What are high value items for contents insurance?
Some belongings are more attractive to thieves and classified as high-value items by insurers. Most home insurance policies require you to specify high-value items to ensure they’re properly covered. This guide explains what these items are and how to protect them.
What is a high-value item?
A high-value item is a valuable belonging that is attractive to thieves because it can be resold quickly. Insurers label these items as high value because they are more likely to be stolen. High-value home items often cost over £1,000 to replace, though this may vary by insurer, and they usually fall into categories like jewellery, watches, electronics, and designer goods. Most home insurance policies ask you to list these items, so they are fully covered.
Examples you may want to declare in your home insurance policy
Typical high-value items are:
- Antiques
- Jewellery, or anything that is made from gold, silver or other precious metals
- Paintings and other forms of artwork
- Watches and clocks
- Rare books
- Electric wheelchairs/mobility scooters
- Sporting equipment
- Garden equipment
- Musical instruments
- Furs and valuable clothing items
- Software stored on electronic devices
- Stamp, coin and medal collections
- Anything that is considered to be rare or a collectable
How should I declare high value items for my insurance?
Make sure you do an inventory of all your high-value items within your home and make a note of their value. This is because should anything happen to these items you may be asked to provide documented proof of their value and possibly proof of purchase. Their value may not be what you paid for the item, but the importance is how much it would cost to replace it now. If you can, keep hold of receipts so you have evidence of their value at the time of purchase. It is also a good idea to take photographs of the items which could both help if they are recovered following theft and with the claim process.
If you don’t have a receipt for older items or heirloom pieces, you may want to consider getting a professional valuation for such items. Ask for a certificate, confirming the valuation, and keep this in a safe place for reference.
What cover is available?
Some home insurance policies will include cover for valuable items, such as jewellery. There may be limits as to what/how much is covered, but your insurance provider will be able to give more information on this.
When you apply, you must tell the insurer the exact value of each item. The insurer then offers a policy that covers the full declared value. In some cases, if the risk is too high, they may choose not to offer cover. This process helps prevent underinsurance so that you are not left out of pocket if your item is lost or damaged. Ultimately, the cover you receive is designed to match the true worth of your high-value items. This is why you should make sure you read your policy documentation to understand what cover a policy provides.
