Protecting & Insuring High-Value Items/Possessions
Unfortunately, not even the most comprehensive home and contents insurance covers everything. Typically, high-value items are not covered in usual policies, and they may even require their own separate cover to reflect their true value.
What is a high-value item?
A high-value item, also known as a high-risk item, is an object that insurers identify as not only high in its valuation, but it’s also at high risk of being stolen. Because of this, insurers won’t cover these things in their policy, or the payout for such items would be much less than the item itself is actually worth, usually capped at something like £1,000 or £1,500.
Examples of high-value items include antiques, jewellery, paintings and artwork, musical instruments, designer clothing, gaming tech, photographic equipment, stamp and coin collections, or anything that could be considered rare or collectable.
High-value items would also include very rare and unique items that could even exceed seven figures. So you might have an original LS Lowry painting adorning your walls, or you might even have a bespoke diamond ring or necklace stored away inside your jewellery box. So for items like these, it’s recommended that you not only have special cover for them, but that you have unique policies tailored to each individual item.
How do I know if my item is high-value?
There are many ways to ascertain the value of your item(s). To first identify what could be a high-value item, take a look at how much each item cost you to buy. If it’s four figures or higher, then chances are it’s a high-value item. It’s also important to remember that collections can come under the umbrella of high-value items, even if individual parts of the collection are smaller in value.
Once you’ve narrowed your list of valuable possessions, the next step is to estimate the price of the item if you had to buy it new. Generally, that’s the rule of thumb insurers stick to, as policies will pay out for the cost of a replacement rather than considering how much you bought it for now. This is important to consider if you currently own anything that is rapidly appreciating in value, and also easier to follow if you inherited an item and don’t know how much it was originally bought for.
Some policies will include replacing an item for a brand new version, however as this isn’t always possible for very rare and unique items, cash settlements are used instead. So for some items you’ll require a professional evaluation. If you do, be sure to ask for a certificate that states the valuation, and store it in a safe place. It’s recommended, for jewellery especially, that items are valued every two years.
It’s also important that you keep a good record of your high-value items. Be sure to take photographs and have descriptions of your items to make any claims you need to make easier. And the more detail we have on an item, the better we can give it specific cover to meet its individual requirements.
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How can [broker_name] help?
For some rare and unique items, sometimes a separate policy needs to be created to reflect the special nature of your item and the cover it requires, which is where [broker_name] comes in. We can work with you to create a policy that fits perfectly with the item you’re looking to cover.
We can take into account unique aspects about the item like its age, its value, its history, where it’s stored and how it’s stored. This is something that a one-size-fits-all contents insurance policy won’t go into in as much detail. If you have an item that is high value that you think might require unique cover, then you can get in touch with us by calling [broker_phone].
