Understanding Portable Possessions Cover
We’ve worked hard all year, and many of us will be looking forward to treating ourselves to the latest smartphone or a new TV this December.
We might even be spoiled with birthday or Christmas gifts – we deserve them, right?
Chances are your new gadget or bling will need to be insured against loss, damage or theft.
The question is, should it fall under your household contents policy, or do you need specialist portable possessions cover?
HOME OR AWAY – WHAT’S THE DIFFERENCE?
The general rule when considering portable possessions cover is:
◉ if the item is being used at home, such as a new TV, it is usually covered under your household contents insurance – but make sure the insured
values are up to date and add any new possessions to your policy to avoid under-insurance (see our last blog on this topic here).
◉ if you’re going to be wearing or taking your prized possession out with you, it will need to be added under portable possessions cover.
UNSPECIFIED VS SPECIFIED POSSESSIONS
Next, your broker can help you to decide what type of portable possessions cover you need.
Your golf clubs, handbag, smartwatch or earrings could fall into one of two categories:
◉ UNSPECIFIED PORTABLE POSSESSIONS
Your costume or inexpensive jewellery, clothing and handbags usually fall into this category.
These items are automatically covered without each item having to be specified, but there will be a limit on the amount you may claim.
Here are a few examples of possible unspecified portable possessions:
- Inexpensive phones
- Non-designer handbags
- USB memory sticks
- Non-designer clothing
- Inexpensive earphones or headphones.
- Wallets and purses
- Costume jewellery
NOTE: If the value of your items exceeds your policy limit, you’ll need extra cover.
◉ SPECIFIED PORTABLE POSSESSIONS
Electronic equipment such as your smartwatch or smartphone may need to be specified under portable possessions so that they are covered in full.
You will need to provide your broker with the description and details of each item, like the serial number.
Here are a few examples of possible specified portable possessions:
- Laptops, tablets and smartphones
- Designer jewellery, watches, handbags and sunglasses
- Cameras and photography equipment
- Bicycles & sports equipment
- Musical instruments
NOTE: Professional valuation certificates may be required for certain items.
SPECIALIST COVER – DO YOU NEED IT?
Certain high-risk or high-value items – including drones while in flight and photography equipment used for financial gain – don’t usually qualify
for standard portable possessions cover and will require some form of specialist cover.
Your options here will vary depending on your individual circumstances and the item in question’s use and value.
It’s best to talk to your broker to be sure you have the correct type and level of cover.
Here are a few other questions to ask your broker:
？Are your new bicycle and golf clubs covered while cycling or on the golf course?
Ask your broker to specify them under portable possessions if necessary.
？What are your portable possessions policy requirements?
Unworn jewellery may need to be locked in a safe or carried in hand baggage on flights to be covered.
？Are you covered while travelling?
Portable possessions insurance generally covers you worldwide, but there may be restrictions.
Portable possessions are generally covered again loss and damage due to the following events:
- Theft, or attempted theft
- Malicious damage
- Accidental damage
- Accidental loss
- Weather related damage
HOW TO CLAIM
If your possessions are lost or stolen, you will need to submit a report to the relevant authorities and log a claim as soon as possible,
usually within 30 days.
With increasing crime levels and smash and grabs a common occurrence it makes sense to ensure your valuables are
covered, as they can be costly to replace.
Our team can guide you through specified and unspecified portable possessions insurance and help ensure you get the appropriate levels of cover for your needs.
Get in touch with your broker today if you have any questions.