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High value home insurance

Check your home insurance to make sure you're fully covered.

A lounge with a piano and a sofa within it

You don't have to be a millionaire to need high value home insurance. If you own a piano or some expensive pieces of jewellery, you may need to check your home insurance policy.

Do you have enough home insurance cover?

Believe it or not, not everyone reads their home insurance policy documents from cover to cover. But, if you have, you'll know that most standard home insurance policies impose limits on the amount they'll pay out for individual items.

So, you may think that your antique piano is covered, as your home contents policy pays out on contents up to £150,000, for example. Your actual cover amount will depend on your individual policy. However, if you read through the whole document, you may find the maximum amount your insurer pays out on one item is £1,500. Not enough if your baby grand goes up in flames.

What are high value items?

You don't need a Picasso on the wall to have a house full of high value items. Things to consider include:

  • Top of the range televisions and audio equipment
  • High spec computers and cameras
  • Jewellery, gold and other precious metals
  • Art, ceramics and collectibles

Anything in your home worth more than the maximum amount your insurance provider will pay out, either in total or for one item can be considered high value.

Are both your building and contents covered?

When we think about high value home insurance, we should consider not only what's in the home, but the actual building as well.

Buildings insurance

This type of insurance covers you for rebuilding your home and all the essential fixtures and fittings inside.

Check that your buildings insurance covers the cost of rebuilding your home. Some insurance polices only cover you for up to £500,000, whereas LV= will cover you up to £1 million.

When it comes to buildings insurance, you only need to consider the rebuild cost, not the value of your property as it stands at the moment. So if you own a standard, modern three bedroomed house, £500,000 could be enough cover to rebuild your home.

If you own a five-bedroomed listed building that needs specialist builders to rebuild it, then you may not have enough cover.

That's why it's so important to give as much information as you can to your insurer about the type of property you live in. Because if you're not fully insured, you may be paying for any shortfall from your own pocket.

LV= buildings insurance provides enough to rebuild many different types of properties and it allows for increases in the cost of rebuilding without reinsuring every few years.

Contents insurance

This type of insurance covers all the furniture, carpets, televisions, entertainment equipment, computers and gadgets you have in your home, as well as any artwork, books, musical instruments and valuables.

With contents insurance, you need to be aware of the total amount you're insured for and the maximum amount the insurance company will pay out on any one item.

Check that the amount you're insured for covers the cost of replacing everything you own. From new sofas and beds to plates, glasses and cutlery. And especially those treasured items that may be hard to replace.

To make sure you're not underinsured, take a look at our tips for valuing home contents. As you go through each room, you can see how the total amount adds up.

And remember, whenever you upgrade your gadgets or inherit an expensive piece of jewellery, review your contents insurance to make sure you're still covered. If you need to increase your cover, most insurers will cover you for a small extra cost.

Do I need specialist high value home insurance?

If a standard home insurance policy isn't enough to protect your home or the things in it, there are specialist insurers who will provide cover.

This can range from separate insurances for jewellery, art, collections and specialist equipment to buildings insurance for very large homes and estates.

If you have many valuable items, the insurer may only cover you if you install adequate security at your home. They could ask you to fit a burglar alarm or a wall safe.

It's always wise to take precautions with your valuables. We recommend that you:

  • Have your possessions regularly valued
  • Keep copies of valuations and receipts away from the home
  • Take photos as proof of ownership

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