Why gadgets for Christmas mean you have to up your contents insurance

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Gadget present needs insuranceIf you’re one of those lucky folk who unwrapped an iPad or any other ‘must-have’ gadget this Christmas, you might wish to tell everyone and become the envy of all your friends. However, you should also be sure to inform your home insurance provider.

Over the festive season your home may well have turned into the Aladdin’s cave of electrical goods and expensive gifts. However, you might want to spare a thought for the value of your brand spanking new possessions.

The Cost Of Upping Your Cover May Save You Time And Money

The cost of upping your policy limits will save you time and money in the long run, particularly if young children or pets also want to play with your new goodies.

Insurance can be a valuable tool designed to safeguard your prized possessions. However, without informing your provider of your new purchases, you could be left out of pocket should something unexpected happen.

Don’t underestimate the value of what you own

Many people underestimate the value of their items and whilst this may reduce their premiums, in the event of replacement it will not cover all the costs. This could potentially leave you thousands of pounds out of pocket.

It would be advisable to inform your insurer of any new and expensive purchases. Your provider may increase your contents insurance as a result, however, this is simply to ensure that the items can be fully replaced.

Find Out If Additional Cover Is Required?

It should be noted that some gadgets may require additional insurance as policies typically only cover items when they’re not taken out of the house.

According to research from price comparison website Confused.com, iPads and iPhones are the number one item which thieves hunt for over the festive season.

Watches, jewellery and precious metals are the second highest priority item on a criminal’s list. This is because they can be quickly passed on and melted down for cash. It could be advisable to take a photo of the item and make a note of the product serial number. Store it in a secure place to further protect your goods.

Next up on the 2012 wish-list for criminals are Smartphones, BlackBerries and other Android powered gadgets. These can easily be passed on and sold on auction websites without future buyers realising the item is stolen property.

Lock your gadgets with a password

One way you can reduce the likelihood of your new phone being sold is by locking it with a password.

Laptops, notebooks, cameras, designer clothes and handbags, LCD flat screens and antiques are also frequently targeted by thieves.

Mark Gabriel from Confused.com said; “Make sure you have told your insurer about any significant items you buy over Christmas as you may wish to name them on your policy or check that you have sufficient cover.”

You should consider telling your insurance provider whenever you make a large home purchase.

Remember that insurance is for life, not just for Christmas!

Policy Expert

Our customers are at the heart of everything we do, so we have a team of experts with a real passion for making sure people get the cover that’s right for them. For more information speak to one of our experts on 0203 014 9300 or email ask@policyexpert.co.uk

The views expressed here are solely those of the author and do not necessarily reflect the views of Policy Expert.