Single article limit 29 August 2018 at 7:48PM in Insurance & Life Assurance 6 replies 715 views

teluteam

Looking for home insurance for my sister. She needs something with a high single article limit for her jewellery.
Does anyone know which mainstream insurers have a higher single article limit (without paying extra or through the nose)? Most I have seen is £3k from Skipton

paddyandstumpy

I think John Lewis May have a higher limit than that.

Also, if you use Compare the Market you can declare the value of your most expensive single item, this may then weed out the insurers with a lower single item limit?

Chickenlips

It's unlikely that you'll be able to increase the single article limit. Instead, all items over the limit will need to be declared to insurers as specified items.

Certain terms ma be applied to the policy, such as the items need a valuation every x number of years, and or/they must be kept in a locked safe.

paddyandstumpy

Chickenlips wrote: »

It's unlikely that you'll be able to increase the single article limit. Instead, all items over the limit will need to be declared to insurers as specified items.

Certain terms ma be applied to the policy, such as the items need a valuation every x number of years, and or/they must be kept in a locked safe.

The BGL brands specifically had the functionality to increase and define the SAL.

For home insurance, Dial Direct was their 'better' product with all the add ins, whereas Budget was the 'budget' option. I can't remember what affinities are via BGL on Home, it's been a while since I had dealings with them.

BGL and Compare the Market are one and the same company, and work off the same system.

Chickenlips

The operative word is had...

If you specify that x, y, and z are £4,000 each, they will be named on the schedule and may or may not have certain conditions applied to them. Their "pot" of money will be in addition to the total high risk limit and not affected by the single article limit.

Cheaper policies often result in more restrictive cover. If a person has several high value items, a broker (not an online comparison site that focuses on premium and standardish policies) is the better and safer bet. Brokers are trained in insurance and guide on what your requirements are and the insurers most likely to offer the cover needed and or wanted.

A broker can explain terms to you, frequently have contacts at insurance companies, can query things on your behalf, and assist with the claims process if an event should happen. Their fee is paid by the insurer. Your policy might be a little higher but you'll be glad you paid extra in the event of a claim.

I feel with broker policies and cheap comparison policies..... the latter are often offered on poorer terms and when claims are turned down that would be cover on slightly more expensive policies, they don't end up being cheaper long term!!

paddyandstumpy

I've just checked on the Budget website and the questionset asks you to nominate the single item limit.

Options start at £1,500 and go up in £500 increments to £10,000.

Chickenlips

Yes, but then it asking you to specify any and all items with a value over £1,500.00. When the limit for single items is increased beyond £1,500 it tells you to call as they cannot cover online.

A policy that is designed to be cheap is likely to have more exclusions in. Think of it as buying a sandwich from Tesco. If you compare the £1 ham sandwich to the £3 one, they are both technically ham sandwiches and will do they job intended. But, the £3 one has a lot more filling and the sandwich is made of slightly nicer ingredients meaning it's a better experience to eat. Insurance policies are the same: you get what you pay for. Cheap premium = cheap policy. It really does make a big difference at the claim stage.