14.03.2016 Home Insurance
If you've got property and contents insurance, you probably think that all of your possessions are fully covered in case of accidental damage or theft. However, if you haven't named your most important possessions on your policy, they may not be totally covered.
Valuable items should be named individually on your policy to ensure they are fully protected for the right value. This is especially important if you don't have a safe, they get used a lot and if they leave the property regularly.
Not only will this give you greater peace of mind, it will also ensure that damaged items get replaced or repaired quickly and that you get the right payout should something get stolen.
But what items should you name on your policy?
If you have expensive jewellery - especially if it has sentimental value - you should make sure that each piece is individually named on your policy. You may even want to get antique or very expensive pieces valued by a jeweller to ensure they are insured for the right amount.
As well as being insured in your home and against theft or natural disaster, itis also a good idea to get jewellery insured against accidental damage as well for when you wear it away from the property. As jewellery is unlikely to simply sit in a box somewhere, these extra measures will leave you covered against all eventualities.
While a bicycle may not be as expensive as a car or motorbike, it will still come with a high price tag that can cause problems if it gets damaged and isn't insured. You may find that bikes are not covered as standard on your insurance, in which case you need to add yours.
If you do add your bike to your policy, it should be insured while away from home, although it is worth double checking this fact. This should leave you covered if your bike is stolen, you have an accident or it gets damaged.
However, you will still have to ensure that you have suitable biking equipment, such as a helmet and high-visibility clothing, as well as a strong lock. It will also need to be stored in a secured location.
Nowadays we rely so much on our phones and laptops that if they get damaged or stolen, we are at a loss. This is why you should cover any expensive electronics separately on your policy, including those you take out of the house on a regular basis.
Insuring electronics like phones and computers will mean they can be repaired or replaced quickly and that you don't have to shell out a fortune if you happen to lose them or they get stolen.
Items worth over a certain amount
It is worth checking with your insurer how much an item should be worth before you name it on your policy. This will give you a good idea as to what you should ensure is covered under your contents insurance.
Your insurer will also tell you if certain items don't need to be named and will give you examples of what should be in order to help you to minimise the risk of forgetting anything. This will leave you knowing that all of your valuables are protected in a way that suits your needs.
It's important that high value items should be named on your insurance to make sure they are adequately covered.