South Africans love their tech, treasure their heirlooms, and increasingly carry high-value items every day. From smartphones and laptops to engagement rings, designer watches, bicycles, cameras, hearing aids, and musical instruments, the combined value can be significant. Unfortunately, loss events—whether theft, accidental damage, power-surge damage, or mysterious disappearance—can happen in an instant. A well-structured insurance plan protects both the item and your cash flow, ensuring that a single incident does not derail your finances.
This guide explains how valuables cover works in South Africa, the differences between policy types, how to avoid common pitfalls, and practical steps to reduce premiums while keeping comprehensive protection.
What counts as “valuables”?
Insurers generally use the terms “valuables”, “all-risk items”, or “portable possessions” for belongings that leave the home or are especially susceptible to theft and accidental damage. These often include:
- Jewellery and watches (including engagement and wedding rings)
- Smartphones, tablets, laptops, gaming consoles, e-readers
- Cameras, lenses, drones, gimbals, and accessories
- Bicycles and e-bikes
- Musical instruments and professional audio equipment
- Designer handbags, sunglasses, and footwear
- Collectibles and high-end sports equipment
- Medical and assistive devices (hearing aids, CPAP devices, mobility aids)
Items that almost always stay at home (for example, lounge furniture, fridges, curtains) are typically insured under home contents rather than portable possessions. However, many items can sit in either category depending on how you use them; for example, a camera that never leaves the house might be covered under contents, but a camera used on location should be on a portable possessions schedule.
The core building blocks of cover
1) Home contents vs portable possessions (all-risk)
- Home contents insurance covers your household belongings at the risk address listed on your policy. Cover usually applies for perils like fire, storm, power-surge (depending on your wording), and theft following forcible entry. However, many contents policies exclude accidental damage and loss outside the home unless you add a specific benefit.
- Portable possessions (all-risk) insurance covers specified and unspecified items anywhere, often worldwide, including accidental loss or breakage. This is the go-to section for jewellery, phones, laptops, and anything you routinely take with you.
2) Specified vs unspecified items
- Specified items are individually listed with a description and sum insured (for example, “Apple iPhone 15 Pro, 256 GB, IMEI …, R28 000”). Specifying is essential for high-value items and usually results in clearer claims handling and fewer sublimits.
- Unspecified (blanket) cover provides a pooled limit for lower-value items you carry daily, up to a maximum per item. It is convenient for everyday carry but can be restrictive if a single item’s replacement value exceeds the per-item cap.
A robust setup often mixes both: specify the high-value pieces (engagement rings, MacBooks, high-end cameras, bicycles) and keep a modest blanket for smaller items like sunglasses or earbuds.
3) New-for-old replacement vs market value
Most personal lines policies in South Africa aim for replacement on a new-for-old basis, subject to your sum insured being accurate and the availability of a like-for-like item. Check the policy wording: some categories (such as certain electronics) may factor in depreciation or require the closest equivalent model if your exact item is discontinued.
4) Excess structure
An excess is the first amount you pay on any claim. Excesses can be flat (for example, R1 500 per incident) or percentage-based for certain items (such as bicycles or high-end jewellery). Higher voluntary excesses can reduce your premium, but ensure that you could comfortably fund that amount at claim time.
What drives your premium?
Premiums are risk-priced. Insurers weigh several factors:
- Item value and risk profile: Jewellery and flagship smartphones have high theft attractiveness and claim frequency, which can raise rates.
- Where you live and work: Risk differs by area. Insurers may price based on the risk address and typical exposure patterns.
- Security measures: Safes, alarms, trackers, engraving or microdotting, and secure storage practices can attract better terms.
- Claims history: Frequent small claims increase future premiums. Consider self-insuring smaller losses to keep your record clean.
- Usage: Business or professional use (for example, wedding photography, gigging musicians) increases exposure and usually needs commercial wording.
- Excess selection and policy benefits: Higher excess lowers premiums; optional benefits raise premiums.
Valuing your valuables correctly
Underinsurance is one of the most common claim frustrations. Your sum insured should equal the current replacement cost. Practical steps:
- Jewellery: Obtain a recent, reputable valuation and update it periodically. Precious metal and gemstone prices change. Insurers can decline the shortfall if you are underinsured.
- Electronics: Use retail replacement prices for an equivalent current model. For imported or discontinued items, research the closest equivalent locally.
- Bicycles and equipment: Confirm the current model year price, including components and accessories you want covered.
Keep digital copies of valuations, original invoices, certificates (for diamonds and watches), serial numbers, IMEI numbers, high-resolution photos, and any repair or service records.
