Many Australians have become more attached to their valuables after two years of staying put due to the COVID-19 pandemic – and those planning to take a vacation again are most likely traveling with uninsured valuables worth more than their trip, according to Allianz's latest report.
The report found that two in five (39%) Australians felt uncomfortable leaving their valuables at home – with 38% of the respondents claiming that they store their valuables in their luggage, 21% at a bedside table at their accommodation, and 13% in their car.
Despite the risk, 68% of the respondents said they do not plan on insuring their valuables when they take them on trips, while 42% admitted they were unaware they could insure their valuables as portable contents under their home contents insurance policy.
Therefore, when an item gets lost, stolen, or damaged, 66% of the respondents said they did not make an insurance claim. Instead, 41% blamed themselves, 35% informed the holiday rental, and 31% called the police.
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“Having your items stolen, lost, or damaged while on holiday is a stressful experience, yet our research shows Aussies may not be making a claim when this happens. As Australians are taking more valuable items with them than ever before, there's a growing need to better insure valuables while we're away from home,” said Rachael Poole, head of home at Allianz Australia.
Allianz has advised Australians to check their home contents insurance policy before travelling because it might have an optional cover available to insure valuables under their policy when travelling. For example, portable content coverage protects the policyholder's wallets, cameras, and mobile phones. Meanwhile, accidental damage coverage protects the policyholder from damage caused by sudden, unforeseen, or unintended events.
“At Allianz, we're encouraging Aussies to conduct a policy health check before departing for their holiday,” Poole said. “This is a simple call that can help build understanding around their Allianz home insurance policy and ensure those all-important valuable items are insured with optional covers, such as portable contents or accidental damage cover.”
