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The importance of protecting your tech gifts

With Black Friday deals flooding your mailbox, many consumers will take to the shops or purchase some of those deals, especially the discounted tech items. These valuable items come at a great discount and, as they’re cheaper, they are often bought without giving insurance a thought.

According to the Governance, Public Safety and Justice Survey (GPSJS) 2018/19, released by Stats SA this October, there were roughly 1,2 million incidences of theft of personal property which affected 2,5% of citizens aged 16 or older. There were also around 580 000 cases of street robbery over the same period.

In a recent media release, Vera Nagtegaal, Executive Head of online comparison website Hippo.co.za, says that it is important to ensure that tech devices are covered when leaving home, as this could save thousands in replacement costs should they be damaged or stolen.

She advises consumers that a home contents policy insures everything you keep in your home, so it would naturally cover that new state of the art TV or other high-tech items. “Unfortunately, what this may not cover is the tech devices that you take out of your home. So, should you take that new phone or iPad out and it gets damaged or stolen, you will be liable unless this is covered by specific insurance policies designed for these items or specified on your existing policy.”

In addition to insuring devices, Nagtegaal has the following tips to keep tech gadgets safe:

Don’t advertise your new tech product on social media. You never know who could be watching.
Make security a priority in your home. Always check that your doors are locked and windows are closed when you’re out or go to bed at night.
Always keep your receipts and take a photo of the serial numbers of your devices. You will need this in the event of a claim.
Be discreet when discarding the packaging. Those big boxes might draw unwanted attention.

As a financial adviser, it is important to provide guidance to your clients in order for them to make better financial decisions. Tip: Check-in with your client to update their short term portfolio – the sooner the better.

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