Contents Insurance - am I covered?

SHOW

Hi,
Just looking for some advice please. We were burgled last week and I had an expensive watch and some other items stolen. I have just read through my insurance policy and I'm not sure if I am covered for my watch. A loss adjuster is coming out to see me and I want to make sure I give him the right information to ensure that I am paid out for my loss.
I bought the watch for £500 10 years ago, the cheapest watch in that brand I can find is now £1,500. I have a new for old policy. However, the policy states that there is a single article limit of £1,000 and that I must tell them if any item is worth more than £1,000. I did not realise that my watch had increased in value by so much and so had not told them.
Do you think that my watch is covered by the insurance or that it is covered up to the £1,000 single article limit? Any advice would be greatly appreciated.
Many thanks.

Quentin

Doesn't look good. Ask your insurer for the definitive answer

InsideInsurance

typically it'd be capped at the single article limit

*Scarlett

If the watch is worth £1500 and you are insured for £1000 max then you may find that any claim will be reduced by a third as this is the amount you are under insured. So they might offer you £666

I would suppose that the new models of the watch are not identical to the one that was stolen so it might be that your watch was worth £1000 or under.

You will just have to work with the loss adjustor and insurer to resolve this.

Hope you get it sorted.

TSx

Average wouldn't apply with a total loss (the calculation would be loss (£1500) x 2/3 = £1000

The most likely outcome is a £1000 pay out. Certainly not more.