Luxury Goods Insurance2020-06-30T18:55:52+01:00


What You Need To Know About Luxury Goods Insurance

Top FAQs On Insuring Expensive Items

luxury goods insurance


Family heirlooms, engagement rings, antiques and prized collectables – many of us have luxury goods near and dear to our hearts. More than their monetary value, they often have the most meaningful memories and sentiments attached to them.

So we want to make sure they’re protected at all costs. But how do you know if you have luxury goods insurance, does your insurance policy covers your high-value items? How do you find the right insurance cover to put your mind at ease even if the worst happens?

To help you along, we’ve answered a few of the most common questions on insurance for expensive items. Read on to find out how to keep your most prized possessions protected!

Q: What are “luxury goods”?

A: “Luxury goods” or high-value items are possessions that cost over £1,000. These include:

  • Jewellery
  • Electronic devices (laptops, tablets, cameras, televisions)
  • Bicycles
  • Watches
  • Art pieces
  • Antiques
  • Designer items
  • Musical instruments
  • Sports equipment
  • Rare items or collectables
  • Collections

Q: Why should I start insuring single items or valuables?

A: Most insurance companies have a “single-item limit”. This is the maximum amount you can claim for a stolen or damaged item. The most common single-item limit is £1,500 to £2,000. If you have an item worth more than that, you may end up not being able to claim its full value.

For beloved high-value items, you might want to consider a specialist insurance cover. This will include specified items cover. 

Q: How can I get insurance for expensive items?

A: Getting a specialist insurance cover is a good option to ensure the right coverage for your prized possessions. Most policies cover items for unfortunate events such as fire, floods, storms, or theft.

But for luxury goods, it’s best to get a policy that covers accidental damage or mysterious losses. It’s also important to find one with worldwide cover. This means even if you lose it outside your home, you can rest assured that your item is still covered.

Q: How do I avoid underinsurance?

A: A good tip is to have your luxury goods appraised by experts. This will help you declare the right value for your possessions. It’s the best way to avoid undervaluing, especially for jewellery or watch insurance. Take note that the value of some items changes alongside shifts in the market. So make sure to have your items appraised on a regular (at least annual) basis.

Q: How can I protect my items?

A: Security should be your top priority! Store your valuables in a protected safe along with receipts, appraisals, and photos of them. These will serve as proof of your ownership and their value. It’s also good to have digital copies of these documents. In case the worst happens, these will help make your claims process headache-free.

It’s also a good idea to add expensive items to your policy as soon as you buy or receive them. This way, they’re protected right off the bat.