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All Risk Insurance

The importance of keeping receipts and insuring valuable gifts and jewellery

Be prudent by making certain your valuables are insured and that your insurance policy remains up to date especially around the festive season.

During this time, we tend to acquire new end-of-year gifts and gadgets that would be very costly to replace if not insured.

So think about that new iPad or tablet, smartphone, jewellery or even your collection of classical music.

Should these items be stolen, will you be able to replace them? If you are going away and you're taking valuable items with you, you may need to specify them in your policy. Speak to your broker to find out more.

You might assume that because you contribute an all-insured amount, that all your belongings are automatically covered by your insurance, whether specified or not. You might also believe that you save on monthly payments if there are no specified items in the policy.

Some items however, like jewellery, are not automatically covered and need to be specified. Consult your broker to ensure you are properly covered.

Confirming that your broker has accurate information is important, but going through your policy before the year-end festive season is an especially good habit to adopt.

Before leaving your home for a holiday or a weekend away, make sure that important devices such as the alarm and electric fencing are in working order. Be certain to have any broken windows and locks repaired as this may affect a claim.

You should also save the receipts of new purchases that you would like to include in your cover.

Not only do many retailers expect you to produce the receipt to honour a guarantee, but you can also let your broker know the details of the purchase. Remember to keep the receipt in a safe place for when you might need to produce it.

Your broker can advise you on the amount you should insure for. It is vital that this calculation be accurate.

Should you make a claim after a burglary, for example, and you are under-insured, it may impact on the settlement of your claim.

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