What NOT to do when specifying your portable possessions

What NOT to do when specifying your portable possessions

Portable possessions is a collective name for the type of insurance that covers the items that tend to leave your house. We’re talking about your cellphone, designer threads, laptop, and that sort of thing. Essentially, if you take it out and about with you, then it gets insured by portable possessions insurance.

A lot of people think that their home or car insurance will do the trick, but alas, this is not the case. In our kingdom, you’ll need a portable possessions policy. And when you get this policy, you’ll find that some items are insured just generally, up to set limits. But then there are some that you need to tell us about so they can be put in the ‘specified’ category.

A great example is a pair of sunglasses. A random pair of relatively inexpensive sunglasses would go under the ‘unspecified’ list, but if you have a pair of designer or simply expensive sunnies, then you’d need to specify them for their correct value and have them noted on your policy. This is a big mistake that people make when getting portable possessions insurance, but it’s not the only 1.

Here are some of the biggest no-no’s when it comes to specifying your portable possessions.

You don’t have a detailed inventory

‍Without an inventory of all your valuable items (which includes a detailed description of each item, its value, and other relevant info) you don’t have an accurate total value. And you don’t have proof that you own whatever could get lost, stolen, or damaged.

You don’t update your inventory regularly

You know what regularly updating your inventory does? It makes sure that you’ve got the correct insurance and that you’re paying the right premium. You might have given away those sunnies but you’re still paying to insure them, or you’ve bought new stuff that needs to be added. This is the kind of info that needs to be updated with us.

You don’t have an accurate value of your possessions

Another common mistake is underestimating the value of your specified items. Sometimes, it’s because you just don’t know what the current value is, or you wanted to downplay the value to keep your insurance affordable. In both cases, this could mean that your claim will either be rejected or you won’t be able to properly replace the item with a like-for-like.

You don’t have sentimental value on the ‘specified’ list

Some of our stuff has sentimental value that can’t be measured in monetary terms. These are your ‘irreplaceables,’ like family heirlooms and other keepsakes. It’s best to include these items in your insurance policy and chat to us about how to assign a value.

‍You don’t have receipts, appraisals, or other proof

The reality is that receipts, appraisals, and other forms of proof are a big deal. Firstly, it proves that you own these items. Secondly, it proves the value of these items. And then lastly, it can help prevent disputes and make sure that your claim is processed quickly and efficiently.

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