Single item insurance?

Melancholie

I called my home insurer today to add a new ring to my policy as a valuable item (its value is over the individual item threshold so needs to be declared separately). I was horrified to be told that adding it would increase my premium from £167 for the year for buildings and contents to £424!! :eek:

Can anyone recommend anywhere that I can get the ring insured as a single item separate of any other policy? Hoping that may be cheaper than an additional 150% charge.

Thanks in advance.

dacouch

Is the ring valued at circa £6500?

Melancholie

Almost exactly, dacouch, yes. £6595.

dacouch

The reason I knew that as that is about the going rate across the industry.

You could try http://www.thmarch.co.uk/personal/jewellery-valuables

Be aware of any policy conditions which will typically only cover the ring whilst being worn or whilst it's in the same room as you eg bedside table / washing up or in a safe

Melancholie

£146.81, so cheaper than adding it to my home insurance policy. Thanks for the information, dacouch.

dacouch

P.S It's a a very good idea to have jewellery valued unless you have only recently purchased it as gold prices have gone through the roof. Take good quality photos of the ring as the Insurers will normally try and arrange a replacement if it's lost.

rs65

There are policies that provide single article limits higher than you need.

Worth shopping around to see if it is in your interest to cancel just now and go elsewhere.

Melancholie

It was purchased last week and came with an insurance valuation certificate and a jewellery report from European Diamond Reports which includes a picture of the ring. Will that be sufficient?

rs65, I'm only 55 days into my policy. Would that make cancelling a better option or a worse one? I've already bookmarked Hiscox for a quote next time after Google told me they cover valuables up to £15k each as standard. Open to suggestions for others that may be able to cover it.

rs65

Melancholie wrote: »

rs65, I'm only 55 days into my policy. Would that make cancelling a better option or a worse one?

You just need to work out the numbers yourself.

'Which' have a guide on customer ratings. Have a look at the better rated ones.

http://www.which.co.uk/money/insurance/reviews-ns/home-insurance/which-recommended-providers/

Hiscox have a good reputation for home insurance but it comes at a price.

Try a comparison site including the ring specified and see what turns up.

*Scarlett

If you insure the ring separately you may still need to declare it to the insurer and ask them to exclude it from the cover.

You might be better to go for a policy with a higher limit for single articles eg

http://www.axainsurance.com/home/cover/

This is just one I can think of but I'm sure there are others.

Hiscox undoubtly offer good cover for for mid - high net worth policies but for 1 item I would still consider mainstream insurers.

Check any cancellation fees if you are considering switching mid term. Ask the new insurer if they would reimburse this -some do and there is no harm asking.

Melancholie

I was with Axa until August but switched as my renewal wasn't competitive. I'll try them. Hiscox are quoting well over £1k for the annual premium so that's a no go! The current insurer are going to give me a call back on Friday afternoon. I told them I would be shopping around so they're aware of the situation. I'm just checking for cancellation fees now. Thanks.