22.8 C
Johannesburg
February 13, 2025
Imali Matters

BudgetCreditDebtInsuranceLatest NewsNewsNoticeSavingsTips

Be WYZE this Festive Season

As Black Friday approaches, many consumers are gearing up for one of the busiest shopping periods of the year. While it’s easy to get caught up in the excitement of discounts on electronics, home appliances, and gadgets, Hannes Smith, CEO of iWYZE, reminds shoppers to stay vigilant and consider the risks that come with increased shopping activity.

“With the volume of online transactions continuing to rise, so too do the risks associated with cybercrime and fraud,” says Smith. “It’s tempting to chase the discounts, but don’t let your excitement blind you to the risks of buying from untrustworthy sources,” he says. Stick to reputable stores, both online and in-store, and always double-check that the website is secure.

Cybercriminals are opportunistic during this period, with phishing scams and fake sites on the rise. “If a deal seems too good to be true, it likely is,” he adds. Recent data reveals that in Gauteng, 66% of reported fraud incidents are linked to online activity.

Reports predict a 17.3% increase in sales this Black Friday, with high-ticket items like televisions, smartphones, laptops, washing machines, fridges and premium soundbars topping many wish lists. It is important not to just focus on finding the best price—also think about how to safeguard your purchases.

Whether you are buying or receiving gifts like electronics, gadgets, designer clothing, jewellery or bicycles, one way of protecting your new items is by updating your home contents insurance. Many policies can easily be adjusted to cover new purchases, which covers for theft, damage, or loss.

However, standard warranties typically only cover manufacturing defects and don’t include protection against accidental damage or theft. It is worthwhile adding additional cover for those items, especially for gadgets that leave the home often.

Want a WYZE way to protect your stuff? Follow Smith’s tips for a stress-free holiday, with your home, purchases, and travels fully secure.

1. With the influx of new electronics, holiday lights, and gadgets, use surge protectors to protect these items from power surges—caused by storms or electrical issues. They can help prevent costly damage to your valuable devices. Don’t forget to check that your home insurance covers electrical damage, and if you’re heading away, unplug devices to avoid any risks while you’re gone.

2. Consider adding big ticket gifts to your home contents insurance. If not, consider additional cover for items that might exceed your policy’s standard limit. Some policies may only cover items up to a certain value, so consider additional cover if you’re expecting a large number of high-ticket items.

3. Many stores offer extended warranties. While these can cover certain faults, they typically won’t protect against accidental damage or theft. It’s worth looking into additional insurance to fill in the gaps, speak to your insurer.

4. Many families undertake home renovations or improvements around the holiday season, whether it’s updating a kitchen, adding a new room, or simply doing some repairs. If you’re planning renovations, it’s important to also inform your insurer to ensure the new home improvements are covered.

5. Heading away for the holidays? A few simple precautions can help keep your home safe. Start by ensuring all doors and windows are securely locked and consider asking a neighbour or trusted friend to keep an eye on your property. Set timers for your lights to create the illusion of someone being home and test your alarm system to make sure it’s working properly. If you haven’t already, check that your home is covered with the right amount, offering protection against fire, storm damage, and theft. Don’t forget to unplug unnecessary electrical appliances and secure valuables to prevent any unexpected issues.

6. Whether travelling locally or abroad, consider travel insurance to cover medical emergencies, lost baggage, or trip cancellations, especially with the increased risk of theft and disruptions during the holiday season.

“By understanding what you are covered for and taking a few simple precautions, consumers can make the most of their holiday shopping while minimising unnecessary stress,” concludes Smith.

The information presented herein is for informational purposes only and does not constitute financial advice. iWYZE is underwritten by Old Mutual Insure Limited, a licensed FSP and Non-life Insurer.

Related posts

Weather Whiplash: Why Insurance Is More Essential Than Ever!

iMaliMatters

EDTEA MEC ZONDI re-affirms KZN Growth Fund Agency mandate

iMaliMatters

Insurance for Low Cost Housing Has Arrived

iMaliMatters