Save time and effort by comparing a range of home and contents insurance policies with iSelect
A luxury watch is often a fantastic go-to gift for a loved one that’s been working hard, or perhaps for yourself after a particularly long stint of saving.
But the last thing you want to happen is for your designer watch to disappear into thin air thanks to a rather devious thief that’s managed to break into your home and rummage through your highly-coveted belongings.
Unlikely as it may be, it’s still a risk that some people choose not to take. And this is where Contents Insurance may come in handy.
In this article, we explain what Contents Insurance typically covers, how it could apply specifically to luxury watches. While this article provides helpful information, it is important to view any policy’s Product Disclosure Statement (PDS) which provides details about policy inclusions, limitations and exclusions before taking out a policy.
Contents Insurance typically helps provide cover for the belongings in your home, such as electronics, furniture, and whitegoods, but can also extend to high-ticket specified items such as, laptops, jewellery, and luxury watches subject to specified items limits depending on your chosen cover.
It can help cover for damage, theft, or loss on belongings in your home up to the limits of your policy.
But if you need additional cover, you could add more by tweaking your policy through your provider. You may be able to add these high- ticket specified items as personal or portable contents for an additional cost in your premium, usually subject to specified item limits.
Generally, you can expect your Contents Insurance policy to help cover personal belongings such as furniture, technology, and other expensive household items such as a professional espresso machine (with a group head and everything, ooh la la) or perhaps a highly coveted Dyson, subject to the limits stated in your policy.
Generally, watches can be listed as an item under your Contents Insurance policy, as long as your watch is inside your home at the time of potential damage or theft and up to the limits listed on your policy.
But many providers offer cover for watches under optional personal effects cover or portable insurance cover. So, if you’re out and about, and you lose your watch, or it’s damaged or stolen, then this sort of cover may help cover the replacement costs.
The cover can be available wherever you are in Australia, however some insurance providers may not cover for portable personal effects during international travel.
As always, read your policy’s PDS or check with your provider for these details.
Generally, it means that when you’re out and about, you can help protect the value of your personal items such as your phone, wallet, watch, and jewellery in case they are lost, stolen, or damaged, depending on the insurer and policy.
While Contents Insurance can help provide cover against potential loss, damage, or theft of your belongings inside your home, portable contents cover is an extra that you may be able to choose through your Contents Insurance provider.
Here are some key features:
To learn more about Contents Insurance, check out the Moneysmart website.
You can start comparing Contents Insurance cover right here with us at iSelect. We’ve got a range of providers who can help you provide cover for your nearest and dearest possessions, potentially including your favourite watch. Compare a range of policies online, or call our friendly team on 13 19 20.
Last updated: 8/12/2021