Covering your Christmas: high net worth insurance in the festive period

It’s a time for giving and indulging with your loved ones, so understandably, most of us are too busy organising the perfect Christmas feast to think about details like high net worth insurance. Unfortunately, the festive period presents some significant risks—so it’s worth taking a few minutes to consider your cover at Christmas.

Increased risk of theft at Christmas

Unfortunately, not everybody embraces the spirit of the season. Thieves may be ready to take advantage of the fact that most people will have numerous high value items lying around the house. Understandably, wealthy individuals could be more likely to be targeted, so remain vigilant and make sure your presents are kept in a location that won’t violate the terms of your cover. For example, always ensure to empty your car of presents, as items may not be covered if you have left them in a vehicle unattended.

Valuing your presents

Whatever your perfect gift is—from a diamond necklace to a high-end camera—you’ll want to ensure it’s protected from the moment of purchase, especially if the gift will be staying in your household. Make sure to keep receipts as proof of purchase, and photograph high value items to help prove ownership in the event of a claim.

Taking jewellery as an example, your Christmas gift may need to be valued by a specialist—check out our article here for more information. It’s easy to be swept up in the excitement of receiving a beautiful present, but it’s also important to protect it. You may also wish to ensure you are covered for loss or damage to possessions anywhere in the world, meaning you can jet off for some winter sun in January with your mind at rest.

Christmas decorations or Christmas disaster?

Throughout the year, flooding and water damage generally present a much greater to risk to your property than fire. Wintry weather wreaking havoc with pipes is certainly a consideration in December, so double check your insurance policy will provide enough living expenses should you need to vacate your property. However, a new fire risk is presented at Christmas. A faulty set of lights can spell disaster and do present a fire risk, so always ensure to switch your Christmas lights off before going to sleep—and make sure you have adequate contents and building covers in place.

Getting in touch

Nobody likes to picture things going wrong at Christmas, but if they do, having the right high net worth insurance in place could lessen the stress of a Christmas calamity. If you’d like to discuss your high value contents insurance, please get in touch and I would be delighted to advise you further.

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