Personal effects cover (sometimes called portable contents) offers coverage for accidental loss or damage to a range of belongings that travel with you, anywhere in Australia and even for a specified period overseas – including watches. Generally, you can only get personal effects cover as an optional extra on your contents insurance.
If you’re looking to only cover your treasured timepiece, you could also get comprehensive insurance through a specialised jewellery and valuables insurer.
Personal effects cover can insure your belongings, including your watch, which could help you cover the cost of repairing or replacing your timepiece up to a certain amount – provided it’s specified on your policy. To this point, if you have a more expensive watch you could increase or nominate your own sum insured with a specified personal effects insurance (see more below).
It doesn’t just have to be an ordinary wristwatch, either. Smart watches, Fitbits and Samsung and Apple watches can also be covered under portable contents insurance. Whatever type of watch you have, it’s crucial to either list it on your policy or have enough unspecified personal effects cover to insure it.
Each personal effects insurance policy will offer different levels of coverage, depending on your insurer. Portable contents cover will generally insure (up to a specified limit) items you take with you out and about (provided they are specified on your policy), including (but not limited to):
Typically, you will not be covered for any items not specifically listed as insured under your policy. However, personal effects insurance usually comes with some general exclusions to be aware of, including (but not limited to):
There are two types of personal effects cover: unspecified and specified.
Contents insurance is a standalone insurance product that offers coverage against damage, theft or loss of personal possessions (including furnishing and some fixtures) inside your home.
Conversely, portable contents cover is an optional extra you can add to your contents insurance which provides financial protection for those items you regularly take with you outside of the house.
Simple; you only have to list the watch in personal effects under your contents insurance policy to ensure it’s covered.
Your watch isn’t the only thing that needs protection, though. Could you afford to replace heirlooms, jewellery, or expensive electronics if you were robbed? What about if your home was damaged or destroyed by a fire or unexpected event?
If it would cost more than you’re prepared to pay, perhaps a contents insurance policy would be a sound investment for your adobe. We can help you find great-value contents insurance with our free comparison tool. Plus, it only takes a few minutes to get a quote and see what’s out there!