Policyholders May Not Have Valuables Cover

A recent survey of 2,000 people undertaken by Churchill Home Insurance has shown that a large amount of people may not have suitable cover in place for their valuables. It showed that expensive items like jewellery and watches may not be adequately covered under their current policies.

The survey showed that 41% of participants did not have their pieces insured under their current policies. Almost a third of people surveyed did not know if their policy was subject to a single item limit. The majority of home contents insurance cover is subject to a single article limit; normally this amount is £1,000 - £3,000. If a policy holder has an item that exceeds their single article limit, it needs to be declared to the insurer and listed on the schedule of insurance as a specified item. Without doing this, the item will not be covered in the event of a claim. We would recommend that should you have valuables like jewellery or antiques within the home, that you check your policies single article limit and make sure that adequate cover is in place.

Martin Scott, Head of Home Insurance at Churchill commented “For many, the impact of under-insurance is only realised when it is too late, but this is preventable.” We would recommend that if you have concerns about your possessions not being covered that you consult your policy and if required approach your provider.

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