Stolen bag – What will your insurance policy cover?

A stolen bag is the worst. Goodbye phone, wallet, cards, ID, driver’s license, glasses … It’s a money and admin nightmare to get everything replaced.

Luckily, if you have the right Home Insurance, you can recoup the cost of some of your lost items.

So … do you know if you do?

When it comes to cover for stuff like handbags, glasses, or a camera – also known as portable possessions insurance – it’s important to understand what’s covered and when.

What is Portable Possessions Insurance?

Portable possessions insurance covers the personal items you take outside your home against theft, loss, or accidental damage. It complements Home Contents Insurance, which only covers items inside your home.

This includes the stuff you take out with you every day, like your handbag, wallet, or smartwatch. Depending on your policy limit, you may have to specify certain high-value items for their full value to be covered. This would typically be expensive stuff like smartphones, designer sunglasses, or cameras.

Specifying Items Under Portable Possessions Insurance

When you specify items under portable possessions insurance, you list valuable stuff individually in your policy. That way, you know they’ll be covered for their full value if they get stolen.

For Example:

If you specified your iPhone for R10,000 on your policy, for instance, portable possessions would cover the full specified value of R10,000 if it’s stolen – less any excess you may have. If you didn’t specify your iPhone, insurance will pay out as per your single-item policy claim limit. If that limit is R5,000, for instance, you’ll be reimbursed R5,000 for your iPhone.

Generally, items below R5,000 don’t need to be listed on your policy. So, if your R1,000 glasses get stolen – you'll be reimbursed R1,000 regardless of whether you specified them or not. Keep in mind that some policies don’t cover unspecified items like cash, cards, or documents.

When Will Your Stolen Items Not Be Covered by Insurance?

Portable possessions insurance doesn’t cover every event. You can’t, for instance, leave your handbag on a restaurant table while you go to the toilet and expect your insurance to pay out when it gets stolen.

Here are the things that typically AREN’T covered. Keep in mind that different policies have different exclusions:

Common Insurance Exclusions:

• General Wear and Tear:

  Damage from regularly using the item. For instance, you won’t be covered when your leather bag's straps wear out from daily use.

• Negligence:

  Loss or damage caused by being careless, such as what we mentioned above.

• Items Not Listed or Over Policy Limits:

  As mentioned, unspecified items over the single-item claim limit. This could be a R15,000 watch or a R30,000 engagement ring.

• Unapproved Activities:

  Damage that happened while you were doing something your policy deemed risky - for example, damaging your camera during a rock-climbing expedition.

• Mechanical or Electronic Failure:

  For example, if your laptop stops working due to a hardware issue, the repair or replacement cost would usually not be covered. Keep in mind that you can take your item in for repairs if it’s still under a manufacturer’s warranty.

• Illegal Acts:

  Loss or damage that happened while you were doing something illegal. For example, damage to a backpack while you were trespassing on restricted property.

Need Insurance for Personal Items? Compare Quotes Now

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This article is for informational purposes only and does not constitute financial, legal, medical or insurance advice. Hippo is a comparison site helping you evaluate quotes from trusted South African insurers. Always review policy details before making changes. Quotes are risk profile dependent and subject to annual review. No fees are charged for using Hippo’s comparison service. HAS (Pty) Ltd and HCS (Pty) Ltd are authorised FSPs. Terms and conditions apply.