If Santa left a new TV, video game system or other pricey gift under your Christmas tree this year, you may need to update your home or renters insurance coverage. The electronics salesman at Wal-Mart or Best Buy will tell you every single detail about the new Toshiba big-screen lightning-fast laptop, but he won’t tell you that you probably don’t have enough insurance to replace it if it’s damaged or stolen. For instance, homeowners who get a $2,500 laptop in their stocking may need a rider to fully cover it against damage or theft. This is because their home insurance policy may consider it a “luxury item.” Similarly, renters need to be mindful of pricey items also. If your renters insurance only provides $2,000 in coverage and your new plasma TV is damaged during a rowdy New Year’s Eve party, you probably won’t have enough insurance to replace it. You’ve probably seen the Lexus commercial where a husband buys his wife a brand new SUV and wraps it in a huge red bow in the driveway. As you might have guessed, luxury cars cost an arm and a leg to insure, so if you’re one of the lucky few who got a new ride for Christmas, it might be a good idea to compare auto insurance quotes with InsWeb and keep your insurance premium low. Nobody wants to think about a lame topic like insurance before the Christmas spirit has completely worn off, but Santa would be mighty disappointed if your new plasma TV goes up in smoke and your insurance isn’t adequate to replace it. So don’t upset Santa, otherwise you may get a lump of coal in your stocking next year. In the old days, Christmas was all about families coming together and enjoying the Christmas spirit as a loving family–or so I’ve been told. But these days, Christmas is a time for eggnog and high-priced consumer goods, so make sure your valuables are 100 percent covered. December 27, 2010 | By: Robert Read more: http://blog.insweb.com/2010/12/christmas-gift-insurance.html#ixzz1AwQqJKXd .