It's critically important to obtain the correct type and amount of cover on the contents of your home. This is especially true if you have what are called "high value contents." What's included in this category? Typically, items like jewellery, paintings and other art objects, antiques, and antique furniture. You also need cover on more mundane objects, for example, televisions and other electronic components. Because home contents cover varies considerably from provider to provider, you should plan to obtain detailed quotations from several companies. Following is an overview of the sort of cover a high value contents insurance policy for your home usually includes.
About High Value Cover for Your Home's Contents
To get the best cover for your home's contents, it's essential to have a complete inventory that includes detailed descriptions and photographs. You'll be surprised how quickly the total value of your possessions adds up. Be aware that some high value contents insurance cover has a specific cap, often about £500,000. If £500,000 is more than the total value of your home's contents, additional cover may be available in the form of riders. In some cases, a single, specifically identified item can be insured for up to £250,000. For non-specified items, the cover is much lower, usually about £5,000, so it's wise to specify as many of your high value items as possible.
Other Features of Cover for Your High Value Contents Insurance
People sometimes wonder about taking expensive items, such as cameras, away from their homes, and whether their contents policy applies. The good news is that it often does, but sometimes there's a limit on non-specified item cover. The amount is variable, but about £5,000 is a typical sum. This cover also may apply if you take your high value items out of the country. Another desirable feature is full cover for damage or accidental loss or damage to any of your high value possessions. Finally, do be sure to look for an insurance provider who offers a no-claim discount, sometimes as much as 30%, to policyholders.
Some Specifics of High Value Contents Cover
Standard cover usually includes all household items, such as draperies and furniture. Baths and toilets often are excluded. For items valued at more than £1,000, such as jewellery, most insurers will require you to submit a specific value for each piece. Electronics like personal computers are insured against accidental damage and breakage. If your computer is worth more than £1,500, you'll likely need to provide a value for it as well. Business equipment, such as a fax machine, typically is included as standard, along with business equipment like filing cabinets and office furniture. If you maintain a well-stocked freezer, chances are its contents are quite valuable, so be sure your policy includes it. Replacement locks and keys are generally covered up to about £750. Outdoors, the replacement value your garden trees and plants usually is insured up to about £2000.
When buying high value contents insurance, good research and accurate record-keeping are essential.
Lynwood Beltrame has been working with insurance sector for the past five years. She specialises in high value insurance policies and has amazing knowledge on topics such as High Value Building Insurance, High Value Contents Insurance and other Insurance services. Check out more of her articles by visiting our website.
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