If you’ve got some high value items in your home – whether it’s jewellery, art, antiques, or something else entirely – you can either cover them in your home insurance policy, or you can get a specialist high net worth insurance policy.
In this post we’ll outline the pros and cons of insuring your valuables under your household insurance policy, rather than separate policies.
At Anthony Jones, we specialise in helping people protect the items which are valuable to them, whether that’s through a standard home insurance policy or a specialist high net worth insurance policy.
For more information, call us on 0208 290 9086, or email personal@anthonyjones.com.
What are High Risk Items in Your Home Insurance?
A high value item might also be referred to as a “high risk” item. The item might be considered “high risk” because its value makes it particularly attractive to thieves. Regardless of how you choose to insure your high value items, you must tell your insurer about them.
Insurers need to know the value of the contents you wish to cover with your home insurance, as this will affect the settlement you receive should you ever make a claim on your policy.
Even if you store these valuable items away from your home – such as in a safe, or a secure storage facility – then you must still tell your insurers about them.
How to Itemise Your High Value Goods
Itemising your valuables is a good way of deciding which type of contents cover is right for you. List all the valuable items in your home and attach an up-to-date value to each. This will tell you whether you’ll be able to cover your valuables on a standard home insurance policy, or whether you’ll need a specialist high net worth insurance policy.
Read our full guide to itemising your high value items.
Are There Benefits to Insuring Valuables Under Household Insurance?
The obvious benefit to insuring your valuables under a standard household insurance policy is that it’s simple and convenient. You will only have to worry about arranging one policy, and you will only have to commit to paying a single premium.
Insuring your valuables under a standard home insurance policy can also make things more straightforward if you need to make a claim. You can make a single claim for your entire home contents, rather than separate claims for your valuables.
What Are The Risks of Insuring Valuables Under Household Insurance?
Your home insurance policy might not give you all the cover you need for your high value items. Most home insurance policies set a limit for contents cover, which is usually a figure between £40,000 and £60,000. Policies might also set a limit for the amount for they will insure single items.
If the combined value of your high risk items is more than the contents cover limit on your policy, then your policy will not provide you with all the cover you need. Similarly, if any valuable item you own is worth more than the single item value limit in your policy, then technically your home insurance will not cover this high value item at all.
Do I Need Specialist High Net Worth Insurance?
This is why it’s important to itemise your high value items. Once you know the value of your home’s contents, you’ll be able to determine whether they’ll be covered under a standard home insurance policy.
But if your home insurance policy’s limits or exceptions will not cover your high value items, then you will need specialist high net worth insurance.
High net worth insurance for high value items can provide more extensive cover, too. As well as covering your high value items for theft, they can also cover for loss or damage, and for the risks associated with taking your high value items outside of the house, or out of the country.
We Can Help You Get The Cover You Need For Your Valuables
At Anthony Jones, we specialise in helping people protect the items which are valuable to them, whether that’s through a standard home insurance policy or a specialist high net worth insurance policy.
For more information, call us on 0208 290 9086, or email personal@anthonyjones.com.
