IF YOU DECIDE TO INSURE

Certain special, high-value items should be insured, because they form part of your accumulated wealth, Bertus Visser, the chief executive of distribution at PSG Insure, says. And they may need to be specified in your householder’s or all-risks policy,

• Works of art. If you have valuable paintings or sculptures, you need proof of ownership and value. For this reason, you would need to obtain a professional valuation for insurance purposes.

• Collections. Stamp collecting is a good example of a hobby where the accumulative value of what you have bought over many years can become substantial over time. Visser says you should have your collection valued from time to time in light of new additions, and update your insurance cover accordingly.

• Gold coins. If you own Krugerrands, you are required to have a certificate of ownership, and they may have to be specified on your policy. In the event of a claim, you may recover the loss only in line with the prevailing gold price.

• Antiques and heirlooms. It is worthwhile to have these items valued so they can be accurately accounted for in your contents cover, and some may need to be specified, Visser says.

• Pricey jewellery and accessories. Jewellery and expensive clothing accessories are often worn outside of the home and may need to be specified under your all-risks insurance cover. If you carry expensive perfume, make-up or other valuables in your handbag, the handbag and its contents need to be sufficiently covered.

“Most policies provide limited handbag cover, so if you are carrying around high-value items that exceed this cover, you will need increase the sum insured,” Visser says. The same can be said for expensive watches, for example, or cufflinks: make sure they are covered for their correct replacement value and are specified in your policy if required.

• Firearms. “These will also need to be specified, along with ammunition, loading equipment and scopes,” Visser says. “The accessory items are often even more expensive