Many families have jewellery, art or antiques that have passed down the generations and have a sentimental as well as financial worth that exceeds the cover afforded by standard home insurance.
Insurance cannot replace memories or family history, but can pay for the cost of repair or replacement of possessions that are lost, damaged or stolen.
Buying high value home insurance is similar to buying any other cover – it’s just the numbers are often larger and the insurance company will insist on enhanced security to reduce the risk of a claim.
Most leading insurers and several specialists offer cover, so comparing features and costs is important.
The best place to start is with a inventory that lists home contents room by room, as well as photographing, cataloguing and valuing every item.
Some insurers and brokers offer taking an inventory as part of their service.
Put together a list of policy features that you expect from your high value home insurance so that you can compare cover.
Include details like single item limits for pieces of art, antiques or jewellery. Consider how the items are repaired or replaced. Like-for-like cover may be difficult to arrange on particularly old or bespoke valuables.
Discuss the security precautions the insurer requires – not only the technical aspects, but how many items can be kept on the premises and what happens if you lose or damage an item, like jewellery worn to an event away from home.
Like most other insurance polices, high value home insurance comes with add-ons that cost extra, like accidental damage cover or providing alternative accommodation if your home is not habitable.
Check the excess as well – every policy will come with a compulsory excess that covers the first claim and voluntary excesses that could affect the overall price of the cover.
Some online comparison sites include high value home insurance, but the best way to arrange cover is through a knowledgeable broker.