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Don’t leave your presents out in the cold this Christmas

Published on: 16 December 2020 by Michael Lamb

With a new wave of the Covid-19 Coronavirus impacting many countries across the world, and travel restrictions re-appearing which could mean long quarantine stays upon return to Hong Kong (if you’re even able to get back), many Christmas traditions and plans are being put on hold. Due to this, people are spending more time with their family over the Christmas holidays. They will also be spending more on gifts – 2020, despite all its drama, was a fairly dull year with all the staying home and social restrictions.

From engagement rings, new pieces of art for your collection, new phones, new TVs, and new video game systems, experts are predicting a surge in consumer spending this holiday season. This means its pretty likely you’re going to have, at least some, new stuff in your home over the next few weeks – and some of those items could be pretty expensive. What’s the best way to protect new additions to your home after Christmas?

Home Contents Insurance.

Christmas Home Content Additions

If you already have a home contents insurance plan (whether purchased through CCW Global or elsewhere), then depending on the value of your new additions and presents you may not have to do anything to get them covered under your policy.

Standard Hong Kong Home insurance products will offer between HK$250,000 to HK$500,000 in cover to the policyholder, with individual item limits ranging from HK$10,000 to $50,000 depending on the policy you choose to purchase and the insurer you choose to purchase it from. For less expensive gifts or purchases, like a new phone or a next generation video game console like the PS5, coverage is normally amply provided by the standard policy options. Simply having the item in your home and having some proof of purchase is enough for it to be covered under an existing policy.

Getting New Home Contents Insurance

If you don’t have any home insurance coverage, but because you’re treating yourself to something nice this Christmas, you’re starting to think about it then getting a policy is actually really simple.

If you have between HK$250,000 - $500,000 of possessions in your home simply submit an application to your choice of insurance company and plan. After you pay the premium you will have protection against accidental loss or damage of your items while inside your home. If you opt to purchase a policy with a worldwide all risks coverage benefit then you are protected against accident loss or damage of your personal possessions, anywhere in the world, up to the specified policy limits.

Don’t forget that the expert insurance brokers at CCW Global will be able to help you find the best possible policy for your needs, so ask if you have any questions!

Specified Item Coverage

With the type of year we’ve seen in 2020, it may be possible that individuals are going to splurge that little bit more this Christmas. Expensive pieces of art, new jewelry for the wife, possibly even an engagement ring for your girlfriend, trends suggest that this Christmas is going to be big.

Unfortunately, in the case of jewelry, a single ring could actually far exceed the overall benefits of the policy. If you are thinking about buying a piece of jewelry worth HK$500,000 but your policy limit is HK$500,000 then that one item is (from an insurance perspective) worth more than the rest of your home contents put together, which may actually be the case.

Also remember that standard Home Contents insurance plans have defined limits for the coverage available to each individual item in your possession. A HK$500,000 ring is not going to get a great amount of protection on a standard Home Contents insurance policy with an individual item limit of HK$50,000.

This raises the question of nominating specific items for coverage under a Home Contents policy. This is not typically available with lower limit policies, but enables you and the insurer to correctly cover any item in your home up to its correct value. In the case of your newly acquired Christmas jewelry, you would contact your insurer to update your policy once the item is in your possession. If you are purchasing a new policy to cover this item then be sure to explain that to the insurance representative you are dealing with.

If you purchased the ring for HK$ 500,000 then simply retain your receipts and ask the insurer for a quote including the adjustment for placing the ring on the policy. It is important to note at this point that choosing to include a specified item on your insurance can substantially increase the overall premium, especially with more expensive items.

Once the insurer has agreed to cover the ring, with the value of the ring being agreed by you and the insurance company, the ring will now be protected under the policy up to the stated limits, terms, and conditions.

Other Christmas Present Considerations

Not all Christmas gifts may fit inside your home, but CCW Global has coverage solutions for those as well.

From the new car you’ve been saving for and eyeing all year, to a possibly buying your first apartment, the 2020 Holiday season, all the way through to Chinese New Year, is going to be an opportunity for many people to make a fresh start and turn over a new leaf. CCW Global is pleased to be able to offer comprehensive insurance options for every area of your life – from Car Insurance through to Home Insurance and beyond, we can help you secure the gifts you give this year.

If you would like to receive a free, no-risk, no-obligation insurance quote for anything you may be doing or buying this Christmas, please complete the short form at the top of this page and one of our expert insurance brokers will contact you as soon as possible to discuss your needs. Alternatively, you can Contact Us to provide more details on your requirements.

 



Author: Michael Lamb

Michael Lamb is an insurance industry professional with many years of experience within the Hong Kong Insurance market. Focusing on APAC coverage issues, Michael is able to provide extensive analysis and insight to a range of pressing topics. Previously, Michael provided insurance broker Globalsurance.com with their most highly valued articles and was a key influence in the development of all the content on Pacificprime.com, Michael has a passion for insurance matched by few others in the region.

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