Make sure your expensive sporting or outdoor equipment is insured
Most of these outdoor adventures require equipment. If this equipment is not insured, or is inadequately insured, an accident can really melt your spirits. Depending on your chosen outdoor activity, it is essential to chat to your financial adviser about the insurance cover required to protect yourself against loss. It is usually a good idea to specify expensive equipment you regularly take out of the house in the All Risk section of your home contents insurance. (All Risk essentially means that any risk that your insurance contract does not specifically exclude, is automatically covered.)

For example, avid cyclists may be embarking on the Cape Argus cycle tour this weekend (and even amateur cyclists will know the costs involved in owning a bike). Of course, some bikes are less expensive than others, depending on your level of enthusiasm, but the cost of replacing a bike, or certain parts or add-ons, can be very expensive without adequate insurance. If your bike forms part of your All Risk cover, it will be covered whenever you are using it. Also consider the equipment you use to transport your bike (or any other sporting equipment), such as a roof rack. This in itself may be expensive to replace if damaged or stolen.

Another useful tip is to have a photograph on record of the contents you want included in your All Risk cover, as well as the documentation proving you are the owner.

The cover you need depends on your lifestyle
If you kite surf or undertake similar water activities, consider the cost of replacing all your gear (boards, kites, wetsuits, etc.) should you need to. Perhaps part of your set-up is left on the beach and stolen, or you suffer damages in the ocean if the waves are strong. Are you covered to get new equipment of the same standard? Remember that equipment may be imported, and may cost more to replace now that the rand has depreciated.

Or consider camping. While meant to be a peaceful activity, it can be very stressful if you run into trouble such as theft, a storm damaging your tent or a camp fire burning your belongings. Your camping kit costs a lot to put together, and any fishing rods and tackle may be pricey too. If you need to replace anything and aren’t insured, it will cost you much more than the petrol you planned to use for your next camping trip.

Insurance provides peace of mind even when there is no equipment involved
Hiking or simply going for a swim can mean parking your car and potentially placing your keys somewhere for safe keeping, or giving them to someone you think you can trust. Theft is a reality you must be aware of and it is advisable to make sure you are insured against such risk. Consider keeping only one key on your person, such as around your neck or wrist, and make sure your other belongings are stored safely.

Your financial adviser can advise on your unique requirements