Placing a price on the sentimental value of your most treasured possessions may be impossible, but a high value contents insurance policy will, at the very least, afford a certain level of security and peace of mind. Some personal items though, such as expensive jewellery or antique furniture, may have a value that exceeds the limits set on a standard home insurance policy. This is when an insurance broker may prove invaluable.
Variations in Policy Types
Standard home insurance can be purchased from price comparison websites and online insurance companies, but consumers are often restricted in terms of choice.The limits of cover available on these policies can mean high value items cannot be included as they exceed these limits.
Some may unwisely choose to undervalue items to bring them within the limits.Complications can arise if belongings are spread across a second home and shed and expensive garden equipment may not be sufficiently covered by a general policy.
Equally, other items such as boats and caravans will usually need to be insured separately, even though they may be considered part of the homeowners belongings. An insurance broker can tailor insurance policies to meet the individual needs of their clients, and grouping items together into a single agreement often results in a lower overall premium.
Although most homeowners will be able to place accurate valuations on their personal property, an insurance broker will be able to raise relevant comparisons about the merits of individual polices and subsequently, they will be able to provide the best levels of protection for your cherished possessions.It’s perhaps easier to draw comparisons with the world of car insurance.
If you own a Porsche, it would be foolish to insure it to the same value as a Robin Reliant!
If you have high value contents, brokers will be able to suggest areas of coverage that you might need which may not be available from standard policies – you really do need to find the best possible policy and not just settle for a one-size-fits-all solution. If an inferior policy is purchased, you may find that it doesn’t fit your specific needs when a claim is made.
Insurance brokers are regulated by the Financial Services Authority, and are obliged to act in the best interests of their customers. When coverage is purchased through an insurance broker, consumers are less likely to end up with an insurance policy that fails to cover their assets sufficiently.
Remember of course that you have a duty to disclose all relevant information when you buy insurance and this applies equally whether you buy a policy direct or via a broker – if you don’t provide all relevant details and facts you may find the policy invalidated should this be discovered for example when you need to make a claim.
Better Levels of Advice
When a high value contents insurance policy is obtained directly via an online website or comparison service, potential clients rarely enjoy the benefits of professional advice.
If you buy the cover through an insurance broker, you will invariably get a greater depth of first-hand experience and this can be instrumental in choosing the right deal, developing a fuller insight into the range of products available and opting for a cost-effective package that combines optimised coverage with an affordable premium.An insurance broker is there to offer the best possible advice to help you.