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Be Wiser Guide To High Value Home Insurance

Tue, 23/10/2018
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In order to protect your most valuable possessions, home insurance is a simple and encompassing way to safeguard everything under your roof.  There is however a catch for those whose possessions are particularly pricey. The typical home insurance policy tends to only pay out up to a certain amount per item, so for those who own expensive artwork or jewellery for example you would not be covered with such a policy.

But there is a solution. High value home insurance is an insurance policy which is specifically suited to individuals in such a position, enabling them to insure particularly high value items in their home. There are certain considerations you have to take into account when setting up a high value home insurance policy, so here we will take an in-depth look at what specifically these policies are, how your home would be covered and best practices in protecting your valuables.

What is high value home insurance?

Typically, the possessions in your home are split into two types of items: technological items- including smartphones, computers and cameras, and precious items- including paintings, jewellery and antiques. High value home insurance is a form of coverage which is tailored for those who own expensive technological and precious items. Items which would for example cost more than £1500 to replace are prime examples of such articles this type of insurance is made to cover.

Although standard home insurance will typically cover valuable items, for example a watch, some insurers may ask you to pay a large excess on any claim for these luxury items. As such items are more likely to be the objects stolen in the unfortunate event of a burglary, you can end up paying out huge amounts regardless of the price of your initial premium. Therefore, it is extremely important that you check the total amount of your policy will cover everything in your home being replaced, and ensuring your expensive items are added to the policy as soon as you come to own them. But for those who own a multitude of such items, especially items which may increase in value over time, taking out a tailored high value home insurance policy may be a more realistic and sensible option in order to protect your prized possessions.

What could high value home insurance cover?

The crux of high value home insurance is the protection it provides the possessions you keep in your house and ensures you are compensated for any items which may be stolen or damaged. This isn’t however the only cover such a policy will offer. Clearly, what your high value home insurance offers will be due to the insurer you choose, but there are a wide variety of different types of coverage that may be included which may not on offer for standard home insurance. This could include:

  • Home emergency cover
  • Accidental damage cover
  • Personal belongings cover
  • Garden contents cover
  • Trace and access cover
  • Visitor’s belongings cover

These additional layers of coverage provide a wider net of protection for a high value home insurance policy. Although they can act as an incentive to taking out a policy with a particular insurer, shopping around to ensure your policy meets your particular needs, for example needing to cover valuables in a second home, is an important part in getting the best high value home insurance.

How should I protect my valuables?

If in the awful event you are burgled, the first items to be taken will be your most valuable and expensive articles, whatever they may be. To ensure you are compensated for the stolen items, taking out high value insurance should be an essential requirement to your household. There are however, certain actions you can take towards protecting your valuables to prevent them from being stolen in the first place:

  • House alarm: Is your home equipped with a house alarm? There are two main types of alarm: audible alert only-which relies on noise only to scare the burglar away, and monitored alarm- which will also notify the homeowner or a monitor centre if activated. In addition to being a deterrent in itself, an alarm is a great place to start in protecting your home’s contents.
  • Purchasing a safe: A safe provides both a secure place to keep smaller items as well as the peace of mind that they are stored in a protected place. It’s important to ensure your safe is fitted to a secure object (e.g. the floor or the wall), as it isn’t uncommon for thieves to take an entire safe.
  • Installing CCTV cameras: The type of surveillance cameras you choose to install determines how your items are protected. Visible cameras act as both a direct deterrent to potential thieves as well as recording evidence of a burglary. Hidden cameras supply you with footage of the burglary, but are not in themselves deterrents.
  • Safety deposit box: If you do own particularly expensive items which need professional protection, it may be a good idea to take them to a local safety deposit box. This is especially important for items you don’t use frequently and you want a higher level of security to ensure its safety. It’s important to note these items should still be insured.   

In addition to the deterrents you can install throughout your home, there are day to day behaviours you could also take in preventing a burglary. Ensuring your valuables are out of sight when you leave your home, as well as making sure you don’t hide your valuables in obvious or typical places, for example your sock draw.

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