Home Insurance - Specified Items Value?

imroberts

I have a piano, the value of which exceeds the single article limit of most insurance policies.

Prior to this year I have managed to find home insurance with a high single article limit sufficient to cover it, however this year I can't, so will need to list it as a specified item.

The issue is I don't know how I should value it - the retail price seems to increase every few months and over the last 12 months for example the retail price has increased by 25%.

What value should I declare to the insurers?
1) My original purchase price
2) The current retail price
3) The current RRP
4) A value based on (2) or (3) but increased further to allow for potential price rises over the term of the policy

I don't want to end up underinsured should something happen, however I'm also conscious that valuing things wildly over the odds can also be frowned upon, so any advice would be appreciated!

paddyandstumpy

Check the wording of any policy you intend to buy, or, easier; call them.

A lot of policies only require you to specify valuables like art or jewellery.

You may find you don't need to specify it.

But, to answer your question, you should insure it for the current retail price as new, as best you can.

Blibble

Presuming it is a new-for-old cover on the policy, you should insure it for the market value it would cost to replace. If in doubt, it may be worth getting a couple of independent valuations and taking the highest of those; better to over-insure it then under-insure it.