Are my Christmas presents covered by my contents insurance?

Updated 13 December 2023

They say giving is its own pleasure. But let’s be honest, receiving is pretty great too. Particularly when you’re receiving a ring, a new camera, or you’ve treated yourself to a top-of-the-range mountain bike.

Chances are you’ll want to start using the new toy as soon as possible, but what if it were to get damaged or even lost? Is it automatically covered by your contents insurance?

If you’ve received something very special this Christmas, there are three things you need to do to make sure it’s covered under your contents insurance policy.

1. Know how much it’s worth

Most contents insurance policies cover you for belongings up to a certain amount without you needing to specify each and every possession.

But if you’ve received a particularly valuable gift – or it’s likely to be hard to replace – you need to list the item separately on your policy for it to be covered.

If you have a MAS Contents Insurance Policy, you need to itemise any sports equipment, electronics, or music gear worth more than $5,000; any jewellery, watches or bikes worth more than $8,000; and art worth more than $25,000. 

This means you may need to ask the awkward “how much is it worth” question, if you’ve been given something you think might need to be listed on your policy. Of course, if you really don’t feel comfortable asking about the value of your gift, you can also Google what it might cost to replace.

2. List high-value gifts on your contents policy

If you’ve received something particularly valuable for Christmas, it may need to be itemised on your contents policy. Giving your insurance company a call probably isn't the first thing you feel like doing when you wake up on Boxing Day, so most insurance providers including MAS, will have a way for you to make a change to your contents policy online. Until your high value item is listed on your policy, you might not be covered for any damage or loss for its full amount.

This might increase the premium you pay for your contents insurance – but you’ll be able to make the most of the gift and not wrap it up in cotton wool, worrying how you’d replace it if something were to happen.

 3. Keep your photos

It’s a good idea to take photos of the gift itself and of you with it, to prove ownership if something were to happen. Photos aren’t essential, but at least one is useful if you need to make a claim in the future.

In something should go wrong and you don’t have any photos, ask the person who gave you the gift for some proof of purchase. This will help you show proof of ownership if you need to make a claim.