Security conditions that actually matter
Policy wordings often include warranties and conditions of cover. If you breach a warranty, the insurer can reject the claim even if it is unrelated. Pay close attention to:
- Safe storage for jewellery: Items above a certain value must be worn or kept in an anchored safe that meets a specified standard when not in use. Nightstands and drawers do not count.
- Vehicle requirements: Items left in a car may only be covered if they are concealed in a locked boot or compartment, with forced-entry evidence. Many insurers exclude theft from an unattended vehicle between certain hours, or limit the payout sharply.
- Bicycle security: Some policies require an approved lock and proof the bike was stored in a locked building at night. E-bikes may carry higher excesses or tracker requirements.
- Proof of blacklisting: For phones, you may be required to block the IMEI through your network provider and provide proof.
- Power protection: If your policy covers power surges, you may be required to install surge protection at the distribution board or the plug point.
If you cannot meet a condition, tell your broker or insurer up front and ask for an endorsement that reflects your reality. Silence creates nasty surprises at claim time.
Choosing the right structure: three common setups
Option A: Contents plus portable add-on
For homeowners and families, the most efficient route is a single insurer for buildings, contents, and portable possessions. You usually get multi-product discounts, a unified excess, and simpler administration. Specify the big-ticket items and keep an unspecified blanket for everyday carry.
Best for: Households with a mix of stay-at-home and out-and-about items.
Option B: Standalone device or jewellery cover
Some people prefer a standalone device policy for phones, laptops, or cameras, or a specialist jewellery policy for high-value collections. This can help if you rent a room, move often, or do not need a full contents policy.
Watch-outs: Standalone policies can be convenient but sometimes costlier per rand of cover and may carry strict sublimits or conditions. Compare wording carefully.
Option C: Specialist or professional cover
If you regularly use gear for income—think photographers, videographers, musicians, DJs, cyclists with sponsorships—ask about commercial or professional wording. Personal policies often exclude business-use claims.
Claims made simple: a step-by-step playbook
- Prioritise safety and mitigation. In theft or robbery, get to safety first. For water or power incidents, stop further damage where possible.
- Report to authorities when required. Theft and robbery generally need a police case number. For phones, block the IMEI with your network provider.
- Notify your insurer or broker promptly. Most policies require notification within a set number of days.
- Provide documentation. Receipts, valuations, serial numbers, photos, repair quotes or supplier replacement quotes, and any tracking evidence.
- Cooperate with assessors. They may interview you, request more documents, or inspect the site.
- Settlement. Depending on your wording, you may receive a replacement item, a voucher, or a cash payout less excess and depreciation (where applicable).
Pro tip: Keep your records ready before a loss. A cloud folder with valuations, photos, and serials can be the difference between a quick payout and weeks of back-and-forth.
The most common reasons claims go wrong
- Underinsurance: The sum insured is too low relative to replacement cost.
- Breach of warranty: Jewellery not kept in a safe when not worn; bicycle not locked; item left visible in a car.
- Insufficient documentation: No proof of ownership or serial numbers; no valuation for high-value jewellery.
- Business-use exclusion: Using personal-lines cover for professional work.
- Unattended property exclusions: Leaving items in public spaces briefly unattended can be excluded under some wordings.
- Wear and tear or mechanical breakdown: Insurance covers sudden and unforeseen events, not gradual deterioration. Consider extended warranties for mechanical failure.
Reducing premiums without hollowing out your cover
- Bundle policies: Buildings, contents, and portable possessions with one insurer often attracts discounts and a single excess.
- Right-size your blanket: Move pricey items out of unspecified cover into specified items. Keep the blanket for genuinely low-value carry items.
- Increase your excess prudently: A higher excess lowers premiums, but pick an amount you can pay at short notice.
- Improve security: Install or upgrade an anchored safe, add monitored alarms, use microdotting or engraving, and fit bicycle locks or trackers.
- Claims discipline: Consider self-insuring minor knocks. A clean history supports better renewal terms.
- Annual valuation refresh: Avoid underinsurance by updating jewellery and high-value item values.
- Leverage loyalty benefits: No-claim bonuses, cash-back features, or premium holidays exist in some products; weigh them against core cover and pricing.
Special cases to consider
Engagement rings and wedding jewellery
Insure the ring as a specified item from the moment it is in your possession, even pre-proposal. Provide a valuation or purchase invoice and detailed description. Confirm whether the ring is covered worldwide and what the safe-storage expectations are when it is not worn.
Bicycles and e-bikes
Provide frame numbers, full component specs, and photos. Ask about racing exclusions, event cover, and crash damage. Some policies require a minimum lock rating when the bike is unattended.
Drones and camera rigs
Drones may require aviation-related compliance and may be subject to strict use conditions or exclusions near airports and restricted areas. Professional use almost always needs commercial cover.
