Why women's insurance needs differ from men

Women's insurance requirements are different to that of men, and their specific needs must be taken into account when taking out short-term household and vehicle insurance.

For one, almost every women carries a handbag. The contents of that bag always includes a mobile phone and purse, but can also include small but expensive items like sunglasses and jewellery. Women's bags themselves come with a price tag - some in the thousands.

When a handbag is stolen, the insurance must cover not only the cost of the contents of the bag, but the bag as well, which together can be quite a costly exercise. It's important that women inform their insurer about the accurate cost of their handbags and their contents, and that if any of the items inside change in value, that the policy is updated accordingly.

Women's clothes are another area where replacement costs far outstrip that of most insured men. Women tend to own more clothes than men, and where the insured works in a corporate environment, have more big-ticket clothing items. This includes expensive shoes, handbags and other accessories like jewellery and sunglasses.

Women's wardrobes also often house perfumes and designer dresses that push the cost of their insurance up. All these items must be accurately listed and valued at the current market price to ensure that they can in fact be replaced in the event of theft. Jewellery must have recent and accurate valuation certificates to prove their value.

It's not unusual for women to underestimate the true replacement value of their wardrobe. Failing to account for every item of clothing, pair of shoes and item of jewellery can leave clients underinsured when the time comes to claim, and with some items not being replaced.

Moveable items like mobile devices and jewellery could have specific insurance clauses attached to their safeguarding, for example rings and watches must be stored in a safe when not being worn. It's imperative that women know and understand the conditions of their insurance, and store their insured items correctly, as stipulated.

Global research shows that on average, women are better and safer drivers than men. This has a positive impact on insurance premiums for vehicle insurance. However, women need more assistance when it comes to managing their vehicles in emergency situations than men do.

For example, roadside assistance, concierge driver service and emergency support personnel all are valuable additions for women drivers in the event of a vehicle breakdown or accident.

On the home front, home assistance in case of a home emergency where the urgent services of a plumber or electrician are needed, is just as invaluable for women homeowners.

When applying for short-term insurance, it's critical that women talk to their brokers about their specific needs to ensure they are properly covered, and that they are able to take advantage of available support services in case of emergency.

It's also important that any relevant phone numbers for these services are always easily available.