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17 Dec, 2019|

High Value Item Insurance Explained

What is a high value item?

A high value item is an item which is worth more money than a typical possession. Some sources cite this as being an item which is worth over £1,000. Whereas other suggest a high value item is an item worth more than the standard single item limit which a home insurance policy sets.

Most home insurance policies set a single item limit – this is the maximum amount they will pay out for one item. Typically, this will be around £2,000 but check your policy for the limits that apply. It’s important to read your documents carefully and not assume that your contents insurance will automatically cover items which may be worth larger sums of money.

What high value items are commonly insured?

A wide range of items can fall into the category of high value and can therefore be insured:

  • Laptops
  • Cameras
  • Bikes
  • Jewellery
  • Watches
  • Artwork
  • Sports equipment
  • Antiques 

Which perils are high value items often covered for?

If covered under your contents insurance, when kept in the home high value items will typically be covered for perils including:

  • Fire
  • Theft
  • Flooding

 You may also be able to add additional protection (potentially at an extra cost) against:

  • Damage to or being stolen when out of the home
  • Accidental damage

What is the best way to protect high value items?

The best way to protect your high value items is to put adequate insurance in place.

Many home insurance policies come with a single item limit. And they typically won’t cover items over this limit. So, if you have high value items you must ensure that whatever policy you have in place has high enough limits to cover them. Talk to your insurer or work with a broker like Anthony Jones to ensure that you have sufficient cover. It may be necessary to list your high value items separately on your insurance policy for example.

You must also look at other taking other precautionary steps to protect your items:

  • Consider installing a safe and burglar alarm to increase security
  • You may want to consider taking photos as proof of ownership and condition
  • Obtain up to date valuations of a regular basis of any high value items
  • Retain receipts for items purchased in the last 3 years

At Anthony Jones we provide a useful home contents calculator which is designed to help you calculate the value of the contents of your home. Going through this process may also help you stop and think about your possessions and understand if and how many high value items you own. Making sure you have sufficient cover is essential to help you avoid being in a position of underinsurance.

For some items you may want to consider specialist insurance such as high net worth insurance. High net worth insurance will typically provide higher limits than a standard home insurance policy so may be more suited to your needs. Equally, high net worth insurance may offer cover for items that a standard home insurance policy would not.

 At Anthony Jones we work with a wide range of insurers to enable us to help you find the right cover for your needs. We can also work to help you understand how to minimise risk when it comes to your high value items. Get in touch with us today for more information on how we can help you get the right cover for your possessions.