Check your most precious items are covered

With an increasing number of banks either withdrawing safety deposit boxes or not offering them to new customers, the storage of precious items is now a major concern for many people. With this in mind, it’s important to check you have a robust insurance policy in place which ensures your precious items are covered.

It is always a good idea to really think about the value that you have your contents insured for, particularly at the time of year when you renew your home insurance. While it can feel like a laborious task at the time, and seem much more appealing to simply renew the policy you already have; this approach could have serious implications if you ever need to make a claim.

So as a specialist broker, we would always advise this. However, a review of your sums insured shouldn’t just be restricted to policy renewal. You should also consider re-assessing this throughout the year, specifically at times where there is a good chance the value of your contents has increased, for example after Christmas or a birthday. Here are some key tips when thinking about the value of the contents in your home: 

  • Do not assume that your existing home insurance policy will cover all valuables in your home. If you do not make your insurers aware of additional items, it could not only leave you without cover for the items concerned but could also render other covers under the policy invalid.

  • Check that the cover you have in place includes items away from the home, as well as when they are in your property. For example, a bicycle or piece of jewellery will often not be confined to the home, so you would need to ensure they would be covered when out and about.

  • In the case of any jewellery or precious metals, it’s a good idea to get a professional valuation of the item. The cost of gold and diamond rings has increased dramatically over the past few years and insurance companies will require valuations for any items over a certain amount to make sure you receive adequate cover and that you have all the right security measures in place.

  • Contact your insurance representative and take note of their advice. Many insurance brokers and insurance companies will have expert surveyors and advisors at hand to give advice on what, if any, security upgrades you may need.

  • If your valuables are over a certain amount, then your insurer will recommend that you install a safe to keep these items in when not being used. Your insurer will be able to give you more information on any requirements of the safe.

For further advice or support on assessing the contents of your home, contact one of our specialist team.

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