Will travel insurance cover lost items?

Traveling abroad can be an enriching and transformative experience. It often brings positive experiences because it broadens our horizons as we learn about other places and cultures.

Amidst all the excitement that travel brings, it has a dark side. There is always the possibility of unexpected events occurring while you are on the road. One of the things that could put a damper on your journey is losing valuable items. Whether you’re going on a business trip or a family vacation, you should bring valuable items like tablets, laptops, jewelry, leather bags and cameras. If these items are lost or stolen, will travel insurance be able to cover these valuables?

Here are some important guidelines about travel insurance for valuables:

1. Although not part of the standard travel insurance policy, you can get additional coverage for your valuables and other electronic items to protect them from loss, theft or damage. You can easily arrange this with your travel insurance provider. As you complete the insurance coverage form, you must specify the make, model, age of the product, and serial number for each valuable item.
2. Policyholders have the option to increase coverage for valuable items such as audio, video, computer, photography and electrical equipment. They may also choose to cover portable valuables like watches and jewelry. You can get coverage for the following items:

• ipads
• Video-cameras
• laptops
• cameras
• Mobile phones
• watches
• Slopes
• rings
• necklaces
• bracelets

3. Most travel insurance policies specify the full amount of coverage with a limit of a single item. The policyholder has the option to increase coverage up to an additional amount specified by the insurance company.
4. In the event you file a claim for a lost valuable item, remember that insurers generally pay the actual value of the item. This means that they will not pay for the value of the item when you bought it, but for its second-hand value. However, depreciation is generally not applied to certain high-value items. You just need to show the receipt with the purchase price when you need to claim.
5. Travel insurance companies will not pay your claim if it is proven that you were negligent or irresponsible with your valuables. You will not be covered in these situations:

• If your belongings were unexpected.
• If the items were not reported as missing within 24 hours.
• If the item does not have proof of purchase.
• If belongings were left unattended in a vehicle, whether it be a boat, motorcycle, or car.
• When alcohol and drugs are a contributing factor to the loss of belongings.

Obtaining additional insurance for valuables is beneficial for travelers because it gives them peace of mind knowing that their valuables are covered. If accidents or losses ever occur during the trip, it will be relatively stress-free for them. So when you plan to pack an expensive item on your trip, remember to have a printout of the item and double check the total price of your packed luggage. Stay safe, be organized, and most of all, make sure you have fun.