Home Contents Insurance

jacquiben_2

Hi peeps
i am new here and need some advice please.
I was recently burgled and lost jewellry. I have contents insurance and one item was a specified item due to the high value. I purchased this item 4 years ago and had it valued. Unfortunately due to the increase in gold etc since purchasing it, it has gone over and above the specified item valuation by double.
The insurance company has said that as it was specified at one valuation they would only pay out for that amount regardless if it is currently at a higher valuation.
So this means that i cannot get the same item replaced unless i pay double.
By the way, the other items taken which were not specified have also increased in valuation and they are paying out for them upto the full cover allbeit they are lesser amounts than the specified item.

Can this be right?
I feel cheated.

Any thoughts please.

Dynamic_Panda

There should be a clause in a high value specified item stating that it has to be revalued every so many years...........or if you knew it had gone up in value you should have got a revised valuation..........the insurers are only liable to pay out on the valuation figure that you have provided and if it is worth more than that to replace at current market prices then you are liable for the difference............

DP

TSx

jacquiben wrote: »

Hi peeps
i am new here and need some advice please.
I was recently burgled and lost jewellry. I have contents insurance and one item was a specified item due to the high value. I purchased this item 4 years ago and had it valued. Unfortunately due to the increase in gold etc since purchasing it, it has gone over and above the specified item valuation by double.
The insurance company has said that as it was specified at one valuation they would only pay out for that amount regardless if it is currently at a higher valuation.
So this means that i cannot get the same item replaced unless i pay double.
By the way, the other items taken which were not specified have also increased in valuation and they are paying out for them upto the full cover allbeit they are lesser amounts than the specified item.

Can this be right?
I feel cheated.

Any thoughts please.

Usually on your policy you will have a limit for a single valuable item (for the purposes of the examples below, we'll say £1,000), with any items above that requiring specifying.

When you specify the item, a premium is calculated to cover the item at the cost you specify it for.

If the items are not specified, then you will be covered for their actual value up to £1,000. Regardless of the valuation going up, they are still covered up to that £1,000.

The issue with the specified item isn't that the value has gone up, it is that you are only paying the premium to reflect the original value, so that is all you are covered for. Unfortunately, it is your job to ensure that all your valuables are adequately insured.