High Value Contents Insurance

One of the most important things to get right when you are taking out a contents insurance policy is the amount of cover you ask for. And this is especially important if you need high value contents insurance as you do not want to be left footing the bill if an item of major expense gets damaged or stolen and your policy does not cover it all.

This article aims to provide a comprehensive guide to those looking to purchase high value home insurance, those high net worth individuals and high value households who require insurance services, maybe even specialist insurance cover to properly insure their property against loss or damage.

Studies have shown people underestimate the worth of all the personal possessions and this is leading to a greater number of insurance claims that are not fully replacing the property in question. And it seems people are taking individual items of high value especially lightly with expensive jewellery, electronics and artwork being popular undervalued belongings.

Do You Need High Value Household Insurance?

It might not cross your mind that you need a contents insurance policy that covers high value items, you might not even know that some of your possessions are of a high enough value but you don't have to be someone of high net worth to require such a specialist insurer. Even individual items of high value should be properly accounted for when you go to get a quote for your next policy; if you do not mention them it might come back to haunt you should they get damaged or stolen.

Look around your home and really start to dig a little deeper with regards to the value of items you think might be worth something. Do some research online (one site that might be of use is Value My Stuff which will have an expert value your items for a small fee based on photos and description you provide - as seen on Dragon's Den) or take them to a local expert for a valuation – if the Antiques Roadshow has taught us one thing is that people have precious pieces of art, furniture and the likes whose value is beyond their wildest dreams – and the insurance cover on some of these pieces is woefully inadequate.

Common belongings that might be worth more than you think are jewellery (especially gold as right now gold prices are higher than they have ever been), paintings, ornaments, porcelain and old looking furniture so these are good places to start.

Have you recently inherited something from a loved one? Do you know much about the item? Did your loved one ever have it valued? These are the sort of questions you have to ask if you are to get proper cover for your high value contents.

These days you do not need to be a rich person to have expensive items in your home; many pieces of electrical equipment now cost a small fortune and you should be careful to check any policy for a maximum amount covered per item – if the maximum you can claim per item is £1500 for example, but that new 3D TV just cost you £2000 then you had better look elsewhere for more adequate cover or you might be able to arrange separate cover for these items as part of a standard contents insurance policy.

Other Areas Where High Value Contents Are Overlooked

One area that people seem to forego valuing at all is the garden and all the items that are kept there. Recent research by Lloyds TSB highlighted the rapidly increasing worth of peoples’ garden items with items such as garden ornaments and even exotic and expensive fish left out in the open (koi carp can cost £1000s). Unsurprisingly it is theft that most concerns the insurance companies when it comes to garden items.

Another of the areas where high value contents insurance is of special importance is where a business is run from home and it is not only the value of the physical items but also of any digital items such as documents stored on a computer hard disk. Obviously the most diligent business owners would always keep a backup of any important files but there are also things like tax records which could be lost.

Where To Get High Value Contents Insurance

The popularity of high value contents insurance is being mirrored by the number of policies out there that cater for this growing segment. Companies like Hiscox and Aon now pride themselves on the service they provide to people with high net worth or even people with a considerable number of high value possessions. There are even more specialist firms out there to cater for every need and want with some offering incredible service at a price.

If you believe that your current contents insurance cover is inadequate for the belongings you have, contact your insurer and see what they can do to provide the extra cover that you need. For a reasonable increase in your premiums you might be able to insure your high value pieces without needing to find a new quote with a different insurance company.