Whether you face theft, accidental damage, or natural disasters, home insurance offers you financial protection. To safeguard your home’s contents, such as fine art, antiques, jewellery, collectables, and other valuables, from destruction, consider home insurance with a contents cover to help save you from considerable losses.
This article will highlight some expert insights on how you can protect your home and valuables efficiently.
What Is Meant By a ‘Valuable’ in Home Insurance?
A ‘valuable’ in home insurance refers to portable, high-value possessions, such as jewellery, watches, and precious art and metal items. With this insurance, you remain protected against fire, accidental damage, flood, and theft. It falls under home contents insurance, either as a specified item for anything more valuable or automatically up to a limit.
Portable, small, and extremely valuable jewellery usually becomes an easy target for burglars. Talk to your insurer about the items you consider valuable, as not doing so would likely exclude them from your policy coverage. Because valuation rates fluctuate over time, consider seeking an expert opinion to ensure an accurate valuation.
Home Insurance Coverage for High Value Contents and Items
If you are wondering how you should protect your high-priced valuables from any damage or theft, here are some best practices to follow:
- Find your policy documents and check their limits. If there is a separate cap for valuables and a limit on how much your insurer will pay for a single item, it is referred to as the single item limit.
- Pay close attention to artwork, high-value tech, and jewellery. Ensure you calculate an item’s replacement value, not just its second-hand value. Because many insurance companies offer new for old cover, any item that is damaged or lost will get replaced or repaired as new.
- For sentimental items (e.g., gifted jewellery or family heirlooms), it is not always possible to replace the actual piece. In such cases, your insurer may offer you a cash settlement.
- You must get a professional valuation when you are looking at specific high-value items. Here, the purchase price may no longer reflect the replacement cost. Precious gemstones and metals may fluctuate in value over time. Therefore, having the most current valuation ensures you are properly covered.
- If you own a high-value home, your buildings must reflect the cost to rebuild your property without taking its market value into consideration. For larger houses with special features or more rooms, you will require higher limits. If your property and its contents are of high value, ensure you have adequate cover for both.
How Can You Make a Claim On Your Jewellery and Valuables?
Follow these steps to make a claim on your jewellery and valuables:
- File a report as soon as possible, either by phone or through your online account.
- Get hold of a police crime reference number if the loss was caused by vandalism or theft.
- Collect your proof, such as valuations, photographs, and receipts, to support your claim.
- Let the claim team of your chosen home insurance company, like Bajaj General Insurance, guide you through further steps, including replacements or repairs with the help of approved suppliers.
Note: Before the payout, an excess may get deducted from your final claim settlement.
What are Some Effective Ways to Keep Your High-Risk Items Safe?
Given below are some effective ways to keep your high-risk components and substances secure and safe:
- Fit a house alarm to dissuade burglars.
- Keep your jewellery hidden, preferably not somewhere which will be easily discoverable, for example, a bedside table.
- Lock away your costly jewellery in a safe with an appropriate combination pin or password.
Final Words
Whether you are protecting your house’s valuable personal belongings or its structure, comprehensive jewellery insurance helps you ensure you are financially covered in case of any unforeseen event. Compare policies, assess your needs, and select one that gives you the best coverage at a reasonable premium.
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