ARE YOUR PORTABLE POSSESSIONS INSURED CORRECTLY?

Every day, we leave home carrying our phones, laptops and sometimes even cameras. Often, we’re wearing jewellery and carrying designer handbags. But if something goes wrong, and those items are stolen or damaged while outside of your home, are we 100% sure we’re covered for any losses?

That’s the question we posed to King Price Insurance’s client experience partner, Wynand van Vuuren - and the answer isn’t what we thought. As it turns out, many South Africans think their high-value portable items are still covered under their home contents cover when they’re away from home. But they couldn’t be more wrong, and risk massive losses if not insured correctly.

“People often ask whether insurance will pay out under normal home contents insurance if their portable items like laptops, cell phones and jewellery are stolen while they’re out. The short answer, unfortunately, is no. Because the risk is so much higher, the moment you leave your home, your high-value items must be insured as portable possessions – and in many cases, specified portable possessions – or you’re not covered,” said Van Vuuren.

WHAT’S THE BEST WAY TO INSURE YOUR PORTABLES?

High-value items that are only kept in the house - like artworks, for example - are covered for any losses on the insured premises under your home contents policy. But here’s the important point: the moment you take any highvalue items outside the house, they must be included under your portable possessions cover, or they’re effectively uninsured. That includes your phone, your laptop, expensive jewellery, watches and sunglasses, clothing, your gym bag and its contents, and luggage.

TO SPECIFY, OR NOT TO SPECIFY?

Most insurers provide a certain amount of cover for unspecified possessions. But high-value items must be specified in detail, down to make and serial number, in some cases, to prove their existence and replacement value. And if you’ve added a solid-state hard drive to your laptop, or bought a specialised lens for your camera, you should specify that too, or you’ll only be paid out for the replacement value of the original item, says Van Vuuren.

REPLACEMENT VALUE IS KEY

You should insure all your portable possessions for the current replacement value and not what you paid for them when you bought them. The easiest way to do this is to keep proof of purchase, like the receipts.

The same goes for any family heirlooms you keep in your home: the obligation is on you to be able to prove the existence and value of the items. This value can be confirmed by obtaining a valuation certificate from an accredited and reputable valuator.

You should also check if your insurer has imposed special requirements for jewellery for example, like keeping it in a safe if it’s not being worn. These requirements will be indicated on your policy schedule.

“Our phones and laptops are integral parts of our lives. But it’s critical that we insure them correctly to ensure peace of mind if anything ever happens to them,” says Van Vuuren.

MORE ABOUT KING PRICE

We’re the only insurer to offer car premiums that decrease monthly as your car loses value. Because it just doesn’t make sense to pay the same every month, to insure something that’s worth less every month. And we don’t only insure cars. Personal and commercial risks… You own it, we’ll cover it. Comprehensively, cleverly and sensibly. We’re also entering the life and funeral market soon. Watch this space!

• The Star Readers’ Choice Awards 2020: Best Car Insurance Company (Runner up)

• The Star Readers’ Choice Awards 2020: Best Short Term Insurance Company (Runner up)

• Readers’ Choice Best of the Best in Pretoria awards 2020: Car Insurance Company (Runner up)

• Readers’ Choice Best of the Best in Pretoria awards 2020: Best Short Term Insurance Company (Runner up)

For a full list of awards we’ve won over the last 9 years click here.