Christmas is the season of giving; it’s the time of year when generosity abounds and huge amounts of money are spent on buying the perfect gift for our loved ones.
While there is more to the festive season than merely buying gifts, shopping and stashing presents in the countdown to December 25th.
That being said, generosity and the spirit of giving isn’t alive in everyone. Every year, hundreds of families have their big day ruined by being burgled; the number of reports to the police of break-ins in the week before Christmas is generally much larger than any other time of year.
The sad, harsh truth is that your Christmas presents are not covered in the event of burglary or fire unless you have contents insurance. A recent survey by giffgaff revealed that we Brits spend up to £700 on Christmas presents alone, meaning your house is likely to be loaded with expensive presents – presents that need cover.
While buildings insurance is a very wise investment, contents insurance is totally separate; while buildings insurance only covers the structure and fittings of your home, contents insurance covers your possessions from theft or destruction.
When you purchase a contents insurance policy, you will agree on a cover sum, which is the maximum amount the insurer will pay out if you ever need to make a claim. Unfortunately, if you already have a contents insurance policy, the presents you keep in your home over the Christmas period could mean you are over the coverage limit you agreed on with the insurer.
For the sake of covering the extra items in your home, some insurers automatically raise the cover level in December, but this does not apply to every policy, so it is best to check if your insurer will be raising your level, and if so, by how much.
If you have bought or received a high-value Christmas present, your insurer will impose a single article limit, which is the maximum sum they will pay out for a single article you have on your policy. There is also the option to take out some separate insurance to cover individual items that may exceed your limit.
Visit Cuuver’s contents insurance page to compare policies and perhaps get some extra coverage this Christmas.
This should not be constructed as advice and is guidance only.