Dipesh Radia | Your Black Friday tech deserves a safety net

Black Friday is the time of year when that new smartphone, laptop, gaming console, or big-screen TV finally becomes a little more affordable. But the real cost of a bargain can add up quickly if your new device is stolen or damaged and you discover it isn’t properly covered. Here are six steps to ensure your new purchases are protected.

1. Review your household contents cover

Your household contents policy covers the items in your home up to a total amount, known as the sum insured. If you add a R30,000 television and a R25,000 laptop to your household without updating that amount, you could be underinsured. Many policies reduce claim settlement amounts proportionality  , even for items you had before Black Friday. A quick call to your insurer or broker can insure that your insured value is updated.

2. Check whether your tech is covered away from home

Contents insurance generally covers items inside your home. Smartphones, laptops, tablets, and smartwatches are generally designed to be taken out of your home. To protect them on the go, you may need to add them to portable possessions cover (sometimes called all-risk cover), either as specified items or within an unspecified limit. It will help to check which applies to your new devices.

3. Keep your proof of purchase safe

Receipts, invoices, and delivery notes are essential if you ever need to claim. Take photos or scan them and store copies in the cloud or email them to yourself, as paper slips fade. Record serial numbers and take photos of your new devices too. They help prove ownership and can assist police and your insurer if items are stolen.

4. Know the difference between a warranty and insurance

A manufacturer’s warranty generally covers specified product defects, such as a faulty screen that stops working. It usually won’t help if your laptop is stolen from your car or your phone takes a tumble down the stairs. Insurance may cover events such as theft or accidental damage, depending on your policy. The two work together, but they aren’t the same thing.

5. Read the fine print

Before assuming your purchases are protected, understand your policy’s exclusions, limits, and excesses. Some policies limit cover for theft from unattended vehicles,  or cap the amount paid for individual items. Knowing your excess also helps you decide whether a claim makes financial sense.

6. Update your cover as your life changes

Black Friday is a good prompt for a wider check. Many households accumulate valuable electronics over time without updating their cover. Reviewing your policy at least once a year helps ensure that what you own and what you’re insured for still match.

A great deal should feel good long after the sale ends. Taking a few minutes to check your cover means that if the unexpected happens, replacing your new favourite gadget won’t cost you twice.

*Dipesh Radia is Chief Commercial Officer at Momentum Insure.