Valuables are considered to be of a higher risk than other general household goods, and not only this but they also have a higher cost than most other general contents. These items are often targeted by thieves, because of their high value.
Which Items Need Valuables Insurance?
Valuables are usually defined as:
- Gold, silver and precious metals
- Curios and other works of art
- Stamp, coin and medal collections
Sometimes computers, laptops and sports equipment are included under the definition, this is usually by certain insurers.
Tips for getting Valuables Insurance
It is a good idea to get your valuables valued every couple of years or so, in case they have had a rise in value. Some insurers will request valuations for items over a specific value.
Antiques, collectables or works of art – it may be best to get them valued by a reputable valuer or an auction house to ensure that they are insured for their full value.
An insurer would consider a home to be an increased risk if it has a high combination of valuables, compared with the other contents in the property. So for that reason they set a valuables limit to ensure that they are not exposed to unbalanced policies without them knowing.
The total valuables limit is usually one-third of the contents sum insured, or £5,000 whichever is greater, with a single item of valuables £1,500. This will vary from insurer to insurer. Most insurers can cater for a higher total of valuables and a single item worth more than the single limit by specifying on the schedule. The policy wording will explain the set policy limits that are applicable.
If the total amount insured by your home insurance policy is less than the value of the contents of your home then you’re ‘under insured’. This can cause problems when looking to make a claim – some insurers may not pay the full amount of the loss.
We are here to help with your Valuables Insurance
Understanding how to correctly insure your valuables can be tricky. We deal with this everyday and we would be very happy to help you. If you need any help feel free to get in touch with us. Protecting your valuables shouldn’t be a stressful process!
Contact us for a free Valuables Insurance review
“Dan assisted one of my clients with some contents and building cover for his new home. Fast, efficient and hassle free. Can’t ask for more than that! Thanks a lot. More coming your way!” – Daniel Green, Daniel Green Wealth Management