Valuables Insurance?

rossyl

Member
Messages
3,263
Morning All

We are paying a small fortune to insure expensive watches/jewelry on our house insurance. The insurance allows them to be worn anywhere, or be left in the house.

We could self insure, but if there was a break-in and it was all taken, it would be a significant loss. Likewise if we were both mugged (we live and go out a lot in the scary town of London).

Anyone in a similar position, what you do?

I realise not having expensive watches/jewelry would be an easy fix, but, you only live once.
 

Oneball

Member
Messages
7,083
My household insurance includes single items up to £15,000 without declaring them. I’ve not got anything that expensive but it was cheaper to go that route than a different policy where you had to declare individual items. It’s with AXA.
 

Hawk13

Member
Messages
1,346
In my experience, I have found that declaring / agreeing values is the best way to ensure appropriate cover at the best price .... especially if you want cover away from the house.

I would argue that insurance companies will do ANYTHING to avoid a claim (especially a sizeable one) and have extraordinarily convoluted procedures for high value items (often including the need for a receipt or recent valuation) ..... in part due to significant fraud experiences.

And so I attempt to remove any barriers. I take detailed photographs of watches (inc. serial numbers) and jewellery and, on a regular basis, video the contents of my house and garage. I also keep sentimental items (my grandad's watch, heirloom jewellery) in a safe when not being worn.
 

MarkMas

Member
Messages
5,743
Morning All

We are paying a small fortune to insure expensive watches/jewelry on our house insurance. The insurance allows them to be worn anywhere, or be left in the house.

We could self insure, but if there was a break-in and it was all taken, it would be a significant loss. Likewise if we were both mugged (we live and go out a lot in the scary town of London).

Anyone in a similar position, what you do?

I realise not having expensive watches/jewelry would be an easy fix, but, you only live once.
What exactly is your address? :p
 

CatmanV2

Member
Messages
40,028
In my experience, I have found that declaring / agreeing values is the best way to ensure appropriate cover at the best price .... especially if you want cover away from the house.

I would argue that insurance companies will do ANYTHING to avoid a claim (especially a sizeable one) and have extraordinarily convoluted procedures for high value items (often including the need for a receipt or recent valuation) ..... in part due to significant fraud experiences.

And so I attempt to remove any barriers. I take detailed photographs of watches (inc. serial numbers) and jewellery and, on a regular basis, video the contents of my house and garage. I also keep sentimental items (my grandad's watch, heirloom jewellery) in a safe when not being worn.
Our stuff is clearly not as valuable as some on here, but some of it has been required to be declared. Totally agree and I have photos of all the important bits. The video seems like a good idea

C
 

GeoffCapes

Centenary Club
Messages
12,313
Most of our stuff is covered under the household insurance, however, I have a separate insurance policy for high value jewellery items such as Alex's engagement ring.
They are on individual policies (it's actually cheaper that way).
As an example her engagement ring is £130 a year, with no excess, coverage all over the world. Which considering it's value I didn't think was too bad.
Obviously you need an official valuation when you insure as well, and they aren't cheap. Fortunately I know the jeweller who made it.
 
Messages
954
There is a cost to having items valued. It has to be revalued periodically. The insurer will make paying out on a claim an extremely tortuous journey for your loss. Often the high value items may not be replaceable, so monetary payout is still a big loss. Consider a high security safe, sunken into concrete in the garage floor. Install high security CCTV as a deterrent and consider lower floor metal shutters if away from the property. Avoidance of lossand deterrence to thieves would be my suggestion. If you wear expensive watches, consider not doing so on risky journeys. I won't wear my daily Omega Chrono Seamaster abroad where the risks are unknown. I won't wear it going into dodgy areas in Manchester ( Moss Side, Hulme, Wythenshawe).

For jewellery, hire security safety deposit box - some banks offer them as do some jewellers.
 

MarkMas

Member
Messages
5,743
There is a cost to having items valued. It has to be revalued periodically. The insurer will make paying out on a claim an extremely tortuous journey for your loss. Often the high value items may not be replaceable, so monetary payout is still a big loss. Consider a high security safe, sunken into concrete in the garage floor. Install high security CCTV as a deterrent and consider lower floor metal shutters if away from the property. Avoidance of lossand deterrence to thieves would be my suggestion. If you wear expensive watches, consider not doing so on risky journeys. I won't wear my daily Omega Chrono Seamaster abroad where the risks are unknown. I won't wear it going into dodgy areas in Manchester ( Moss Side, Hulme, Wythenshawe).

