It may be tempting to ignore questions about high value items when buying insurance, but they may be things you can’t live or work without, and might not be able to afford to replace quickly without insurance.
From higher than average value homes, jewellery and art, to classic cars, motor yachts and more unusual items like body parts, some people may need extra help and advice when it comes to insuring unusual or high value items.
When adding up how much the contents of your home are worth, remember too to pay particular attention to expensive electrical and electronic equipment and designer goods – clothes, shoes and handbags.
If you are at or near the limits for a standard policy it may be worth talking to a specialist high net worth insurer – they don’t just insure millionaires.
Even if you are not quite at that stage, remember that high value items are rarely automatically covered by a standard contents insurance policy. Typically items worth over £1000 need to be declared – and you will need original receipts or valuations should you need to claim.
Computer and home entertainment equipment is increasingly included as standard these days, but be sure to check that they are not subject to any high value exemptions. Bear in mind too that items are usually only covered in the home unless you specify otherwise. Accidental damage is usually an optional extra too.
High Net Worth clients can bundle all their needs together with one insurer. There’s just one point of contact – you no longer have to worry about who insures what with multiple reminder letters.
An individual’s tailored package can include just about anything, from property, motor and travel insurance, as well as precious items, from a pair or Louboutin shoes to musical instruments, art and classic cars.
If you think the tailored approach would be a better approach for your lifestyle, we’d be delighted to introduce you to another part of Gallagher, Private Clients, who cater for high net worth clients. You can contact them direct here..
About Gallagher
Deacon is part of Gallagher. Founded in 1927, Gallagher is the brand name of Arthur J. Gallagher & Co. (NYSE: AJG); the global insurance broker, risk management services and consulting firm headquartered in Rolling Meadows, Illinois.
In the UK, Gallagher has more than 4,500 employees specialising in risk management and insurance solutions for corporate, commercial and personal customers. Through a regional UK network of customer-focused branches in more than 50 locations, and its specialty London market operations, Gallagher offers tailored insurance programmes and coverage for both UK and international clients.
It is dedicated to providing local service and support to businesses, backed up by national industry specialism and global reach. With operations in 34 countries, Gallagher offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
FP90-2018 (Reviewed 12 April 2022)
The sole purpose of this article is to provide guidance on the issues covered. This article is not intended to give legal advice, and, accordingly, it should not be relied upon. It should not be regarded as a comprehensive statement of the law and/or market practice in this area. We make no claims as to the completeness or accuracy of the information contained herein or in the links which were live at the date of publication. You should not act upon (or should refrain from acting upon) information in this publication without first seeking specific legal and/or specialist advice. Arthur J. Gallagher Insurance Brokers Limited trading as Deacon accepts no liability for any inaccuracy, omission or mistake in this publication, nor will we be responsible for any loss which may be suffered as a result of any person relying on the information contained herein.