According to recent market analysis, sales in high-tech devices, including advanced wearables and smart home gadgets, are expected to reach record highs in 2023. This surge underlines the importance of insuring these valuable items.
In the excitement of receiving gifts, it’s easy to overlook the need for adequate insurance coverage. This can lead to unfortunate financial consequences if these items are lost, stolen, or damaged, making the urgency to add any high-value items to your insurance policies, a priority.
Consumers often mistakenly assume that their existing insurance policies automatically cover new possessions. Especially for items like sophisticated electronics or luxury jewellery, which might exceed certain value thresholds, it’s crucial to specify these in your policy to ensure comprehensive coverage.
Here are 5 essential tips to help homeowners navigate this process:
- Immediate Contact with Your Broker: Notify your insurance broker or company as soon as you acquire valuable items, detailing their nature and value for full coverage.
- Understand Coverage Limitations: Familiarize yourself with your policy’s limitations. Some types of losses, such as accidental breakage, might not be covered under standard policies.
- Retain and Share Receipts: Always keep a copy of gift receipts, sharing them with your insurer. This provides a clear record of the item’s retail value and assists in updating your home inventory.
- Secure Storage for Valuables: Store expensive gifts and jewellery in a safe or similarly secure location. This is often a requirement for insurance coverage, especially when items are not in use or if you are traveling.
- Avoid Leaving Items in Vehicles: Ensure personal items are not left in visible areas of your vehicle. Most policies necessitate items being in a locked trunk or compartment for coverage, along with evidence of forced entry in case of theft.
Understanding your home insurance policy’s limits and requirements is the key to peace of mind when it comes to protecting your valuable holiday gifts. Ask your broker to speak to Ami for a solution that best suits your unique needs.