Home Best home insurance to cover €85k of specific high value item?

Im sure some of you have far more extensive insurance requirements than mine so id be interested in hearing what kind of premium you pay on home and contents,

unfortunately it seems that i am stuck with a normal policy and added all risk items thats not really designed for expensive trinkets or chubb through a broker that is a great policy but pricey.

I am insuring broadly at these levels €600k building and outbuilding, €150k general contents and €85k specified jewellery (watches and jewellery). Chubb policy is nearly 3 times the price of an RSA policy but the RSA policy has far more restrictions and exclusions and also requires annual valuations of specified items etc.

to be fair the chubb policy will no doubt be more suitable in the event of a claim but im curious if anyone has come across any other options that are cost effective.

you won't get anyone else that matches the Chubb product. That's precisely what you are paying for. Hiscox or possibly Dual would equal it in bells and whistles but not sure on pricing.

to be honest im really interested in relatively hassle free insuring of the specified items, but presume you need one of the specialist insurers for that.

Perhaps store the watches / jewellery in an offsite location such as one of the private vault companies. Im sure if you took the items out of their boxes you could fit most things into one of their smaller offerings, the cheapest being around €200 a year

Pugmister said:

Perhaps store the watches / jewellery in an offsite location such as one of the private vault companies. Im sure if you took the items out of their boxes you could fit most things into one of their smaller offerings, the cheapest being around €200 a year

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not a bad idea and there are a few near the office but you still need insurance and looking at the size box id need it will come to over 1k a year with appropriate insurance

Blackrock1 said:

to be honest im really interested in relatively hassle free insuring of the specified items, but presume you need one of the specialist insurers for that.

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correct. You'll find RSA, Zurich, Aviva, your standard guys will have a cut off for specificied items. They won't like them exceeding a percentage of your main contents. Probably about 50% and they won't love going over about 40k.
You'd need to provide valuations for the items. Whereas i gather Chubb probably come out and do appraisals of the property? They'll settle your claim easy whilst it will be a bit more drawn out with the others - posting items to their repair/valuation centres etc.

Apologies if this idea is from a cave of antiquity but do insurance underwriters still write stand alone all risks policies ?
If so, might that help OP in relation to a set of high value items.

In relation to valuations being provided in advance I take it that this would be for risk assessment purposes.
Some insurers might try and underwrite on an agreed value basis.
I suspect an agreed value basis might not be wise here if the nature of the assets in question is such that they are capable of increasing in value.

BTW this is a lovely problem to have

P.S. If household insurance underwriters cannot meet OP's needs would the commercial insurance market have anything to offer ?

DirectDevil said:

Apologies if this idea is from a cave of antiquity but do insurance underwriters still write stand alone all risks policies ?
If so, might that help OP in relation to a set of high value items.

In relation to valuations being provided in advance I take it that this would be for risk assessment purposes.
Some insurers might try and underwrite on an agreed value basis.
I suspect an agreed value basis might not be wise here if the nature of the assets in question is such that they are capable of increasing in value.

BTW this is a lovely problem to have

P.S. If household insurance underwriters cannot meet OP's needs would the commercial insurance market have anything to offer ?

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No. no-one does stand alone all risks in the open market. The only way you tend to get get standalone cover is if it sold with the item in a shop these days. Too much admin, too little interest and money for anyone to be interested.
Same on the commercial front. If you arent a business they wont do it.

€85K of Jewellery and watches is a bit vague. If could be two items or very high value, or a hundred items at €850. If you have one or two very very high items, you will have restrictions on storage and indeed wearage. There's nothing you can do about that. If you have a single article limit of maybe €5K, you might be able to get a better selection of quotes.

Perhaps a broker would be best. Whether you are dealing with a broker or a direct insurer, given the total values, you need to ensure that you are dealt with in a private office, away from overhearing ears!!!