If you’re giving an expensive gift – or if you’ve received one – you’ll want to make sure it’s protected. So it’s worth thinking about whether your home contents insurance policy will cover it, especially if it’s worth a lot of money.
High risk items – check your cover
Most policies will have an overall limit that you can claim for high risk items and valuables, which will either be a percentage of the overall sum insured or a fixed limit e.g. £14,000. Within that there will also be a limit for what can be claimed for a single item, which will be lower, for example £2,000. You therefore need to ensure the overall high risk limit is sufficient to cover all your valuables and any single items do not exceed the limit.
Cover away from home
If you have valuable items that you take out and about – jewellery is a good example – you might want to check whether your contents insurance covers them when you’re away from home. While some policies include as standard the majority of policies include as an optional extra.
It’s important to make sure you have enough cover for all your possessions. The sum insured needs to be adequately cover the total replacement cost of your home contents. If you don’t have enough cover, you could be at risk of not getting the money you need to replace your things if disaster strikes. Or in some cases, your insurer could adjust the amount they pay out so you get less, even for a smaller claim.
If you took out your home contents insurance policy some time ago and you’ve recently bought a lot of new things, it’s worth reviewing it to make sure everything’s covered.
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