Ensure your belongings are secured this New Year (read time: two mins)

Whether you’re a homeowner or renting, if someone in your household has received a high-value gift for Christmas, don’t forget to ensure your belongings are covered with your home insurance policy.

Here’s a brief guide to help you navigate the ins and outs of safeguarding your high-value items:

Review your home insurance policy

Start by reviewing your home insurance policy. Take note of the coverage limits for personal property and any special items like jewellery, electronics, or collectibles. High-value gifts may exceed these limits, so it’s essential to assess whether you need additional coverage.

Schedule valuables individually

If your policy limits are not sufficient to cover your high-value items, consider scheduling them individually. This involves creating an itemised list of specific valuables along with their appraised values. Scheduling items provides a more comprehensive and tailored coverage for your most prized possessions.

Understand coverage types

Home insurance typically covers a range of perils, including theft, fire, and certain types of damage. However, policies may differ in their coverage. Make sure you understand what perils your policy protects against and if any additional endorsements or riders are needed for specific risks, such as earthquakes or floods.

Keep records and receipts

Maintain a detailed inventory of your possessions, especially high-value gifts. This includes serial numbers, purchase receipts, and appraisals. Having a well-documented record can expedite the claims process in case of loss or damage.

Notify your insurance provider

If you’ve received a high-value gift, notify your insurance provider promptly. They can guide you on the necessary steps to update your policy or add extra coverage. Failure to inform your insurer about changes in your valuable possessions may result in inadequate coverage when you need it most.

Regularly update your coverage

Life changes, and so do our belongings. Periodically review and update your home insurance coverage to ensure it reflects the current value of your possessions. This is particularly important after significant life events like weddings, home renovations, or, of course, receiving valuable gifts.

We’re ready to discuss your home insurance needs.