When it comes to contents insurance, a high risk item can be thought of as something which may be particularly attractive or vulnerable to thieves. This could be for one of many reasons, such as the item is valuable or that its size means it is easy to steal.
Examples of high risk items can include
- Laptops, mobile phones, tablets, computers, or other small electronic equipment
- Jewellery
- Watches
- Art
- Antiques
- Collections – stamp or coin for example
- Expensive clothing – trainers or sneakers or designer goods
As well as coming under the definition of high risk items, they are likely to be classed as valuable items by insurers.
Items like this are typically consider high risk because they have a high value attached, are attractive to thieves and are expensive to replace if anything should happen to them.
Insuring high risk items
If you have valuable possessions which may come under the category of being high risk, then it will be important to take the right steps to insure them.
Itemise your valuable
Most insurers will ask you to itemise high value items on your insurance policy. This is an important exercise as it helps you to both understand the items that you own and their value, and to ensure that the home insurance policy that you take out provides enough cover.
Keep in mind that most insurance policies set limits for the amount that they will insure single items for. And if you have items which exceed the single item limit set by your policy which you have not discussed with your insurer and itemised separately on your policy you may not be covered.
Consider extended cover
Most insurance policies will provide cover for items against the main perils of fire, flood, and theft when the items are kept in the home. But if you have high risk items you may want to consider additional cover. Think about whether you need cover for accidental damage, accidental loss, cover for your possessions if you take them out of the home and cover if you take your possessions abroad.
Consider specialist cover
If you do have a large number of high value items, collections or specialist items in your home, you may be best placed to work with an insurance broker, such as Anthony Jones, to get the right insurance for your needs, This may be a high net worth insurance policy which will typically insure a greater variety of items with higher sum insured levels.
Chat to Anthony Jones today if you have any questions about getting adequate insurance for the contents in your home.
