If you own a period property, there are several insurance issues that require a little more attention and advice. We'll talk through your requirements with you and tailor your cover to suit your needs.
It's all too easy to underestimate the replacement cost of the general items in your home. The cover provided by Period Property Insurance is for "All Risks" including accidental damage.
One of the key problem areas is the lack of time given to the assessment of the value of general belongings in the home. For example, did you know that the average wardrobe of clothes for a large family home will usually cost in excess of £25,000 to replace?
Checklist: It only takes a short time to make an inventory of your household contents.
Many policies have restrictive conditions on alarms and safes - which may not suit your lifestyle. If you have valuable jewellery, you'll want to wear it - not keep it under lock and key!
Antiques and Works of Art
Few people realise that premiums for art and antiques are actually lower than for general contents, so for example, £100,000 of cover can cost as little as £250. Treasured items deserve premier cover, and it is only the specialist insurance contracts that offer such attention to detail. The cover provided is for an "Agreed Value", and "Depreciation Following Insured Damage" is also included. For example: a painting is valued at £50,000. On being damaged, it is restored but the re-valuation is at only £25,000. The financial loss of £25,000 would be paid by insurers.
Valuations or complete inventories are an essential part of insuring art and antiques, not only to benefit from the specialist cover and premium rates, but also to ensure claim payments are dealt with quickly and to your complete satisfaction. Valuations can be provided at reduced rates, and in some instances may be paid for by the insurance company. We can help to arrange this.
For example, while other items may have increased in value, 'brown furniture' has decreased in value over recent years - so you could be over-paying to insure your antiques - if it's based on an out-of-date valuation.
We provide world-wide cover for accidental loss or damage, without restrictions such as having settings checked every three years, or keeping items in safes overnight. You know how to look after your jewellery, so why would we want to interfere?
The changing market place for antique and modern jewellery means that the replacement value is constantly shifting - and premiums may need adjustment. For example, gold and diamond prices have been rising recently and if you're not aware of the value of your jewellery, you could find yourself significantly under-insured.
For example, the diamond market has seen a consistent increase in the price per carat - in 2003, a 5 carat D Colour, Internally Flawless round brilliant-cut diamond was valued at £35,800 per carat; as of December 2013, this stood at £94,500 per carat - an increase of 164 per cent.
Valuation is important - and should be updated every three years (or more frequently in times of high inflation). After the trauma of a theft, the last thing you need is the worry of a difficult negotiation with your insurer over the description and value of each piece. You can avoid this by regular valuation and a photographic record. A professional NAG registered valuer will provide detailed descriptions and digital images as appropriate.
Day-to-day wear and tear can loosen settings and cause loss of stones. Have settings checked every 12 months - your preferred jeweller might do this at no charge. Pieces worn less frequently should be checked every three to five years.
If the total value of jewellery in your home exceeds £20,000, consider installing a safe. If the jewellery collection is valued higher than £50,000, consider a second safe and ensure this is connected to the alarm system.
Great advances in technology mean that you can now have your jewellery invisibly marked and registered on a database, so that in the event of a theft the police have instant access to records and can activate a search and recovery process. Your insurers also have access so that they can settle the claim swiftly. The Hallmark e-register is a secure system as no names or addresses are stored. A unique reference code is used to access the records. Other services include Identidot and Invaluable.
You may also find yourself liable for injury or damage to other people or other people's property. This cover is included when you buy General Contents and Buildings cover.
- Personal Liability covers you for injury or damage you may cause to people or property anywhere in the world (eg: your golf ball strikes and injures somebody, or you injure somebody whilst jet-skiing).
- Owners' Liability covers you for injury to people whilst on your property (eg: a member of the public falls over at an event - perhaps a charity day, or whilst your gardens are opened to the public).
- Employers' Liability covers you for injury caused to cleaners, gardeners, forestry workers, nannies and other domestic staff.
A gardener slipped and injured himself on private land, and sued the owner for in excess of £50,000.