Household insurance with high all risks cover?

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Blackrock1

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I have just got our renewal for our house cover and its getting ridiculous at this stage, its now 2,150 (up from 1800 last year and 1500 the year before).

Its a non standard policy (Dual underwriting they are called via a broker) as we have some jewellery and watches to insure all risks to a value of circa 85k. The house rebuild is circa 750k and contents are 200k.

In the UK there are some good standard policies that have a high level of unspecified item all risk cover (up to 15k per item) here the limits are much much lower.

Anyone know of a policy that might cover what im after at a lower premium?
 
Blackrock1 said:
The house rebuild is circa 750k and contents are 200k.
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Both figures seem high especially if the €85k all risks is in addition to the €200k contents. Are you sure that this is an accurate rebuilding (as opposed to market value) cost and you need such high contents cover?

Maybe it would be possible to cover the house/contents and all risks stuff with separate policies with a lower combined premium cost?
 
ClubMan said:
Both figures seem high especially if the €85k all risks is in addition to the €200k contents. Are you sure that this is an accurate rebuilding (as opposed to market value) cost and you need such high contents cover?

Maybe it would be possible to cover the house/contents and all risks stuff with separate policies with a lower combined premium cost?
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rebuild is as per the SCSI calculator, contents of 200k includes the 75k i should have made that clear!
 
My home including contents is insured for less that €500 per annum. Aviva.

2500 sq metre house. Buildings €550k. Contents €50k.

No "All Risks" cover. I do have some individual items worth more that the €2000 individual cover cost. Laptops, paintings.

Jewellery has more sentimental value.

Maybe I am careless but I have never felt the need to insure individual items.
 
Dual have a book of High Net Worth policies. These policies generally come with covers and add-ons in addition to the standard House Insurance (Householders Comprehensive). You can't really compare the two offerings.

A few questions for you to ask yourself:
Do you need these additional covers, or would a standard household policy from one of the main carriers do ?
What is your excess and is it appropriate or could you increase it ?
Do you need all risks on all items given that they are covered anyway under contents ?
What is the valuation basis for the All Risks cover - do you have recent valuations ?
 
Freelance said:
Dual have a book of High Net Worth policies. These policies generally come with covers and add-ons in addition to the standard House Insurance (Householders Comprehensive). You can't really compare the two offerings.

A few questions for you to ask yourself:
Do you need these additional covers, or would a standard household policy from one of the main carriers do ?
What is your excess and is it appropriate or could you increase it ?
Do you need all risks on all items given that they are covered anyway under contents ?
What is the valuation basis for the All Risks cover - do you have recent valuations ?
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Do i need the additional cover? - well i suppose i do, its either that or have 80ks worth of watches and jewellery uninsured
Excess is 1k for the all risks items
Do i need all risks? - id have to check a) that the items would be covered under contents as some of the individual articles are over 10k, all risks is to cover if something was stolen or lost when out and about, technically i dont need all of the items covered under all risks just enough to say cover one watch i am wearing (and my wife is wearing) but i guess the coverdoesnt work like that
Valuation basis - on the watches i know both RRP and second hand values as i am actively in the market, the jewellery is valued by a jeweller.
 
Grizzly said:
2500 sq metre house. Buildings €550k. Contents €50k.
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Depending on where you are, there's a risk your insurer may consider you under-insured. If yours is a bungalow in the North West with no garage, or fancy fittings you're good, but if elsewhere and your total rebuild is lower than the SCSI numbers, they will reduce the value of any claim you make by the portion they assess you as under insured.
 
Leo said:
but if elsewhere and your total rebuild is lower than the SCSI numbers, they will reduce the value of any claim you make by the portion they assess you as under insured.
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But isn't it already in line with the SCSI guidelines (which, admittely, are just that - guidelines)?
Blackrock1 said:
rebuild is as per the SCSI calculator
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I ususally add c. 10% to the SCSI recommendation but my house is a pretty bog standard terraced townhouse...
 
ClubMan said:
But isn't it already in line with the SCSI guidelines (which, admittely, are just that - guidelines)?
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I was replying to Grizzy's post - 2500sq ft (232sqm) insured at €550k works out at €2,371 per sqm. I don't know the house type or location, but there is a risk it is under insured.
 
Leo said:
I was replying to Grizzy's post - 2500sq ft (232sqm) insured at €550k works out at €2,371 per sqm. I don't know the house type or location, but there is a risk it is under insured.
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Ah - sorry - thought you were referring to the original poster.
 
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Blackrock1 said:
Its a non standard policy (Dual underwriting they are called via a broker) as we have some jewellery and watches to insure all risks to a value of circa 85k. The house rebuild is circa 750k and contents are 200k.
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I get that you've clarified that the €85,000 all-risks is included in the €200,000 figure, but are you sure that the remainder of the contents are worth €115,000? Seems high, but you'd know your own contents best.
 
Blackrock1 said:
Do i need the additional cover? - well i suppose i do, its either that or have 80ks worth of watches and jewellery uninsured
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Even if you are burgled I would imagine claims are very challenging as the burden of proof would be on you you provide credible, up-to-date valuations.

I have no inside information but I would guess attempted insurance fraud on high-value like this is very high, and pricing reflects this.

In your shoes I would just spend my money on a very high-quality safe and take my chances without insurance.
 
Dr Strangelove said:
Even if you are burgled I would imagine claims are very challenging as the burden of proof would be on you you provide credible, up-to-date valuations.
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An ex had valuable jewellery and I can recall being asked to produce an independent jeweller's description and valuation at renewal. Lessens the fraud risk a bit if you're being asked to produce such evidence before a claim ever arises.
 
Dr Strangelove said:
Even if you are burgled I would imagine claims are very challenging as the burden of proof would be on you you provide credible, up-to-date valuations.

I have no inside information but I would guess attempted insurance fraud on high-value like this is very high, and pricing reflects this.

In your shoes I would just spend my money on a very high-quality safe and take my chances without insurance.
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Easy enough with watches as I can prove I purchased them and most have an rrp or if no longer for sale a very liquid second hand market.
 
LDFerguson said:
I get that you've clarified that the €85,000 all-risks is included in the €200,000 figure, but are you sure that the remainder of the contents are worth €115,000? Seems high, but you'd know your own contents best.
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Yep at least, there are handbags that would make up at least 25k, then between the furniture, appliances and window dressing etc you get there easily!
 
Just to update I went to another broker and he has come up with some more cost effective alternatives, RSA looking good and only require valuations for items over 10k (std policies have a much lower limit)
 
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