What are high-value home contents?
High-value home contents are any of your possessions that would cost more than, say, £1,000 to replace. In most homes, these fall into two categories: technology and valuables.
Valuables include jewellery, paintings and antiques, while hi-tech items mean computers, televisions and state-of-the-art cameras, among many other things.
Are high-value items covered by contents insurance?
Most home contents insurance policies set a limit on how much they will pay out on a single item, which varies between insurers but may go up to £2,500, though sometimes this limit can be as low as £1,000.
If you want to cover things worth this much money or more, you will need to add them to your home contents policy at an extra cost, or take out specialist cover in the case of collections and suchlike.
How can I insure expensive possessions?
The easiest way to insure high-value items such as jewellery is to name them on your contents insurance policy.
You may have to pay extra for this cover, while some insurers will also ask you to pay a higher excess towards any claims.
If you have a lot of expensive equipment or valuables in your home, specialist cover may therefore be a better option.
Can you buy specialist home insurance for high-value contents?
Specialist home insurance cover is available from a range of insurance companies. Some policies offer unlimited cover for single items, while others will allow you to claim up to say £5,000 per item.
Shop around to find the best combination of protection and price for your needs.
Gadget insurance, or a standalone policy designed to protect hi-tech items, is another option if your valuable items are computers or tablets, for example.
How do I avoid being underinsured for valuable items?
It is important that you give your insurer an estimate for the total value of your possessions, so the amount you can claim is sufficient to cover the cost of replacing everything in your home.
The best way to do this is to go from room to room listing your belongings before calculating how much it would cost to replace them all. You don’t need a perfectly exact figure, but you do need a decent estimate.
You should also note down everything worth £1,000 or more and tell your insurer about those items in particular.
Top tips for insuring high-value items
- Protect: Ensure fine art, antiques and jewellery are insured for their full replacement cost. Have them professionally appraised if necessary
- Update: If you buy or receive expensive items such as a new computer or a Rolex watch, contact your insurer to add them to your policy
- Check: The value of assets such as artwork can fluctuate, so conduct regular valuations to ensure you are not left unprotected
- Photograph: Keeping photographic evidence of your belongings will help the police to trace them if they are lost or stolen
Compare high-value contents insurance policies
MoneySuperMarket’s home insurance comparison tool helps you find the right level of cover for your gadgets and contents.
You add items worth over £1,000 each as a separate entry. You then let us know whether you want insurance for any possessions you’ll be taking outside with you from this list (this might be your phone), and their total value.
The amount of cover each insurance policy offers will differ, so it’s good to compare policies against each other to make sure you get the right level of cover.