in the trunk—while you are paying for your coffee? What if you store the gift at home and there’s a fire that destroys not only your home, but also all the gifts you’ve purchased for family and friends?

In the case of a stolen car, your auto insurance policy is not the policy that would afford you coverage. You would need to have off-premises theft coverage on either a homeowner’s or renter’s insurance policy for that stereo to be covered. In some states the coverage is automatic, while in others you have to purchase this coverage separately. (Keep in mind that your deductible will apply in this situation.)

Similarly, if a fire starts in your home and all the gifts you purchased are destroyed before you are able to give them to your loved ones, it’s your homeowner’s or renter’s insurance policy that would cover you. The gifts are your property until you give them away.

Recipient of an expensive gift? What type of insurance do you need?

The answer depends on what type of gift it is.

For a stereo, flat screen TV, or recliner, you can probably rely on the contents/property limit on your homeowner’s or renter’s policy to give you needed protection against fire, smoke damage, vandalism, and theft (also known as “named perils”). However, you should review the limit of coverage and see if it requires an increase based on the value of the item or items and the rest of the personal property in your home.

If you want broader protection, such as coverage for if you accidently knock over the TV set or burn a hole in your new recliner with a cigar, you need a policy with all-risk coverage for your contents. All-risk provides coverage for perils not specifically excluded in a policy. If you do have to make a claim for an item that was a gift, don’t worry about having a receipt. The insurance company can estimate the value, provided you recall the make and model of the item.

(Read more: Shopping for Insurance? 5 Things to Remember When Insuring Valuables)

Jewelry and expensive clothing are considered valuable items, and most homeowner’s or renter’s insurance policies have a specified sublimit for these items. For example, because jewelry can easily be stolen, many insurance policies have a relatively low liability limit for theft (generally around $1,500 or so). You can increase the coverage for your jewelry and other valuable items by either raising the limit of liability coverage or scheduling the items.

Raising the amount of liability coverage is the most cost effective option, but the amount you can claim for an individual item may be limited. For example, according to the Insurance Information Institute, you may only be able to claim $2,000 on an individual item when your overall limit is $5,000.

Scheduling the items by purchasing floater policies can be more expensive, but doing so generally provides broader protection. For example, if you leave an expensive item behind on vacation, the floater may protect you, whereas your homeowner’s insurance would not.

In order to purchase floater policies for your expensive gifts, you’ll need an appraisal. Typically, when you receive an expensive gift like this, the store from which the item was purchased will provide an appraisal at the time of purchase. However, if for some reason you don’t receive one, you can take the item to any jeweler or furrier after the holiday and have it independently appraised for a nominal charge.

Some insurance companies also offer a blanket valuable items rider, which can be added to your homeowner’s or renter’s policy at any time and without an appraisal. This type of coverage can be a good option if you have less valuable items that need coverage.

Electronic equipment such as a laptop, smartphone, or tablet is a fun gift to receive, but insurance companies do not have a standard way of handling coverage for these items. Some companies offer limited coverage and may exclude theft coverage, while other companies consider the items as part of your contents limit, subject to your deductible and on a named peril basis only. Still others might require you to schedule them on a floater. Find out how your insurance company views these items and what type of protection is afforded by your homeowner’s or renter’s insurance policy before you have to make a claim.

A vacation package is another gift idea that is becoming popular these days. Often, the plane tickets are for some time in the future—but life can make a mess of your travel plans. Travel insurance is a perfect way to help ensure that you can be protected in the event of a flight cancellation, lost baggage, a stolen passport or wallet, or any unforeseen medical costs while traveling. Travel insurance can even protect you in the event that you have to cancel your trip entirely.

As the holiday season draws near, take an opportunity to review your insurance coverage. Whether you’re giving the gifts or receiving them, it’s important to make sure the items are covered.

Heidi Petschauer graduated from St. John’s University in Queens, N.Y., in 1983 with a B.S. in management. She joined her late father’s firm, Petschauer Insurance, in 1982, became principal in 1995, and now shares ownership with her partner and cousin, Erwin Petschauer. She received her Certified Insurance Counselor (CIC) designation in 1997. She currently facilitates the professional and creative development of the entire Petschauer team and manages the personal lines and social media departments

The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.

No comments yet

Comments are closed.

Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.

Insurance Archive