High value home insurance is accessible to anyone that owns high-end items such as expensive jewellery or rare artwork. If you already have a standard home insurance policy it may not provide the cover you need to protect these kinds of items, so you may need to make some changes.
High Value Homes Insurance
What is high value home insurance?
High value home insurance provides cover for your home and contents that are classed above a certain rate. It works in a similar way to traditional home insurance as it includes buildings and contents insurance, with the main difference being the limit paid out on individual items is higher. This gives you more peace of mind that certain valuable items have the right level of protection should an unexpected event occur. High value home insurance is ideal for homes with more than 6 bedrooms or listed buildings (Grade I or II).
Do I need high value home insurance?
If you have several expensive items in your home, it is worth considering high value home insurance. The type of items you can insure with this type of policy usually includes:
- Artwork (paintings/sculptures etc.)
- Wine cellars
- High spec technology (cameras/computers etc.)
- Collectibles (rare coin or stamp collections)
A home with contents worth in excess of £50,000 will usually find it difficult to find adequate insurance cover with a standard policy. High value home insurance gives important items the right protection, whether you keep them at home or use them outside.
High value home insurance can also help to cover the cost of rebuilding more expensive properties. This usually covers larger homes, specialist builds, listed buildings and period houses. If you’re not fully insured and you plan to rebuild your home, you may have to use your own money to cover any shortfall.
Before proceeding with any insurance agreement, always read the full details of your individual policy as terms and conditions will apply.
How to value your home contents
When it comes to valuing your home contents, the best way to do it is to go from room to room and list all the valuable items and their individual value. All you need is a piece of paper and a pen, and you can make a list for each room – including anything that might be stored away in drawers and cupboards.
It doesn’t matter if you don’t have receipts for older purchases – the value you should be concerned with is how much it would cost to replace with a new, like-for-like item today. You can do this by simply looking around online to get an estimation.
Of course, not all valuable items have fixed prices, such as artwork or jewellery, which can fluctuate over time. This is why it’s a good idea to get these items re-evaluated on a regular basis to ensure your policy is accurate, as if you ever need to make a claim you can only do so for a declared value, so you could miss out if items have not been updated.
Once all your valuable items have been evaluated, it’s time to add them all together to get the full value. Because insurance cover tends to vary from one insurance provider to another, Horner Blakey can help you find the right one to suit your needs and budget, giving important possessions the long-term, high value protection they deserve.