Are Christmas presents covered by home insurance?

christmas presentsWhen you take out home contents insurance you will have estimated the value of your possessions and household items. However, you probably didn’t take into account the value of Christmas presents in your home throughout the festive period.

This includes presents to be given, which are hidden away in the wardrobes in the run up to Christmas and also presents you and your family will receive on Christmas day.

So the question is – are your Christmas presents covered by your home insurance policy?

To ensure your gifts are protected around Christmas time, whether it be from burglars finding their way in or even a leaky pipe causing a flood, many insurance companies automatically increase the level of cover on your policy.

The amount of increase will vary from one insurance company to another but the average increase is around 10%.

You should check your policy documents to find out exactly how much your provider will increase and also how long for. Again, this can vary with different companies but it is usually two weeks – the week before Christmas Day and the week after.

Some insurance companies will have certain conditions and exclusions attached to the additional cover, for example: an expensive musical instrument may not be covered as it needs specialist cover, as well as higher value items such as expensive jewellery.

To make sure you don’t get caught out by anything, you should always read your policy documentation or contact your insurer directly  if you are unsure.

If you find that Father Christmas has been extremely generous this year and you now have a swanky new 3D Smart TV with a state of the art home cinema system sitting in your lounge, the value of your home contents will increase significantly.

Even though you have cover from your insurer over the festive period, you still need to contact them in the New Year and update your contents value accordingly so that you are sufficiently covered for the foreseeable future.

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