Advice on declaring valuable items

Mint_choc_chip

My mother is giving me something passed down her family for generations which I've been told is worth a rather large amount of money. Do I need to inform my home insurance provider that I have something of great value in the home? I assume my premium would sky-rocket also? 

Sandtree

Depends on your policy terms and current possessions.

your policy will have a maximum single article limit, this can be anywhere from £750 to £15,000. There will also be a sum insured for both all your unspecified valuables and all your contents.

if the item is above the single article limit it must be declared and you may need to increase the total sum insured. If it’s below you just need to check the two sums insured are appropriate. 

The other consideration is where you want it insured,  just at home or out and about?

Mint_choc_chip

Thanks. It's definitely above that amount. It will only be in my home safely locked away. I will consult my insurance provider. If the increase in premium is too high I will consider a bank security lock box as an alternative option. 

Sandtree

What sort of value? Is it jewellery, art, something else?

insurance is also a lot about fit... right company will be reasonable and wrong company will be silly money or simply decline to quote  

TELLIT01

Take plenty of photographs of the item.  If the worst does ever happen you will have evidence of the item.  I would also get a professional valuation as family history of an item doesn't always translate into being of great financial value.

Mint_choc_chip

It is jewellery (2 or more pieces I think) and was last valued 30 years ago by a professional. It is quite a substantial amount, enough to pay off my mortgage atleast. 

csgohan4

you may need a specialist insurer if it is that high value, the mainstream insurers may not cover it. But no harm in asking. The usual insurers for this would be Chubb, Hiscox e.t.c but expect to pay a high price

Mint_choc_chip

Great, thanks very much for your help. 

TELLIT01

Mint_choc_chip said:

It is jewellery (2 or more pieces I think) and was last valued 30 years ago by a professional. It is quite a substantial amount, enough to pay off my mortgage atleast. 

In that case you definitely need to get a current valuation, and should speak to a broker to get specialist insurance.  We're not talking the sort of values you seem to be looking at, but my wife had a hell of a shock when she had an item of jewellery which was purchased abroad valued here a couple of years after purchasing it.  Insurance valuation was more than 10 times what she paid for it.

greyteam1959

Flog it and pay off off your mortgage.
What's the point of keeping it locked away & unused ??
Seems rather pointless to me.

Thrugelmir

Mint_choc_chip said:

It is jewellery (2 or more pieces I think) and was last valued 30 years ago by a professional. It is quite a substantial amount, enough to pay off my mortgage atleast. 

Then at the very least you should get an up todate valuation undertaken by a reputable business.