Portable Possessions

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Portable Possessions are items of value that you take with you

Why do I need insurance cover for Portable Possessions?

Every day we all leave our homes with a lot of valuable goods and apart from the inconvenience you experience when these items get lost or stolen, replacing them could be costly.

Personal items and other portable possessions that you take out of your home such as your iPad, laptop, cell phone, sunglasses, jewellery and golf clubs, even clothes, need to be insured separately from your home contents. Items insured in this section are covered for accidental loss or damage anywhere in the world.

  • General clothing and personal effects are usually covered up to limited amounts.
  • You can specify your valuable items to ensure that they are covered in full.
  • If your electronic portable possessions are specified, you will benefit from a Fast Track claims process that some insurers offer.
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Specify more valuable portable possessions, like expensive jewellery

Ensure that your Insurance policy covers your Portable possessions

Customers presume that all their personal possessions will be covered against risks, anywhere in the world, by a standard household contents policy. This is seldom the case.

Contents insurance policies do not generally cover your personal possessions while they are temporarily away from the home unless you have paid an additional premium for this cover. If not, you will have no cover for any contents that are temporarily removed from the home.

Even when policyholders have extra cover for their personal possessions, they may find that it doesn’t, in fact, cover all risks.

Though certain items (such as sports equipment) may appear to be covered, the policyholder may find that the cover does not apply when the items are in use.

Claims may be denied when possessions are stolen from an unattended motor vehicle. Cover is normally only provided if the stolen items were taken from a “locked or concealed compartment” (such as a glove box or boot).

Travel policies generally provide limited cover for certain personal possessions. The usual restrictions apply when items are left unattended or are not worn or carried about the person.

An insurer may turn down a claim on the grounds of reasonable restrictions and limitations that was stated in the policy in clear, plain language. It is an insurer’s legal right to determine the limit of the risks it is prepared to cover.

 

Ref.: http://www.financial-ombudsman.org.uk/