Content and Personal Insurance - where to start? 16 October 2022 at 9:31PM in Insurance & life assurance 1 reply 45 views

Tinkberbell

Hello all! 

I still live at home but I contribute to a few bills to help out my elderly parents, they are also full time carer to my sister who suffers from psychosis and has learning difficulties, due to this it means I'm constantly in my bedroom (like a lodger) firstly because I work from home and secondly because of my sister and her " psychotic episodes" it's started to effect my mental health, I hear her talking/shouting to herself or talking to people who are not there day and night etc etc...

Anyways I have had to buy my own MacBook Air and iPad (to watch movies/TV series on) to keep me company if I'm at home and last year, I treated myself to a Louis Vuitton bag and the year before, I bought myself a pair of diamond earrings because I have no jewellery to pass down one day.

Just to be clear, I have saved up for months to afford these things and could only do one purchase at a time - never used a credit card, loan or Klarna so if there was a fire/theft, no I couldn't replace these without having to save up all over again for item.

I know my dad a Home and Content insurance but he's made it clear that I can't use it if ever I needed to, so that's fine I accept that - my dad is elderly so there's no past story to this, just the way he is. I want to get my own Content Insurance with Personal Possession Insurance as an add on, but I want to make sure I understand it right so I will use my earrings as an example as they're my pride and joy and only wear them on special occassions!

I bought them for £600 from Annoushka, I'm careful with jewellery but say I lose them and need to make a claim and it's accepted... Will the insurance replace the earrings from Annoushka (with proof of course) or will they find a company that sells similar earrings?

DullGreyGuy

Home insurance covers the whole dwelling and as your items are in the home it is likely your fathers insurance could either reduce a claim for under declaring the value of the contents or void the policy for deliberately not declaring the value of all the contents. The best solution for all would be to have the items on your parent's policy and ensure items that are over the single article limit are declared and presumably that Personal Possessions cover has been included to insure them whilst they are out the house.

There is insurance available for your room only but it must have a lock on the door to your bedroom, theft will have to have evidence of forced entry to your room and you wouldnt be covered for theft of items from the rest of the home. As a niche product with limited market its price is disproportionately high for the level of cover provided in comparison to regular home insurance and would still leave your parents with the issue of being under insured.