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Valentine’s Day is one of the most commercialised days on the global calendar. Each year billions of rands are spent on expensive gifts. In 2018, South Africa’s online gift and flower delivery business, NetFlorist, grew by 1,400% in the run-up to Valentine's Day as more than 200,000 red rose stems were ordered.
Marius Steyn, Personal Lines Underwriting Manager at Santam says: “Valentine’s Day is regarded the same as a birthday, anniversary, or a wedding/engagement day, therefore the gifts are treated in the same manner in terms of insurance policies. Consumers are always advised to seek counsel from their broker when receiving any new valuable item.”
Whether it's a diamond engagement ring, the dream car you’ve been dying to drive or any flashy expensive pair of shoes, hold your horses before you start showing off to your loved ones and friends. After delivering your thank you speech, don't forget to protect the gift with the correct insurance. If you already have a household content insurance, talk to your broker for advice on how you can insure your gift.
Steyn shares some tips on how you can cover your gift and have peace of mind if anything were to happen to it.
Steyn concludes that as the person receiving the gift, it’s best to get your own policy as soon as possible if you do not already have one. If you decide on having one policy between you and your new partner, but you’re not the main policyholder, remember that if you’re the additional insured, it’s up to your partner to pay you in the event of a claim, which could get difficult if you’re not together any more.
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