You might not have any expensive paintings or priceless antiques but that doesn’t mean you don’t have any valuables. After all, your smartphone, tablet or even an engagement ring will probably have cost quite a lot of money. So if you need to claim for one of these on your contents insurance, it’s important they’re covered.
Your contents insurance policy has a ‘single item limit’ and if you’ve got anything worth over this, you have to tell your insurer. But how much is this single item limit and what happens if you don’t tell your insurer about more expensive items? We’re taking a look.
Not sure of the difference between contents and building insurance? You can find out all the facts and see whether you need contents and building insurance with our blog.
Are you covered?
The single item limit is usually around £1,500 but this depends on your insurer – it might be higher or lower. It just means the maximum amount any one item you own can cost.
You might have an extensive DVD collection worth thousands of pounds but the single item limit wouldn’t affect this – each DVD counts separately. However, if you’ve got a high-end TV, this could well be over the limit.
You should look at your insurance policy and find out what your single item limit is. If you realise that you own something worth over the single item limit, your insurance policy doesn’t automatically cover it. This means you couldn’t make a claim for it if it was lost, stolen or damaged. Instead, you need to tell your insurer about them.
Declare your valuables
Get in touch with your insurer and tell them about any individual items you own worth over the single item limit. It’s worth taking some time and going through everything you own carefully so you don’t miss anything. For example, have you got any expensive digital cameras, jewellery, watches or family heirlooms? You might forget something obvious and if you don’t declare it, it’s not covered.
If you’re not sure how much one of your items is worth – for example, a gold necklace from your mum – you could get it valued. The price of gold has been rising recently so it’s important to make sure your valuables are covered by your policy – so you don’t lose out if you want to claim.
You should also think about whether you want your electronic gadgets protected. If they’re worth more than the single item limit, you can declare them to your insurer so your contents policy will cover them. But if you break your phone and want to claim for it, your contents insurance premiums could rise when you renew your policy. That’s why you might think about taking out a separate policy – you can find out about gadget insurance with our blog.