High Value Assets Insurance
You don’t need to be a millionaire or an art dealer to need high-value home or asset insurance and if you are – you will highly likely require coverage. If you own a Fender guitar or an engagement ring then you could benefit from high-value asset insurance. This article will explore what high-value asset insurance is and why home and contents insurance might not cover your belongings.
What is high-value asset insurance?
High-value home insurance is a specialist cover that you may need if you own a particular expensive property or item, but it doesn’t mean that it has to be a Rembrandt or the Queen’s jewels. Depending on your current home and contents insurance, high-value assets could be computers, digital cameras, wedding and engagement rings, or high-end cars. Specific insurance may be needed or wanted in addition to your current policy, to act as a safety net and precaution should the worse happen.
Do I need high-value asset insurance?
Unlike some forms of business and car insurance, it is not a legal requirement to have specialist high-value asset insurance, although it may be better too. You may feel that your current building and contents insurance covers you, especially as it might say that you are covered for £150000 worth of contents or more. But without reading your policy carefully, you might never know. Some insurers will cover you for a high amount but only pay out a particular sum per item, meaning that you don’t get the market value for any items or property you need to claim. In this case, the argument to endow yourself with specific and tailored high-value asset insurance is clear.
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What are high-value assets?
High-value assets don’t have to be masterpieces from Picasso or gemstones worth millions. The list of high-value assets is inexhaustible, although the most common are:
Jewellery – This is especially important for wedding and engagement bands, as they normally come in at over £2000 and are embedded with precious stones. But they can also include watches, necklaces, earrings and pearls.
Gold and other precious metals
High-spec computers and digital equipment, including cameras, speakers, and musical instruments
Collectables, including comics, books, glassware, toys and sports memorabilia.
High-end, high-performance motor vehicles
Antiques
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Making sure your items are fully covered?
The best way to make sure your items are covered is to do certain things that will make them harder to damage or lose. This shows the insurance company that you are taking proactive approaches to looking after your assets, and will make you a more attractive policyholder. The best way to do this is to follow four simple steps.
Protect your valuables – If you have jewellery you don’t wear often then install a wall safe in which to keep it, and invest in a burglar alarm or security camera. If you are insuring high-performance vehicles, parking them off-road or in a garage will help, as will immobilisers and alarms
Update your current insurance – Every time you buy a new high value item, contact your insurer so they are aware of it and can update your policy
Check their value – Prices can fluctuate, and you should be ready for that. Conducting a regular valuation of your high-value assets will give both you and the insurance company the most up-to-date amounts for what they are worth, meaning that in the case of something untoward happening, you will be covered for the correct amount.
Evidence – Keeping photographic evidence of your asset will help the police track them and the insurance company replace them like for like in case they are lost or stolen.
As you can see there is no one rule for high-value asset insurance, it all comes down to what your assets are, what your current building and contents insurance covers, and what you can do to protect yourself. If you’d like some advice from an experienced broker on risk management and considerations for your business, contact Full Time Cover. We’ve worked with businesses throughout , offering expert, unbiased advice and support. Get in touch by calling 0207 923 4191.