Insuring gifts and purchases

Whilst never at the top of anyone’s ‘to do’ list, it is important to remember any new presents you may have given or received, that are now within your home, are added to your insurance policy to be adequately protected.

New items – particularly jewellery, watches and works of art – should be notified to your broker. Some policies provide a contingency cover for newly acquired valuables, although it is important to remember that this tends to be limited to a percentage of the existing ‘specified’ sum insured for that category of valuable. Typically, this is 25% with a requirement that the new items are notified to your insurer within 60 days.

It is also important to review your overall ‘general contents’ sum insured after the festive period to ensure that this remains adequate to reflect new acquisitions such as clothing, electrical equipment, furniture and so on. Remember – any items bought in the sales should be insured for the full replacement value!

If you would like more information please email