There can be some confusion about how to make sure your high-value belongings are covered by your insurance and what counts as a valuable item. We're here to help clarify how your home insurance policy can protect more expensive items in your household.
What Are Considered High-Value Items In Your Home?
High-value items are any of your belongings that would be costly to replace. These items may be anything in your home worth more than the maximum amount your insurance provider will pay out, either in total or for one item. This amount will vary between insurers but is usually anything that costs over £1,000.
Some of these possessions may include:
- Rare or collectable items or collections
- Sporting equipment
- High spec tech, such as computers, laptops, cameras, or tablets
- Jewellery or watches
- Pieces of artwork
- Musical instruments
Does Contents Insurance Cover High-Value Items?
Within your home insurance policy documents, there should be a single article limit stated. This is the amount that your insurer would payout for a single item, should you make a claim. Therefore, if you think you have any possessions that are over your single article limit, it’s advisable to insure them as high-value items.
In order to get specialist cover for such items, sometimes called “specialist items”, you will need to tell your insurer the item type and the value. You may also need to provide proof of valuation.
Can You Get Insurance To Cover More Expensive Possessions?
If you do have a high-value item in your home that you would like specialist cover for, then the best thing to do is to name the item on your contents insurance policy. It is likely that you will need to pay extra for this cover, but you will have peace of mind that your valuable items are protected.
If you have lots of expensive items in a collection or perhaps lots of expensive equipment, then specialist cover may be a sensible option, and a range of insurers provide this. There are a wide variety of insurance coverage types that may be suitable for the type of high-value cover you need. The best advice we can give is to shop around to find the best combination of price and protection that suits your requirements.
Another policy type that is worth considering if you would like to protect hi-tech possessions is gadget insurance.
At Be Wiser, when you get the right level of home contents insurance cover you can enjoy a range of free policy extras, including legal expenses cover, home key cover, identity theft cover, and more.
How To Ensure Your High-Value Items Are Protected
It is wise to take precautions when it comes to your valuable possessions. So, what can you do to protect valuable items in your home? Here are a few suggestions:
- Get your possessions regularly valued - The value of your belongings can fluctuate, therefore conducting regular valuations is a good idea to ensure you are not left unprotected.
- Take photos of items – Taking photos of your valuable items as proof of ownership can provide useful photographic evidence of your belongings that the police can use to trace them if they are lost or stolen.
- Make sure that your home is secure – this may be a given but securing your home will help protect your important belongings from theft and damage. Furthermore, if an insurer decides you have been careless with your belongings, they may reject a claim as you may be seen as invalidating your insurance. This could include installing a burglar alarm, CCTV, or security light to deter thieves. You could also purchase a safe for storing smaller valuable items.
- Keep your insurer up to date - If you obtain additional expensive items, or something you own goes up in value, then it’s important that you contact your insurer to update your policy and ensure you are still getting the right level of cover.
Lastly, you should ensure that you have the right level of cover. Many people don't take the time to read their home insurance policy documents, but this is vital to ensure you are paying for cover that is right for you.
It would be awful if your precious high-value items were stolen or lost, and to then find out that your insurance doesn’t cover you. Be Wiser is a great place to start to help you find the right home insurance cover for your needs. Get a quote today.