High value items not declared: can we get any payout at all for them?

Hi there, really hoping for some guidance here as I wade through the aftermath of my elderly parent's burglary.
Their contents insurance policy says, under "What's not insured", the following: "valuables in your home over £2,000 individually, unless the items are specified on your personal details." 
They lost several items in a burglary which they now realise will cost much more than £2,000 to buy new. (for example a 1963 Rolex watch that only cost a few hundred turns out now to cost about £3,000 to replace new) 
My question is: were these items completely uninsured under the policy or is it that the insurance company will pay out but only to a £2,000 ceiling?
There were also items that seem to hover around the £2,000 mark replacement value so I presume it's in our interests to claim a more modest value otherwise we might get nothing at all?
(Extra information: there is no overall valuables limit and the overall contents insured was adequate) .

Thank you very much


  • That 63 Rolex might actually be worth quite a bit more than its modern replacement. 

    Based on the wording you quoted it appears those items are not insured. Might be worth getting an actual valuation on these items, if for instance the Rolex is a bog standard less collectible one it could be worth a lot less than £2000.

  • TELLIT01
    TELLIT01 Posts: 16,243
    First Anniversary First Post Name Dropper PPI Party Pooper
    Worst case scenario is that the items with individual values above £2k will not be covered at all.  Everything else should be OK.  I would be looking in jewellers specialising in pre-owned jewellery to try to find items similar to those lost available below £2k per item.
  • DullGreyGuy
    DullGreyGuy Posts: 9,069
    First Anniversary First Post Name Dropper
    (Extra information: there is no overall valuables limit 
    That would be exceptionally unusual... who is the policy with? Sometimes budget providers call it high risk items or something of that ilk and add in non-standard things like TVs and laptops to the traditional definition.
  • We couldn't find one -- there is a limit of £2000 on any one item but no sign of an overall limit on valuables. It is with LV
  • Have you looked at the Schedule? Their website states that for all three levels of cover there is an overall unspecified valuables limit but doesn't state what it is nor does it show in the quote process (but then nor does the £2k single item limit in the home show in the quote summary)
  • Yes we've been through it and we are insured for £75,000 contents overall, plus any valuable up to a maximum of £2,000. If it's worth over £2000 then you have to specify it for it to be insured. I'll take another look. 
  • My folks were burgled many years ago and I think they got the upper limit of undeclared valuables on a watch
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