If you’ve got a few items in your possession that are of particular value, then it makes sense to consider them carefully when you’re sorting out your insurance. The loss of items like this can be especially distressing when you know that you haven’t got the insurance to soften the blow!

The items in question might be small items of jewellery, or high-value pieces of electronics equipment like laptops, smartphones and musical instruments.

What about Home Contents Insurance?

Everything in your home is covered by your home content’s insurance. Thus, provided that you’ve given your insurer an accurate picture of the value of the items in your home, you’ll be covered in the event of a burglary.

What isn’t covered, however, are items that you take out with you. This applies to just about everyone to a certain extent. We all carry around wallets, phones, and keys. But some of us, for professional reasons, need to take laptops and tablets with us.

Personal possessions insurance provides a way to cover these against damage and theft. It comes in a range of types, including those that are designed specially to cover electronic gadgets.

What should I think about?

Not everything will be covered by personal possessions insurance. Particular attention should be paid to threshold for extremely valuable items, which should be set according to the value of what you’re carrying around. This tends to be set at just over a thousand pounds – and thus if your personal items are more expensive, it’s worth adjusting. Especially expensive items should be listed individually, just so you and your insurer know exactly what’s being covered.

The ‘single item’ limit will dictate how much you can claim on the loss of a single item. You can get around this through listing. It’s also worth bearing in mind that equipment you’re using for business may not be covered. For example, a camera used by a professional photographer. Confirm this with your insurer before signing up.

What about my Bike?

Bicycles are particularly vulnerable to theft, because they are inherently mobile, and are often left chained up outside offices and coffee-shops. Specialist forms of insurance are available to cover your bike, but whether they are worthwhile will depend on the value of the bike, and the cost of the premium and excess. Generally speaking, it’s only the super-expensive bikes that cost several thousand pounds which are worth insuring.

What about my Car?

Car insurance is an entirely separate matter – and it’s a legal requirement if you’re going to drive on British roads. Certain kinds of insurance will provide special perks. For example, GAP insurance will protect you against depreciation if you’re buying a car from new.