Insurance advice needed ?

allforfun

ive recently had a claim with my house insurance on a expensive watch i lost, the watch is worth over £7,000 and thats what its going to cost me to replace it, yet my insurance company have only offered me just over £4,500 because when the policy was taken out this is what i thought the watch was roughly worth , so now they are saying becuase this was the amount insured this is the most they can pay out on it, dispite me having like for like cover surely this cannot be correct . I mean they asked for a qoute for replacement which i gave them its not my fault these watches have gone up so quick peanalising me becuase i never changed what the watch was worth please help !

Quentin

allforfun wrote: »

... so now they are saying becuase this was the amount insured this is the most they can pay out on it, dispite me having like for like cover surely this cannot be correct....

You are probably incorrect when you say you had your £4500 watch insured on "like for like cover".

But check your policy to be sure (the watch will be covered under the "high-risk" (or similarly named) section of your policy).

Most policies only pay out the sum insured in this section (and advise the policyholder to review the valuations of high risk items regularly as values go up (and down) meaning you could end up under (or over) insured.

allforfun

ok looks like thats it then with this one. many thanks