February is the month dedicated to and all about love. Be it months of self-love, forging new and fostering old relationships with friends or family. February is about celebrating love and showing appreciation for our most treasured relationships. Despite having to tighten up our belts in the wake of the pandemic and amidst overall raising prices, South African spend a pretty penny on Valentine’s Day gifts. While jewellery is rated as one of the more coveted Valentine’s Day presents (no surprises there) another priceless present is the gift of peace of mind.
Price tags aside, Valentine’s Day gifts are especially sentimental, so it is crucial to have the correct insurance cover to protect these valuable items and replace them should anything happen.
Be it a pair of shiny new earrings, a diamond engagement ring or your dream car, take a beat before you start showing off to your friends and family. If you already have household insurance in place speak to our short-term insurance team to get advice on how to insure your gift. Here are a few tips from our short-term insurance team to give you peace of mind:
1. Sufficient household content cover: ensure you have adequate, up-to-date content insurance to avoid being underinsured. It is advisable to keep an asset register to keep track of all your valuable items.
2. Provide an up-to-date valuation certificate: For the more expensive items of jewellery, it is crucial to provide your broker with a valuation certificate at the time of purchase. This will insure that should anything happen to your item of jewellery, you will be paid the value amount. Remember that the replacement value of a luxury item may increase over time, so it is always advisable to keep the valuation current and updated.
3. Take pictures of your valuable items: As silly as it may seem, taking pictures of your valuable items (i.e., sunglasses, smart watches, jewellery, electronic devices etc.) will serve as proof of ownership and could help process the claim.
4. Keep the boxes of electronic devices: Embrace your inner hoarder and keep the boxes of your electronic devices. The boxes of electronic devices have the make and model of the device, serial numbers and the IMEI number, which is important information that you will be to provide at claim stage, making the process quick and efficient.
5. Think about items that are not always kept at home: Under the all-risk section of your policy, valuable items that you carry around with you (i.e., jewellery, handbags, sunglasses etc.) the cover about is limited to 20% of the total insured of clothing and personal effects (FYI: this is optional cover so you need to ensure that this is included in your policy). However, the value of many of these items exceeds the 20% limit and it is, therefore, advisable to specify them under the all-risk section to ensure sufficient cover.
While, unfortunately, having the right insurance does not cover sentimental value, it will ensure that you get paid the replacement value of your Valentine’s Day gift should it be stolen, damaged or broken. It is, therefore, best to get your own short-term insurance as soon as possible if you do not already have coverage. If you have one policy that covers you and your partner and you are not the main policyholder, your partner will be liable to pay for the claim, which could get messy if you are not together anymore.
Contact the PBA team to insure your Valentine’s Day gift.
Phone: 011 803 9686
Email: vivian@pbafsa.co.za or chrisw@pbafsa.co.za
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