Don't let the Grinch steal your joy

FRIDAY, DECEMBER 30: You’ve been very, very good this year and Santa left you an iPad2 under the tree instead a lump of coal.

The last thing you would want to happen is for the Grinch come in and steal all your valuable presents and not get anything back.

The Argus Group said a recent research survey shows that nearly two out of three residents put their high-value Christmas gifts at risk because the contents insurance of their home does not include them.

Some of the pricey gadgets topping wish lists in 2011, included the iPad 2, which retails from $699 in Bermuda; the Kindle Fire, at $349; the Samsung Galaxy Tablet, $1,100; and the BeoSound8 speaker dock from Bang & Olufsen for $1,276.

Other popular expensive Christmas presents include TVs, cameras, jewellery and designer clothing.

John Doherty, executive vice president of Property & Casualty, the Argus Group, said: “We were surprised by how few people protect their valuable Christmas gifts. Argus wanted to release this statistic as a friendly reminder to people to call their insurer immediately after the Christmas holidays and add any high-value items received to their home contents coverage. 

“This offers peace of mind knowing that if the worst happened and your gift was lost, stolen or damaged, you could make a claim for the money to replace it.”

He said for items worth more than $1,000 protected on an ‘All Risk’ basis, your insurer is likely to require a certified valuation.

For rare or unusual items, it is a good idea to provide your insurer with a photograph and any details of unique features or markings. If you have been gifted with antiques or collector’s items, a useful resource for calculating their value is www.millersantiquesguide.com or you can consult a specialist dealer.

Home contents insurance pays for damage to, or loss of, an individual’s personal possessions (any belongings that are not permanently attached to the structure of the home and therefore not covered by buildings insurance) while they are located within that individual’s home.

It protects the policyholder against a wide range of perils including theft, fire, hurricane, burst pipes and flooding to name a few.

Some policies may also provide restricted cover for personal possessions temporarily taken away from the home by the policyholder, accidental damage to certain items or possessions kept in outbuildings or in the garden.