Warning expensive gifts might not be covered by your home insurance

Warning expensive gifts might not be covered by your home insurance
Warning expensive gifts might not be covered by your home insurance

It would set you back a staggering £60,000 to insure the world’s most expensive handbag, and although the Mouawad 1001 Nights Diamond Purse might not be what Santa delivers, it’s still worth thinking about insuring your Christmas presents.

Even a less expensive designer handbag will set you back in insurance too. According to Money Super Market it would cost £3,235 to insure a Chanel handbag, £1,887 to insure a Gucci handbag and £1,418 to insure a Mulberry handbag, so whether you’re thinking about splashing out on a designer handbag, or just an expensive gift for a loved one, it’s vital to know if your presents are covered by your insurance policy.

Kevin Pratt, consumer affairs expert at Money Super Market explains more, “If you’re lucky enough to receive an expensive present, check your content policy’s ‘single item limit’.

“This is usually set at £1,000 or £1,500, depending on the policy, and is the maximum the insurer will pay out on any one item that is not listed separately on the policy. So if you are given a fancy handbag or piece of jewellery worth more than your policy’s item limit, contact your insurer so you can add it on.”

Adding to your policy may result in you being charged an extra premium though, but this might be a small price to pay to have those designer presents.

But you don’t need to be spending thousands on expensive gifts to think about your insurance policy over Christmas. For example, perishable items, like refrigerated or frozen food, could also be covered in your insurance policy.

Kevin explains more, “Most policies will pay out if there is a power cut that leads to your food thawing-out and being spoiled. If your policy doesn’t provide all the cover you want, it’s usually possible to upgrade, so check with your provider.”

“Many contents insurance policies include an automatic ‘seasonal uplift’ for the weeks either side of Christmas. This caters for presents as well as extra food and drink bought-in to fuel the festivities.

He adds, “But if insurers are bumping up the cover they provide, it’s because they know burglars are particularly active at this time of year. And that’s a reminder for all of us to take steps to keep them at bay.”

So if you’re concerned about keeping your gifts protected this Christmas, follow Kevin’s top tips and you too will have a very merry (and safe) Christmas:

  • Use your door and window locks and your alarm, if you have one. Make sure the property is secure, even if you’re just popping next door for a drink with the neighbours.
  • Don’t leave wrapped presents or expensive items where they can be seen through the window.
  • Don’t boast about your presents publicly on social media. Lock down your security settings.
  • Don’t tell the world via social media when you’re out partying and there’s no-one at home
  • If you’re having a party at home, put fragile and precious items in a safe place.

Warning expensive gifts might not be covered by your home insurance

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