We’re spending like it’s 1999. In January UK retail sales were 9.1% higher than in February 2020, before lockdown, and 16.5% more than January last year. We’ve bought billions worth of new goods since the rules ended, but when they are out and about with you (or even stashed at home), you may not have enough insurance to cover your new acquisitions properly. Average-Joe home and contents policies have sub-limits for single items, collections, and especially for things like electronics and jewellery when they’re out of the house.

Do I have enough insurance for my valuables?

The simple truth is that a big share of the UK’s newly acquired valuables – including jewellery and watches, mobile phones and other electronic gizmos, sports equipment, and speciality items like musical instruments are not adequately protected under everyday household and contents insurance coverage when they are out of the home. That has to be a concern now that we’re all back to being out and about, whether to our normal haunts, reunion meetings with recently isolated friends, or on long-delayed holidays abroad.

Is my collection insured?

A return to normality that has included collection-building – perhaps alongside the resumption of art fairs, auctions, and gallery visits – should also flag up insurance concerns. Even modest new purchases may be too good for your insurance. If you’ve acquired a Banksy print or a Gucci bag, for example, there’s a good chance it won’t be covered when it’s in your home, let alone if you’ve lost it in a taxi. Most UK insurance policies simply are not intended to cover such high-quality items. If they are insured, they probably have to be named specifically in the policy. 

The return to normal life requires a careful reconsideration of the insurance you have in place to cover your personal possessions. Even the things you’ve had forever probably need to be reconsidered, and insured carefully: as global economies falter, the value of commodities such as gold, platinum, and diamonds has increased dramatically, and investment-grade collectibles are worth more too. Many items you might not have thought about for years could now be worth a lot more than they were a decade ago, leaving you badly in need of insurance that equals the quality of your possessions.

Your exit from lockdown isn’t complete until everything is properly insured for its full value against loss, accidental damage, and theft, in your home and outside of it, under a high-quality insurance policy. The buildings & contents cover you can buy from price-comparison websites and TV-ad companies simply won’t do the trick. Fortunately, there’s now a way to get high-quality cover for everything without a lot of effort.

The peace of mind that comes with knowing you’re properly covered is only a few clicks away. Insurance from Miller Private Clients brings the comfort of entrusting your valuables to a reputable insurance company, home or away. It’s available 24/7, so visit us now at Miller Private Clients for an instant quote.