Declaring expensive valuables to your insurance provider
When you take out home contents insurance, it’s important to estimate the value of your belongings as accurately as possible.
To ensure you have the right amount of cover, you’ll need to declare any expensive valuables to your insurance provider. Here’s what you need to know.
When you take out home contents insurance, it’s important to estimate the value of your belongings as accurately as possible.
To ensure you have the right amount of cover, you’ll need to declare any expensive valuables to your insurance provider. Here’s what you need to know.
60-second summary:Short on time? Here are the key points you need to know to make sure your valuables are covered:
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Why do I need to declare expensive valuables on my home contents insurance?
If you don’t declare expensive valuables, and just assume they’ll be automatically covered under your home contents insurance, you could lose out financially when it comes to making a claim.
The terms of a contents insurance policy nearly always include a single item limit – the maximum amount that can be paid out for any individual item, no matter its actual value.
Typically, the claim limit for a single item is between £1,000 and £3,000. So if you own an expensive piece of jewellery such as an engagement ring that’s worth £5,000, but you haven’t told your insurance provider about it, you may find it’s not covered under your policy.
To insure valuable items for their full value, you need to ask your insurance provider to list them separately on your contents policy. That may bump up your premium, but it means you won’t be left out of pocket if you do need to claim for them.
Which expensive items should I declare?
When you’re getting a home contents insurance quote with Compare the Market, we’ll ask you if you’d like to insure any items with an individual value above £1,500. These could be:
- Engagement, wedding rings and other high-value jewellery
- Luxury, high-value watches
- Precious gold or silver items
- Televisions
- Cameras and lenses
- Computer equipment and expensive gadgets
- Fine art
- Antiques, coins and medals
- Rare or collectible items.
Most of these are likely to be the first thing a burglar would take if you were unlikely to experience a break-in, so they’re considered high-risk items. They would also be expensive to replace in case of fire, for example.
Do I need specialist cover for my expensive valuables?
Not necessarily. Our home insurance providers can cater for a vast array of high-value items. By declaring expensive valuables when you get a quote, you’ll only see insurance providers who are happy to offer you cover for those items.
Remember, policies differ between insurance providers. That’s why it’s important to shop around to see what type of policy could suit your needs.
For example, if it’s a valuable you take out and about with you – like your wedding ring or watch, or a pricey laptop or smartphone – you’d typically need to add on extra cover to make sure they’re protected outside of your home.
Do I need to declare an expensive valuable if I already have a home contents insurance policy?
Yes, if you buy or receive an expensive item after taking out a policy, let your insurance provider know straight away. If it’s worth more than the single item limit, it won’t be covered for its full value. And even if it isn’t, it could affect the total value of your contents.
Your insurance provider can make sure that your new valuables are covered, and your policy is up to date. They should also let you know of any change to the cost of your premium.
What else can I do to protect my high-value items?
Other useful steps you can take to protect your high-value items include:
- Take photos to increase the chances of an item being found if stolen, or if you want a copy made of the lost item.
- Keep receipts and valuation certificates to provide evidence of how much your expensive valuables cost. For items like jewellery, art and antiques where the value can fluctuate, it’s recommended that you get them re-valued on a regular basis; for example, every three to five years.
- Let your insurance provider know if the value of an item has changed. If you forget to inform your insurance provider and the value goes up, you'll only be covered for the declared value.
- Store valuables such as jewellery out of sight in a securely locked safe where possible. Watch out for any exclusions on your policy that may mean your valuables are not covered if they’re not stored appropriately.
- Take home security measures to deter burglars.
- Consider personal possessions cover, which includes damage, theft and accidental loss of your valuables when you take them away from home.
How can I compare home insurance?
It’s easy to compare your options right here with Compare the Market. Give us your details and let us know if you have any specific high-value items you want to add to your quote.
We’ll send you a selection of quotes from leading insurance providers in the UK so you can find a policy that could suit your needs. You'll be able to see the limits for individual items from each provider.
Compare home insurance today and see if you could save.
Compare home insuranceFrequently asked questions
How much cover do I need for my valuables?
To make sure you have the right level of cover, you’ll need to know:
- The current value of any expensive items
- The provider’s single item limit
- The overall total of your valuables
- The provider’s maximum claim limit.
If need be, get your items valued by an expert.
Remember to calculate an item’s replacement value, not its second-hand value. Most insurance providers offer new for old cover, so lost or damaged valuables will be repaired or replaced as new.
How much is my jewellery worth?
The precious metals market can fluctuate a lot, so it’s a good idea to get your jewellery valued regularly to see how much it’s worth. The Institute of Registered Valuers can help you find a registered valuer in your area.
If your pieces are valued above what your home insurance provider can cover, or you have several items of expensive jewellery, then specialist jewellery insurance might be your best option.
Are my valuables covered outside the home?
Most standard contents policies won’t cover items outside the home without adding on cover. Paying extra to add personal possessions cover to your policy could protect the valuables and gadgets you take out with you, such as:
- Your smartphone
- Laptop or tablet
- Your watch
- Your wedding and engagement rings.
With the right home contents policy and personal belongings cover added on, your valuables should be covered when you’re out and about as well as at home.
Can I insure something for sentimental value?
Insurance will only cover the monetary cost of replacing items, not their sentimental value.
If, for example, jewellery handed down to you by your grandma was stolen, you’d only receive a pay-out to match its valuation. Sadly, you wouldn’t receive anything to make up for the emotional distress of losing a family heirloom.
The best way to keep your most precious items secure is by storing them in a robust safe.
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Anna McEntee – Home, travel and pet insurance expert
Anna’s all about delivering fantastic insurance products at a great price. Value is the most important thing for Anna, as she cuts through the jargon and finds what’s most important and worth your hard-earned money.
Rachel Lacey - Insurance and money expert
Rachel’s a self-confessed money nerd who’s been writing about personal finance for more than 20 years. She spent 17 years writing for Moneywise, including a few years as Editor, and likes making complicated subjects like insurance, pensions, investing and tax, easy for people to understand.