Why is insuring your valuables important?
Losing something you have saved up for or, even worse, are still paying off is horrible. Paying for insurance may seem like quite a schlep but you will be thankful that you have insurance once something valuable gets broken or goes missing. Insuring your valuables is an essential part of your financial plan as it can save you from losing a lot of money.
What are the most expensive things to insure?
High value, portable possessions are the items that are more likely to get damaged or stolen, which is why they may not be your most expensive items to buy but they usually cost a lot to insure.
Some of the most expensive items to insure are vehicles, laptops, smartphones and cameras. This is because most people make claims for these items frequently and the cost to restore or replace these items is quite high.
Sunglasses, watches and jewellery are expensive to insure as these items are usually carried outside of the policyholder’s home. Sports equipment is also on the list of pricey items to insure as some equipment is very expensive, especially bicycles.
What else affects the price of insurance in South Africa?
Insurance companies take into account the risk profile of the policyholder, which includes factors such as claims history, geographical location, age, etc. before determining the cost of insurance for assets.
Make sure you get quality cover for all your valuable assets.
You can also get R1 insurance for items such as an Apple Watch, Golf clubs, a bicycle, a camera and a hearing aid. Find out more here.