Overview and key points
The festive season often brings luxury gifts like designer watches, premium tech, and fine jewellery – but are they properly protected? This article explores practical steps to safeguard high-value presents from theft, loss, or damage. From updating your insurance policy and keeping accurate records to securing your home and avoiding oversharing on social media, we share expert tips to keep your cherished items safe. Whether you’re gifting or receiving something special, these measures ensure peace of mind during the holidays and beyond.
Key takeaways
• Add high-value festive gifts to your insurance policy for full protection.
• Secure your home and avoid advertising absences or luxury items on social media.
• Keep detailed records: valuations, photos, serial numbers, and receipts.
• Speak to your adviser for tailored cover and security recommendations.
Why Protecting Luxury Gifts Matters
With the festive season upon us, and thoughts of mistletoe and entertaining family and friends taking over, you could be forgiven for not considering your personal insurance policy.
If you’re planning to gift or you anticipate receiving a higher value personal asset, don’t forget to make sure it is properly insured – let us know what the item is, its value, and take a photo, so we can add it to your policy.
Luxury watches, one-of-a-kind items, top-end tech and premium fashion run the risk of theft, loss or accidental damage.
Here are some things to bear in mind to make sure you protect those precious gifts for years to come.
Protect your home
Even if you’re not going away over the festive season, it’s likely you’ll be out visiting friends and family or meeting up at restaurants. Having spoken to your broker about your new items, make the effort to secure your items or at least put them out of sight while your property is empty. If you are going to be away for a few days, ask someone you trust to keep an eye on your home, and make sure you have alarms and security systems properly activated. There are also concierge services available which will look after your things if you won’t be around for a while. Don’t advertise via social media that you’re hundreds of miles away – the pictures can wait until you get back home. On that note…
Resist taking to social media
Thieves are well-aware that people like to show off their new items via social media and will actively monitor accounts to see who’s out at that exclusive bar with a new special edition Omega. More than 6,000 watches were stolen in London during 2022, so this is a real issue which the watch industry is working to address – one pre-owned watch specialist has set up a global register encouraging owners and retailers to authenticate valuable timepieces. You don’t want to make this easier for thieves. Make sure anyone receiving a new watch or other valuable gift – perhaps younger family members in particular – aren’t too eager to share their good fortune in a public forum.
Take extra care on holiday
If you’re jetting off for a winter break with a cherished new item, it’s worth being extra vigilant. Luxury destinations are often seen as rich pickings for thieves. Be aware of where bags, phones and other valuable are being set down or displayed makes. In the buzz of a busy restaurant or bar, it’s easy to find yourself on the wrong end of some unwanted attention. It’s also fairly common to leave things behind in the midst of the festive high spirits. With all this in mind, it might even be a good idea to leave new, precious items safely locked up at home.
Keep a record
Make sure you’ve had jewellery and watches professionally valued. Take pictures of your valuable items, note down serial numbers, if available, and keep your receipts. If you do have to claim, having an up-to-date record of your cherished possessions will make it much easier to resolve things quickly.
Speak to your adviser
It’s the quickest and simplest way of making sure your new items are properly covered. Adding higher-value items to your household policy now, and adjusting our policy accordingly, will make it much easier if those items don’t make it home after the party.
Our private client team brings together knowledge, empathy, and innovation to make insurance simple, relevant, and reassuring for clients. We can also recommend suppliers of alarm systems, safes and other security measures.
Please get in touch – we’d love to hear from you.