Are your holiday season gifts covered?

It's that time of year again when most of us get into the spirit of giving, while others fancy opportunities 'for the taking'. Theft, home burglaries and even hijackings typically increase at this time of year. As such, we're encouraged to be more vigilant and take proactive steps to ensure safety and harmony throughout the 'silly season'.

Why should you ensure you have insurance for new gifts?

The year-end holiday break is typically a time of get-togethers between loved ones. There's also plenty food, refreshments, laid-back moods and gifts - many of which aren't insured at the time they are given or received.

Risk of theft is unfortunately higher at this time of year and as gift-givers we aren't generally inclined to add items to our insurance cover before getting everything beautifully wrapped. Even as recipients we may delay to insure a new gadget, appliance or brand new set of wheels.

Proactively insuring high-value items isn't just about protecting them against a time of year when theft is rife, it's also about ensuring that you're covered for other damages or losses. It's not dubbed "the silly season" for nothing - one can easily forget their new iPhone in the backseat of an Uber, or drop it down a flight of stairs. Accidents happen; so insurance cover can make sure that all is not entirely lost should such things occur now or in the future.

Top tip: If your insurer doesn't know about it, it's likely not covered in your policy. Just because you may have purchased or received a high-value item, such as jewellery, appliances, antiques or a high-tech drone; it doesn't mean it'll automatically be accounted for in your plan. It must be explicitly listed on your inventory contents to ensure sufficient cover; should it be stolen, lost or damaged.

What kinds of gifts could benefit from being insured ASAP?

If you've spent 'a pretty penny' on a gift, it's fairly obvious that it may be quite pricey to replace if it ends up stolen, damaged or lost. Basically, if this cost would result in a dent in your wallet or bank account, perhaps insurance cover would be worth getting.

High-value items worth getting cover for include:

• Cameras and equipment
• Household appliances, such as a new fridge, dishwasher, TV set or high-tech coffee machine
• Collectibles, including artworks and rare items
• Tech gadgets, including computers, new smartphones and accessories
• Furniture
• Jewellery, including watches and fitness tracker devices
• Musical instruments and accessories / equipment
• A new car or motorcycle

Top tip: You can get comprehensive cover for the items that you carry with you outside the house with Discovery Insure's portable possessions insurance that will cover your items if they are stolen, lost or damaged.

Tips to ensure you get the best cover from your plan

• If you're planning on gifting a loved one with a valuable item this holiday, make sure you drop your short-term insurance broker or adviser a line to ensure that he or she can insure it correctly on your plan.
• If you receive a fabulous new valuable item from a loved one, it's also a good idea to get in touch with your broker as soon as possible too, to ensure that it is sufficiently covered on your own plan.
• Don't forget to store important documents, proof of ownership and valuation certificates in our Online Vault available online at www.discovery.co.za.
• If you need an appraisal to value the item, get this done as soon as possible so as to ensure that the item can be insured at its maximum value (at the time of gifting or receiving).

Side tip: If you're sending something overseas, ensure to get shipping insurance to help cover the item while it's in transit. Home insurance plans typically do not cover this sort of thing, so the added protection will be lighter on your pocket should damage, loss or theft occur in the process.

When you consider what it may cost to replace a gift you either gave or received with great sentiment, adding it to your plan for a little extra each month really gives you better peace of mind. That way you truly can enjoy giving and receiving gifts in the true spirit of the season.

***Remember that you can also tailor your home insurance plan with optional features, such as cover for goods in the open, excess flexibility, comprehensive accidental damage, and portable possessions cover.