Contents insurance for high value items?

Cyrus

Does anyone have any experience of decent contents insurance cover for high value items (jewellery and watches)

currently with aib, but its it a bit of a faff getting all risks cover and they seem very suspicious that my watch collections changes around from time to time!

its also working out pretty expensive.

jinkybhoy

Cyrus wrote: »

Does anyone have any experience of decent contents insurance cover for high value items (jewellery and watches)

currently with aib, but its it a bit of a faff getting all risks cover and they seem very suspicious that my watch collections changes around from time to time!

its also working out pretty expensive.

Shouldn't have a problem adding them to all risks - just have to pay extra premium and maybe provide a valuation. All risks covers them outside home so if you don't want this, you can just add them to exisiting contents policy )problem is that some companies have a max limit on valuable items on contents - something like 33% of the buidlings sum insured.

DMcL1971

The problem that I found was that most insurance companies will increase your policy for each high value item that you add to it. However, after a bit of shopping around I ended up going with FBD. They allow you to have high value items that reduce the overall level of cover instead of increasing the premium.

For example suppose your total cover is 50K. If you have 5K worth of watches or jewellery then the overall cover for the rest of the premises is reduced to 45K. This is fine if you have a break in and your stuff is stolen but could be a disadvantage if the place is flooded or burnt down as the cover for everything else has gone down to 45K.

When it comes to declaring specifically what you have in the premises there was a limit per item under which you didn't have to provide proof. I can't remember the figure but for example if this limit was 1K. Then you could say, I have eight watches in my collection, five of them are worth 900 each, but three of them are worth 2K each. Then you needed to provide some proof of the existence of the three expensive watches but not of the cheaper ones.

If you had a stamp collection made up of hundreds of stamps or varying values but the total was 5K, then you just tell them you have a 5K stamp collection. If you buy a load more or sell off a load, you just ring them and revise the value of the collection up or down any time you like.

oldyouth

Cyrus wrote: »

Does anyone have any experience of decent contents insurance cover for high value items (jewellery and watches)

currently with aib, but its it a bit of a faff getting all risks cover and they seem very suspicious that my watch collections changes around from time to time!

its also working out pretty expensive.

You say your watch collection changes, does that mean you buy and sell pieces as a business?

Cyrus

oldyouth wrote: »

You say your watch collection changes, does that mean you buy and sell pieces as a business?

no

as a hobby

if it was a business it would be a loss making one

oldyouth

Cyrus wrote: »

no

as a hobby

if it was a business it would be a loss making one

I can only think that insurers want to avoid a situation where your list is constantly fluctuating and the admin that brings or that they think you trade in jewellery. Most people acquire high value items and retain them long term. Shop around is the solution