2 contents policies? one for high value item

Kazzea

I rent a flat so only need contents insurance for around £10,000 - however I got engaged a few months ago (ring was my future mother-in-laws) and had it valued (for insurance) after nearly dying of shock when it came back at £19,000 - I am now trying to insure it. However if it was lost or stolen I wouldn't want a replacement - I would be more comfortable with a much cheaper (or fake ring) So I cant get jewellery insurance as they simply replace from a jeweller.

Here's the question: Can I get contents insurance for my flat (inc accidental damage) and then get a separate contents policy elsewhere that includes the ring? (no accidental damage is needed for the ring) I realise that I cant claim the same thing on both policies etc. Its simply that I need accidental damage for my flat but NOT for the ring and this is only poss with 2 policies. (the AD for the ring really pushes the premium up)


Thanks

kingstreet

Its simply that I need accidental damage for my flat but NOT for the ring and this is only poss with 2 policies. (the AD for the ring really pushes the premium up)

I'm not sure exactly what this means. Have you simply increased the contents sum insured, or have you added the ring under a personal possessions add-on?

lazer

Your contents insurance could also pay out with jewellery vouchers also or source a replacement ring for you.

Be aware of this

Kazzea

kingstreet wrote: »

I'm not sure exactly what this means. Have you simply increased the contents sum insured, or have you added the ring under a personal possessions add-on?

Both - but it pushes the premium up to closer to £400 - however if I do them separately as in one contents with accidental damage around £10,000 for the contents of the flat - and one contents of £20,000 with personal possession of £19,000 (for the ring) its about half that.

Kazzea

lazer wrote: »

Your contents insurance could also pay out with jewellery vouchers also or source a replacement ring for you.

Be aware of this

Thanks - I would check this out - I would hate to lose the ring as it would really upset me and my fiance (and his mum) but on the slim chance it happened - it would be made sooo much worse with no insurance. Its a family ring - so a replacement wouldn't really be a replacement anyway (it wouldnt have the same history etc)

rs65

Kazzea wrote: »

I am now trying to insure it. However if it was lost or stolen I wouldn't want a replacement - I would be more comfortable with a much cheaper (or fake ring)

Here's a question - Do you really need to insure it?

Kazzea

Yes - why would I NOT insure such an expensive item?????????

rs65

Kazzea wrote: »

Yes - why would I NOT insure such an expensive item?????????

Because you said you wouldn't want a replacement and would be happy with something cheaper or a fake.

Kazzea

So I should just write off a £19,000 loss??? Thats just stupid.

Sally_A

Suggest you take lots of close up photos, as if it was ever lost or damaged, it would be able to get a replica made.

rs65

Kazzea wrote: »

So I should just write off a £19,000 loss??? Thats just stupid.

I thought it was the sentimental value that concerned you most. If it is a cash settlement you would want then you would need to specifically find an insurer that would agree in advance to do this. Otherwise you may end up with £19k worth of Goldsmiths vouchers.