A high-value item is an expensive possession that may need to be listed separately on your contents insurance policy.
A high-value item is a possession worth more than the standard amount an insurer will cover for one item.
Examples may include:
There is no set value that applies to every policy. Each insurer can set its own limits and rules. Check your policy wording and insurance schedule to see how valuable possessions are treated.
High-value possessions are usually covered by contents insurance. This protects belongings kept in your home, subject to the policy terms, limits and exclusions.
Many policies have a single-item limit. This is the most the insurer may pay for one possession, even when its full value is higher. The Association of British Insurers explains how single-item limits can affect a claim.
Some policies also have a total limit for groups of valuable items, such as jewellery, watches or artwork. Each item could be below the single-item limit, but their combined value could still exceed the policy limit.
Your insurer may ask you to list, or specify, items worth more than its single-item limit.
You may need to provide:
Listing an item does not mean every type of loss or damage is covered. The item will still be subject to the policy’s conditions, exclusions and insurance excess.
The proof needed for a claim can depend on the policy and the circumstances. In one Financial Ombudsman Service decision about proof of ownership, relevant evidence included receipts, valuations, photographs, guarantee cards and other supporting documents.
Standard contents cover may only protect an item while it is at the insured property.
Personal possessions cover can protect certain belongings when you take them outside your home. It may be included or offered as an optional extra.
Limits and conditions can apply. For example, an insurer may require you to specify expensive jewellery, cameras, laptops or bicycles. It may also apply rules about unattended items, approved bicycle locks, overseas use or items left in a vehicle.
The ABI’s contents insurance guidance explains that cover away from home may need to be added separately.
Use the current cost of replacing an item, rather than relying only on what you paid for it. Jewellery, watches, art and collectables can rise or fall in value.
MoneyHelper recommends checking whether your policy has limits for expensive belongings and whether they need separate cover. Its contents insurance guidance also explains why it is important to value your belongings with care.
Keep receipts, photographs and valuations where possible. You should also tell your insurer about new valuable items or major changes in value when required by the policy.
Before buying or renewing home insurance, check:
We arrange home insurance through a panel of insurers.
Tell us about valuable possessions when you ask for a quote. Accurate details can help us look for available cover based on your needs.
Cover, limits, conditions, acceptance and price depend on the insurer, the policy and the full details provided. Always read the policy documents to make sure you understand what is and is not covered.
