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What you should know about All Risk Insurance

Published on: 15 February 2016

What you should know about All Risk Insurance

Whether it’s your designer sunglasses, engagement ring, cell phone, watches or camera – if it’s important to you – all risk insurance is the insurance cover you should, literally, never leave home without.

What is All Risk Insurance?

Sometimes referred to as “portable possessions” insurance, or Movables insurance, is additional cover for personal belongings that are usually worn or taken out of the home. This normally includes items such as: iPads, laptops, cameras, cell phones and prescription glasses. These portable items can be covered under your Home Contents Insurance Policy, but you would not be covered if these items were lost or stolen outside your home.

At MiWay, All Risk Insurance is referred to as MiMovables Insurance.

The two types of All Risk Cover

  • Unspecified: This covers a variety of items that you wear or usually take out of the house that might change from day to day. Since it’s not practical to list each and every item, you can choose an overall value for unspecified items without having to list each one. There’s a maximum value each item is covered for.
  • Specified: This covers items valued at more than the individual maximum value per item for Unspecified All Risks, for example an engagement ring.  Each item you insured under this section is specifically listed at the value noted on your policy.

Why you should review your policy regularly

By updating your insurance policy, you can ensure that you are not under-insured. Remember to also make sure that all items are insured for their replacement value. This is the cost of replacing your lost or damaged goods with new ones. After all, the point is to be able to replace the items should they be irretrievably lost or damaged.

How to update your policy

As a MiWay client, you can update your policy online 24/7/365 - whenever it’s convenient for you - by simply using the MiXpress self-help portal:

Get cover that provides you with peace-of-mind for when you’re out and about