Should you declare expensive items on your home insurance?
The answer to this question is yes, absolutely. Don’t assume that your contents insurance policy will automatically cover the total loss of your personal possessions at home.
Properly insuring your valuables at home is vitally important.
The terms of contents insurance policies nearly always include limits on the total amount that can be claimed, as well as on the amount that can be claimed for any individual item. Typically, the single item claim limit is between £1,000 and £2,000.
Think about what expensive items you own, this might include:
- Engagement and wedding rings
- Other jewellery
- Anything made of a precious metal such as gold or silver
- Computer equipment
- Other technology
- Fine art
- Anything that might be regarded as rare or collectable
Naturally, some of these items might be the first thing a burglar takes if you are unfortunate enough to experience a break-in.
When applying for insurance, ensure you declare your expensive valuables i.e. tell the insurance provider about any items you own whose value might exceed the single item claim limit.