Does your home insurance cover all valuables and possessions?

Does your home insurance cover all valuables and possessions?

Home Insurance

Home insurance is extremely important when it comes to your valuables. High value items need to be listed on your insurance policy such as jewellery, works of art, antiques, musical instruments, collections of stamps, coins or medals, etc.

Many insurance providers cap or limit the amount of coverage they’ll provide for specific high-value or rare items.

In most cases, your contents coverage only applies to “named perils.” This means that any hazards that are not explicitly mentioned in the policy are not covered.

It’s important to make sure you’re aware of all “exclusions” on your policy. For example, a standard home insurance policy only covers incidents listed in named perils. Therefore, accidental damage is only covered if you opted to add it to your policy.

Let’s say your son knocked over an expensive vase or you dropped your wedding ring down the sink drain, these perils would not typically be covered under a standard policy.

However, if you have opted for accidental damage cover and specified all risks cover as an addition to your policy, your items would then be covered.

How can you make the most of your home insurance policy?

1. It is important to know your named perils and listed exclusions i.e. what is and isn’t covered on your home insurance.

2. Determine if your contents cover limits are high enough and include items of high-value if necessary.

3. Update your contents cover frequently. For example, some items will increase in value and you may need to ensure that these items are fully protected. Likewise, some items may decrease in value, which could result in a reduced premium.


Murray & Spelman no longer provide Home Insurance as this side of our business was bought over by Arachas Insurance.

In the meantime, if you require financial advice on any of our financial planning services, we would be more than happy to assist.