Contents Insurance - No Single Item Limit

JaseyD

I was previously with Tesco Insurance, and they had a policy of having no individual item limit for contents insurance, so any individual item would be covered up to it's replacement cost, so long as it came under the total sum of goods covered. This meant you didn't to itemise separate high risk / valuable items, as many insurers require. 

I spoke to them recently after receiving my renewal, due to reading the individual item limit clause had changed to now include limits. I just wondered if anyone was aware of other insurers who still have a no individual item limit in their policies?

Thanks.

Sandtree

Cant find any historic Tesco policybook that doesnt have a single article limit but thats by the by really.

I've only seen no limit exceptionally rarely and cannot recall any off hand. There are some that have fairly high single item limits like M&S Premier is £10k, Aviva and Axa both have many different policies but both have had similar limits on some (noting that both used to be M&S underwriters) and there are plenty of mid net worth policies out there with similar limits, from memory Hiscox Direct is £12k. 

Another key differential is what types of items need to be declared, basic policies want anything over the limit specified whereas higher quality policies only need it for jewellery, art etc and so your Sub Zero fridge/freezer doesnt have to be declared etc

lisyloo

Axa Advanced is £15K (and I think Hiscock is too).
I find them higher up on cost comparison sites.
So there is a jump from sub £300 to £700+
Obviously you are going to pay more.
we have a number of such items and it's a pain (and a lot of money) to get every single item valued so we go with a high value policy.
There are many companies selling Axa Advanced.
This year I went with autonet but people like Grove & Dean and many others offer it too.

JaseyD

Thanks for the replies :-)

Just a quick update - having received a quote via GoCompare for Nationwide which appeared reasonable, with no suggestion of individual item limits, I just gave them a call. They said they have no individual item limit, so long as it wasn't classed as a valuable under their definition, ie: Jewellery, watches and items containing gold, silver or platinum. So high value items, which don't contain any of the above, like antiques, instruments etc that aren't away from the home are covered as a part of the standard contents / non-valuable items cover, without the requirement to individually specify.

Sandtree

The other policies mentioned are similar but normally consider Art within the items that need declaring but then have a £10k single item limit for those rather than £2k

Is potentially a useful policy, assuming you factoring in having to pay to include matching set cover etc, but a number of the inner limits are relatively low if your contents is worth enough that having to list out your items over £10,000 sounds like too much effort.

Wonder how well set up they really are for dealing with a £10,000,000 claim for your Picasso compared to a specialist insurer?

JaseyD

Funnily enough, when questioning them about antique furniture etc, they offered that a painting worth £10k as an example would be covered. Didn't think to ask them about the Picasso

The policy I went with is their 'unlimited' product, with no apparent limit on contents / buildings insurance.

Not bad for £140, with £33 cashback from Quidco, who I eventually used for comparison & subsequent purchase.

Sandtree

JaseyD said:

The policy I went with is their 'unlimited' product, with no apparent limit on contents / buildings insurance.

There are various inner limits like £1,000 cash (and cash like items), £30,000 for alternative accommodation (in central London that could easily be under a year a potentially less than 6 months) or £5k for garden/outbuildings contents, £5k trace and access

On the surface, having not read the policybook, its a fairly reasonable home insurance policy from RSA (though if its the same as their old underwriter, Nationwide have a reasonable amount of delegated authority) but some of those limits may be a bit low for some if you truly need the not listing items over £10,000... would work well if a couple prefer paintings to jewerly etc

JaseyD

Yes, the inner limits in the policy are laid out:

Money in the Home - £10,000

Visitors' Personal Possessions - £1000

Business Equipment - £10,000

Contents in the Open - £750

Escape of Water - Unlimited

Theft from Outbuildings - £5000

Special Events Increase - Unlimited

Locks and Keys - £1000

Accidental Loss of Metered Water, Liquid Petroleum Gas or Oil - £1000

Temporary Removal - £10,000

Student - £10,000

Dependent Relatives - £5000

Alternative Accommodation - £30,000

Documents - £1000

Food in your Freezer or Fridge - £1000

Tenants Liability - £10,000

Emergency Services - Unlimited

Data Downloads - £3000

Occupiers' Liability - £5m

Personal Liability - £5m

Employers' Liability - £10m

Valuables cover is stated as: Valuables (Valuables are Jewellery, Watches and items containing Gold, Silver or Platinum) Total Limit £30,000, Single Item Limit £2,000.

Sandtree

JaseyD said:

Visitors' Personal Possessions - £1000

Thats an unusual inner limit from my recollection... hopefully your friends/family would have their own PP cover but normally guests possessions are covered within your own limits.

Better not ask your friends to bring their Picassos around when they come to admire yours.