Don’t forget to cover your iPad and iPhone this summer
AXA warns consumers to get their personal possessions cover or travel insurance in order as the company estimates over £7bn worth of electronic gadgets will be taken on holiday by British holidaymakers this summer as we look to replicate home comforts while abroad.
The average adult holidaymaker will take £424 worth of kit including phones, laptops, MP3 players, DVD players, cameras and camcorders. Once you add the bits and pieces taken by the rest of their holiday party, this will reach on average £738 of electronic equipment per party. And if you're taking children you can probably add on another £100 or more to include electronic games such as Nintendo DS or Gameboys.
Of the £7bn worth of belongings we will take away, up to £1.61bn will be completely uninsured as only 77% have travel insurance and only 49% have personal possessions cover on their home insurance. And AXA warns that for many who think they are covered, their travel insurance single item cover will not be enough for the more expensive items they take.
Meanwhile, 29% of people will pack some, or all, of these items in their hold luggage where potentially neither their home or travel cover will protect them.
AXA calculates that today, the average suitcase of holiday clothes is worth around £450, roughly the same as the electronic luggage we carry with us although per item considerably less. And these days we are more likely to take a mobile or smartphone on holiday than a watch or jewellery - nearly 90% of us will take a mobile while only 58% will take a watch and 48% any jewellery. The average holiday party will take at least two phones with them.
Amanda Edwards from AXA home insurance said: "Personal possessions cover is more important than ever these days. Our lifestyles are changing and we are carrying more and more high value, electronic items with us when we leave our homes - not just when we go on holiday.
"Unfortunately, these items are also very attractive to thieves and if you go anywhere without adequate insurance, or fail to look after your property carefully outside the home you could find yourself footing a fairly hefty bill to replace it.
"While baggage cover is useful for flip-flops and t-shirts, it was never really designed for the high value electronic kit we carry these days and we suggest that people use this holiday period as a prompt to consider very carefully what cover they need not just for their holiday but throughout the year."
Under AXA's standard home insurance policy you can add personal possessions up to a value of £25,000 with a single item limit of £10,000.
Under AXA's standard travel insurance policy you will be covered for up to £1500 of personal belongings with a single item limit of £200. You also have the option to remove this part of the cover from your travel insurance which you may want to do if you have personal possessions cover on your home insurance.
Tips for protecting your possessions while on holiday
Check whether you have personal possessions on your home insurance and, if you don't, think about adding it. It will mean things like your phone and laptop are protected all year round not just on holiday.
If you have personal possessions cover, look for a travel insurance policy that lets you remove the baggage element - it will cut down your premiums a bit.
If you are relying on travel insurance for your possessions, make sure you have enough cover. A few bits of electronic kit can quickly add up to hundreds if not thousands of pounds - more than many insurers will cover.
Check the single item limit on your travel insurance. While it might be enough for a cheap mobile, it probably won't cover you for an expensive laptop.
Don't put electronic equipment in your hold luggage - you may well find it won't be covered if it goes missing or is damaged.
When you are away, be vigilant about your possessions. You need to prove due care and attention if something is stolen or broken. If you leave a laptop in full view in an unlocked apartment or if you drop your mobile in the swimming pool, chances are you won't be covered.
Cut down your risk - think about whether you really need to take two laptops and four phones between you or whether you could make do with fewer gadgets.
Check your ‘single item' limit and that it is high enough for the equipment you are carrying - with AXA's home insurance this is up to £10,000.
Make sure your excess is at a sensible level - one that you can afford.