Students and house shares
If you live in shared accommodation, clarify who owns what and how contents cover applies to common areas. Portable items that accompany you to campus should be on a portable possessions schedule, ideally specified if valuable.
Work devices and business use
Phones and laptops issued by employers are normally insured by the employer. If you use personal devices for income, disclose this and request the correct wording. Claims can be declined if the insurer discovers professional use under a personal policy.
Practical checklist: set yourself up for a painless claim
- Create a secure cloud folder labelled “Insurance – Valuables”.
- Add purchase invoices, valuations, and certificates.
- Record serial numbers and IMEI numbers; store them in a simple spreadsheet.
- Photograph each item clearly, including close-ups of serial plates and hallmarks.
- Install a compliant safe if your jewellery values warrant it, and keep the invoice.
- For bicycles, retain proof of lock purchase and take photos showing the lock in use.
- Enable device tracking features on phones and laptops and keep them updated.
- Add surge protection for sensitive electronics if your wording expects it.
- Review and update sums insured annually.
Frequently asked questions
Do I need receipts to claim?
Receipts are ideal, but if you do not have them, valuations, bank statements, photos, serial numbers, and service records can help prove ownership and value. Keep at least two forms of evidence.
Are gifts and inherited items covered?
Yes, provided you disclose them and insure them correctly. For heirlooms and bespoke jewellery, obtain a professional valuation and specify the item.
Is accidental damage always covered?
Not under standard contents cover. Accidental damage outside the home is typically a feature of portable possessions (all-risk). Always read the wording.
My phone is work-critical. Can I add loss-of-use cover?
Some policies offer temporary device benefits, loan devices, or quick-replacement networks. If this matters to you, prioritise it when comparing products.
Can I insure second-hand or refurbished electronics?
Often yes, but be prepared with proof of purchase, serial numbers, and the current replacement value of an equivalent model.
What about power surges?
Many policies now address surge damage explicitly. Some require certified surge protection devices. Confirm whether batteries and chargers are included.
Are my items covered overseas?
Portable possessions are often covered worldwide, but time limits or territorial restrictions can apply. If you travel often, confirm the full wording and consider travel insurance for baggage delays or airline mishandling.
Pairs and sets: how does that work?
Some policies pay for the damaged item only, not the entire set (for example, a single lost earring from a pair). Ask about a “pairs and sets” clause or whether the full pair can be replaced.
Example setups (to copy today)
Scenario 1: Everyday professional
- Specify: MacBook, smartphone, designer watch.
- Blanket: R10 000 unspecified for sunglasses, earbuds, and accessories.
- Security: Surge protector at home, device tracking enabled, watch worn or stored in safe.
- Excess: Moderate, to balance premium and affordability.
Scenario 2: Newly engaged couple
- Specify: Engagement ring with recent valuation, mention setting and stone details.
- Add: Smaller blanket for everyday carry.
- Security: Anchored safe and clear warranty endorsements.
- Tip: Update the valuation after resizing or resetting.
Scenario 3: Amateur photographer
- Specify: Camera body and lenses individually, plus drone if applicable.
- Confirm: Accidental damage and theft from an unattended vehicle conditions.
- Consider: Commercial wording if you earn regular income from shoots.
Scenario 4: Cyclist with an e-bike
- Specify: Full bike and battery details, serial number, accessories.
- Meet: Lock and storage requirements; consider a tracker.
- Check: Racing and event exclusions; higher excesses for e-bikes.
How to compare policies like a pro
Create a simple comparison table with the following columns:
- Portable possessions cover type (specified and unspecified limits)
- Worldwide cover and time limits
- Accidental damage scope
- Jewellery safe and wear conditions
- Unattended vehicle limitations
- Power surge and load-shedding related clauses
- Pairs and sets clause
- Excess structure (flat or percentage; item-specific excesses)
- Business-use exclusions
- Claims support (turnaround times, fast-track options)
- Premium and discounts (multi-policy, claims-free, security)
Populate it using the policy schedule and wording summary, not just marketing brochures. If anything is unclear, ask the insurer for a written endorsement.
Final word
Insuring valuables is not just about price. It is about the confidence that, if the worst happens, you will be made whole quickly and fairly. Build your cover on three pillars: accurate values, honest disclosure, and practical security. Specify high-value items, keep records organised, and choose a policy whose wording matches how you actually live and work. With that foundation, you can enjoy your valuables without the constant fear of financial loss.
William Dube is a finance and economic news expert with over 10 years of experience in economic anaylsis, financial product assessment and market analysis. With a numerous certificates from prestigious universities including but not limited to Yale University and the University of Pennyslivenia. William specializes in providing insightful news developments in South Africa and commentary on investment strategies, risk management, and global economic trends.
You can contact him on william@rateweb.co.za
