There are two main issues that need considering if you are thinking about taking out home insurance for high risk items.
Firstly, you need to make sure that you carefully read the home insurance policy so that you can evaluate which items are classified as being high risk. Some of the possessions will not be the most valuable, but the ones that are most prone to damage and theft. The policy will most likely include such items as:
- Jewellery and articles of gold and silver
- Electrical appliances including TVs, computers and music equipment
- Paintings and other works of art
- Money, credit/cash cards or cheques
Secondly, it is very important that you give the correct value of each item to you insurance provider. If you underestimate, it may mean that you do not receive the full amount of money for the replacement of your product.
Most insurance providers will give between £1,500-£2,000 home insurance cover per high risk item that is damaged or stolen. If one or more of your items are worth more than this, you may want to look into a specialist policy directed at home insurance for high risk items.