Best Contents Insurance to Include Jewellery?

Kavanne

Hello!

I currently have contents insurance with RBS but I was just wondering if there are any insurers who don't charge extortionate premium increases for items of jewellery that are over the single item limit? Or any policies with a larger single value limit? (RBS is £1500 per item) I have looked at insuring separately and that is even worse... anyone had any good experiences with adding jewellery on to insurance?

Thanks


I looked at moneysupermarket/compare the market but many insurers want me to call for a quote, was just wondering if I could speed up the process by cherry picking a few!!

dacouch

It depends on the value of your jewellery, what would you say the total value of your jewellery is and what sort of indivudual values are the higher items.

Roughly how much in premium are you paying RBS

Kavanne

dacouch wrote: »

It depends on the value of your jewellery, what would you say the total value of your jewellery is and what sort of indivudual values are the higher items.

Roughly how much in premium are you paying RBS

£25per month (no interest charge) which includes single items at:
1 x £1850
1 x £3800
1 x £4035

Also other various pieces (6-7) probably worth £2000 in total.

2 bed flat. total contents cover £22000 (i probably need more than this with that jewellery, right? I could probably replace everything else for £10000 but only from Ikea!!) with £100 excess. Family legal protection but i don't think it has accidental damage cover.

dacouch

When you specify jewellery Insurers tend to charge between 1% and 2% of its value so around £90 of your premium is going to insuring the specified jewellery. I assume you also have cover for unspecified personal effects to cover your personal effects and jewellery valued at £1500 and below also cover.

The amount of cover you have does appear low to me which is not uncommon with Direct Line who I'm guessing your with.

Because of the vale of the last two items when you are running quotes through with other companies most companies will "Refer" their quote as they either do not offer cover for these value of items or would ask that you ring them so they can give a "Bespoke" quote. The trick to getting a decent quote fopr your home contents would be to get quotes without the two highest value items. Find out who offers the best price / cover and then ring them for a quote including these two higher items. You should then be able to get a much better deal.

You should bear in mind that Insurance Policies contain a Clause called Under Insurance / Average. This means that if you Insure you contents for £20000 and the actual replacement cost should have been £30000 they will reduce any payment in the event of a claim by 50% (The percentage you have under insured by). The amount of contents appears low to me especially taking into account the value of your jewellery so it would be important for you to reveiw this. The first thing the Loss Adjuster will do when he comes out to see you for a claim is calculate if you are under insured.

You should Insure for the full new cost of replacing your contents from where you bought them from.

I would also recommend that you consider getting up to date valuations for your jewellery if you have not had them valued within the last couple of years. This is because the price of gold has rocketed and your jewellery may be worth considerably more. Please also bear in mind that if you change Insurers most (Not all) new Insurers would want to see valuations for the items of jewellery valued at over £2000 (They will accept valuations dated within the last three years)

Kavanne

All valued within last 2 yrs.

Thank you so much for taking the time to reply, dacouch, that is a really detailed reply!!

dacouch

No problems, sort your sum insured out.

With the jewellery you have you would prob find better cover and a price through a broker. They will know which companies are best for jewellery, failing that try the trick I told you, it does work

Kavanne

How do I find a decent insurance broker? Can I do it online or do I have to actually go and see them (and I may feel pressured to buy if I do that)?

I think a more reasonable contents sum might be £40000

dacouch

£40000 sounds a more reasonable amount, which town are you in and I'll post you a list of decent brokers.

Don't worry, just give them a call for a quote and if you don't want it just say you may get back to them. Its not a problem if you went in personally as people pop in and out all the time for quotes

Kavanne

Southampton

dacouch

brokers are regulated by the Financial Services Authority, I have attached a link of Brokers in your area who are members of BIBA. This is a trade organisation and their members have to act in an even more regulated manner so should give you an excellent service and it will keep money in your local area.

I think in your circumstances they will save you money.

Any of them will give you a quotation without obligation and you will find there staff are far more knowledgeable than the people you are speaking to in a call centre. If you do have a claim the broker will assist you in dealing with the Insurer.

I hope this helps

http://www.biba.org.uk/FindBroker/ConsumerHome.aspx