We hope this never happens, but if any of your precious belongings get damaged or stolen out of your home, you should be able to provide us with proof of ownership when you claim for it against your home contents insurance policy.
Imagine our hero, Mr Larry Lounger, living peacefully in the Smith family’s lounge. He was the foundation for countless family moments, from nail-biting soccer finals to heartwarming movie nights. Unfortunately, disaster paid a visit, transforming Larry from the family’s snug centre into a soggy, uninviting sight.
The proof of ownership twist
Fear not! The Smiths had armed themselves with a home contents insurance policy from your trusted King Price. And here comes the twist… We asked for proof of ownership for Larry. As strange as that sounds, it’s standard practice across the insurance industry. Why, you ask? Well, there are 2 reasons, 1 not-so-nice and 1 nice.
The not-so-nice and nice reasons for proof of ownership
The not-so-nice reason is that, sadly, not everyone is as honest as you. Sneaky peeps might claim for items they’ve never owned, which harms not just the insurance company, but eventually increases premiums for all of us. But let’s not linger on the dark side.
The nicer reason is that it’s in your best interest! Imagine your TV, which could be worth anything from R2,000 to R45,000 or more. If you prove your TV was worth R20,000, you won’t receive just R2,000 from your claim but the full R20,000. Sounds pretty good, doesn’t it?
Understanding home contents
Now back to our story: Mrs Smith found a photograph of Larry in his prime, securing their claim. This happy ending reminds us of the importance of keeping a record of our valued possessions, whether it’s your 4K TV, designer clothes, or extensive recipe book collection. If you turned your home upside down, everything that would fall out is considered home contents, and yes, including our hero, Larry.
To ensure you’re not left in a lurch when disaster strikes, calculate the replacement cost of every item in your home and ensure you’ve provided sufficiently for that under your home contents insurance policy. Remember, it’s always better to have the right cover, than to be under-insured. To help you, we’ve made an inventory form available on our website, which can be downloaded here.
Proof of ownership can range from slips, manuals, and dated photographs to model and serial numbers of your valuable items. If you own pricey items like jewellery or watches worth more than R35,000 each, they should be listed individually on your home contents insurance policy, along with their valuation certificates.
The cool tech solution: Prey software
Another cool way to track expensive electronic devices like laptops, smartphones, and tablets is through software like Prey. It’s simple to download, user-friendly and has a record of recovering thousands of items for users worldwide. Check it out here.
In conclusion, as we say cheers to the Smith family and Larry, remember that home contents insurance and proof of ownership are crucial to protecting your valuable belongings. Always keep a record, and let us, your friendly insurance superheroes at King Price, keep you covered. Keep laughing, keep living, keep insuring… That’s the King Price way!
