Should you get insurance for Christmas gifts?

Woman with dog wrapping Christmas presents and considering contents insurance.

If you’ve started filling Christmas stockings, you might want to put contents insurance on your holiday list and check it twice.

The latest figures from the Australian Bureau of Statistics (ABS) show a 3% increase in the number of burglary victims between 2018 and 2019. This contributes to the fourth consecutive yearly rise in overall robbery.

While there isn’t much fresh data on break-ins during the holiday period, the ABS does note 72% of burglaries happen at a residential address. So if you’re storing big-ticket presents like jewellery, sports equipment or expensive tech under your bed, it could be the season to investigate insurance.

Does contents insurance cover presents?

You may already have a contents insurance policy which covers your belongings in case they’re damaged by unexpected events like flooding, fire and theft.

Depending on your insurer and policy, gifts could be included in this. However, many providers have dollar limits for specific items across standard cover and optional extras. 

For example, jewellery within your home might be insured for up to $1,000 per-item, and up to $5,000 in total. So, if you’ve got a sparkling something worth $3,000 hidden away for a special someone and it’s stolen, you’ll only be covered up to the $1,000 item limit.

In this instance, it might be worth updating your existing policy to fully insure the piece – just remember adding a pricey item to your cover could increase your premium. Or you might consider taking out single item insurance which solely covers valuables you elect. 

While you might miss out on the convenience and savings of bundling policies, this option can be useful if you don’t have an existing policy or if the present is going to someone that doesn’t live at your insured address. 

In all cases, it’s important to read your policy’s Product Disclosure Statement (PDS) carefully so you know what exactly is covered and in what circumstances. 

Making an insurance claim for gifts

This will likely be similar to any other contents insurance claim you make, requiring that you provide evidence you own the item, that it was stolen or if it was damaged and to what extent. 

The best way to ensure your claim is accepted is to keep all your receipts or valuations, and to snap quick photos of your presents before you wrap them up. Having this information handy should make the claims process more efficient and stress-free, so you can get back to your holiday sooner.

If you’re heading towards Christmas and want to insure your belongings, check out some of the options below.

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  • Contents Insurance

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
      Optional Extra
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    No
    New for old
    replacment
    Replacement icon
    Yes
    Go to site
    Details
  • Premier Care Residential

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    No
    Underinsurance protection
    Underinsurance protection icon
    YesUp To 30% Of Building Sum Insured
    New for old
    replacment
    Replacement icon
    Yes
    Go to site
    Details
  • Premier Care Residential

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    No
    Underinsurance protection
    Underinsurance protection icon
    YesUp To 30% Of Sum Insured
    New for old
    replacment
    Replacement icon
    Yes
    Go to site
    Details
  • Contents Insurance

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    No
    New for old
    replacment
    Replacement icon
    Yes
    Go to site
    Details
  • Home & Contents Insurance

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
      Optional Extra
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    Optional ExtraUp To 25% Of Sum Insured
    New for old
    replacment
    Replacement icon
    Yes
    Go to site
    Details

*Any information provided on this page should be considered a summary and general advice only. All information should be verified before purchase via the relevant Product Disclosure Statement (PDS).

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