Contents Insurance Valuables

theclangers7

Hello

I am confused about what I am being told by my insurer when taking out a new contents insurance policy quote  - please could someone clarify if they have experience of this.

There is a valuables limit of £1,500 per item and any item above this needs to be listed so it is correctly insured.

My question is whether the total amount of any specified valuable items such as wedding rings or laptops is in addition to the total contents cover or valuables cover limits specified so is in effect insured separately or do I need to increase the overall level of cover to account for these items?

Adding items above £1,500 increases the premium even though I don't need to increase the total level of cover? 

Thanks

Labtebricolist

There is likely to be a specific limit for valuables, both per item and in the aggregate.  This should be clear on the policy schedule.

tacpot12

theclangers7 said:

...
My question is whether the total amount of any specified valuable items such as wedding rings or laptops is in addition to the total contents cover or valuables cover limits specified so is in effect insured separately or do I need to increase the overall level of cover to account for these items?
...

No, the Total Contents Cover is the maximum they will pay out for a Contents claim, including any specifically named items that are worth more than the individual item limit (£1,500 in your case). 

Lots of Insurers have quite high overall Contents claim limits. You might be better off going with one of those insurers. 

theclangers7

Ok thanks for clarifying, i was just confused as to why the premium increased when I added a few specified items over £1,500 if in didn't actually increase the total overall aggregate level of cover.

DullGreyGuy

theclangers7 said:

Ok thanks for clarifying, i was just confused as to why the premium increased when I added a few specified items over £1,500 if in didn't actually increase the total overall aggregate level of cover.

Because if you have 150 rings averaging 100 each and your mugged the likely loss is £600-£1,200 depending on how many you wear at the same time whereas if you had 1 ring at £15,000 and were mugged the loss is £15,000. Despite the sum value being the same the risk is higher - large flashy diamond -v- basic silver rings, who's going to attract the attention of a mugger? - and the realistic potential loss is higher.