For jewellery, hire security safety deposit box - some banks offer them as do some jewellers.
Yeah. I never wear a good watch north of Brown's Restaurant in Oxford.
 

Phil the Brit

Member
Messages
1,407
Covea executive plus policy for me. Had two claims one of which was 20 grand guaranteed value and they paid out within two weeks full value. Would recommend.
 

Scaf

Member
Messages
3,776
Lots of good advice on here, especially up to date documentation and photo’s are to and preventative measures also.
One of the pleasures of having nice things is to wear them so I am probably a little lax in that department, in that I wear my Cartier everywhere, everyday (even in Wythenshaw! but it’s insured correctly.
I would add that it’s imperative to be fully insured and not underinsured, if you are insured up to say £30k contents but have a loss of £60k, they will pay you £15k - my grandfather found this out to his cost many years ago.
 

MarkMas

Member
Messages
5,743
One other thing to watch out for is that 'partial loss' can be more expensive than 'total loss'.
Two examples:
  • We have some old family portraits that are almost worthless in cash terms, and if they were totally lost in a burglary or a fire, there would not be much point in a cash payout (apart from the pleasure of a windfall), but if they were damaged by incompetent thieves or a smaller fire, then the restoration costs might be considerable.
  • When my father-in-law's house was very badly damaged by fire, he was under-insured. And the biggest problem was the items that were turfed out onto the driveway by the firefighters, but not destroyed, as he could not afford the costs of securing, sorting out, cleaning and storing these (so the family had to do the work).
So you may need insurance that covers repair, reinstatement, restoration, etc, not just cash to replace.
 

lifes2short

Member
Messages
4,848
We are paying a small fortune to insure expensive watches/jewelry on our house insurance
How much are you paying?

I was paying almost 2k with home and legacy warranty free policy for quite a few years and then thought what a waste of money and changed to another, never really had a large loss/claim but then i don't really like wearing anything flashy and expensive out and about and neither does my wife, unless its for a special occasion
 
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Scaf

Member
Messages
3,776
How much are you paying?

I was paying almost 2k with home and legacy warranty free policy for quite a few years and then thought what a waste of money and changed to another, never really had a large loss/claim but then i don't really like wearing anything flashy and expensive out and about and neither does my wife, unless its for a special occasion
I can’t imagine paying 2k for house and contents insurance, we have six figure contents and all Risk on all items up to 15k as well as a number of items specifically valued and appraised - still only in the hundreds
 

lifes2short

Member
Messages
4,848
I can’t imagine paying 2k for house and contents insurance, we have six figure contents and all Risk on all items up to 15k as well as a number of items specifically valued and appraised - still only in the hundreds
home and legacy is excellent cover for high net worth but i suddenly realised with all the security i have it was highly unlikely that we would ever have a burglary and most of the premium is normally for contents/valuables, re buildings insurance part of premium is normally relatively small, so i decided to change a couple of years ago, but i'm still paying a tad over a grand, mines with Saga now, who's yours with?
 

lifes2short

Member
Messages
4,848
How does that help if I am mugged (or otherwise have it stolen) or I lose the item? Deposit boxes have a place but insurance is also needed.
well you could defend yourself with one, i wouldn't fancy being hit with a safety deposit box ;)
 

Scaf

Member
Messages
3,776
home and legacy is excellent cover for high net worth but i suddenly realised with all the security i have it was highly unlikely that we would ever have a burglary and most of the premium is normally for contents/valuables, re buildings insurance part of premium is normally relatively small, so i decided to change a couple of years ago, but i'm still paying a tad over a grand, mines with Saga now, who's yours with?
Funny - we are with Saga - it must be an age thing :p
 

lifes2short

Member
Messages
4,848
Funny - we are with Saga - it must be an age thing :p
must be :lol:, the only thing is it's the usual warranty policy which means you have to have all the right locks on windows and doors etc and presumably wriggle room for insurer if ever had a large burglary claim and the locks were below grade, the good thing about home and legacy and those type of high net worth policies is that they are "warranty free" so no onerous security requirements, in fact i was told that even if you left your window or door open/unlocked by mistake when leaving the house and you were burgled you would still be fully covered