What are the most precious objects in your home? For most people, it will be something that combines financial and sentimental value; jewellery handed down through the family, a fine clock presented to you on your retirement, a painting that reminds you of an important time in your life.
We hate to think of losing these things, but if the worst happened, insurance could soften the blow by providing compensation.
However, high-value items usually need specialist insurance as most home contents insurance policies place a limit on the amount that can be paid for a single object.
Which items need high-value insurance?
Home insurance policies differ in the level of cover provided for any one item; the typical range is £1,000 - £4,000. If you have any single item that is worth more than this, you will need to arrange additional cover.
Some high-value items like TVs, stereos and computer equipment might cost more than the limit for single items, but would be categorised by insurers as household furnishings, so they would be covered.
Special insurance is more likely to be required for non-essential or luxury items like jewellery, objects made from silver or gold, fur coats, paintings, statues and collections such as valuable antiques, coins or stamps. Some electrical goods, such as cameras, may also require additional insurance.
How do I protect my valuable items?
Items that are worth more than the limit, given in your home contents insurance can be insured by adding extra cover to your policy, or taking out a separate policy. There are various options for structuring your insurance so you may wish to consider what best suits your individual needs.
For example, if you have one or two high-value items, you might want to add these to your home contents policy. If on the other hand, you have a large number of valuable possessions then you might want to consider a separate policy that will cover your entire collection. You will need to find the arrangement that will give you the best value for your premiums.
Of course, your insurer will need to know what your valuable watch, necklace or sculpture is worth before insurance can be arranged.
It is advisable to get an expert valuation of your items, with regular reviews to check if their value has changed. For instance, painting values can rise dramatically if the artist dies, or the value of antiques can drop if a hoard of similar items is discovered.
Cover for items outside the home
Some valuable items are made to be shown off, such as engagement rings and diamond necklaces. Although there is some risk these will be lost or stolen while in use, it would be a shame to keep them locked up all the time. That is why you will need to check that your insurance covers you for items outside the home.
This type of cover is not always included in policies for high-value items, so it is important to read the documents carefully. You may also want to check whether you are covered for accidental damage.
Computerquote Insurance can help you find the perfect policy to protect your high-value items – talk to the team today to find the best solution for you.