What is a Specified Item, and How Do I Protect It?

When you’re insuring your home, it’s natural to hope that your coverage will take care of everything. However, the reality is often a bit different. Most likely, you’ll want to customise some parts of your policy to make sure it suits your specific needs perfectly, including specified items as part of your cover.

When you’re buying a home insurance policy, it’s helpful to understand the boundaries of coverage so you know what’s included and what isn’t. Every insurer has its own limits on coverage for each item, and with Source’s product, Source Home, that limit is set at £15,000.

Some insurers ask you to declare items over a certain amount, even if they are below the total insurable value. It might be helpful to let your insurer know about items worth less than this threshold. For example, your total coverage could be £15,000, but any individual item over £5,000 should be specified.

If an insurer’s single-item limit is set at £15,000 and your possession goes beyond this, they might choose to discontinue your coverage if it’s already in place, or they might decline to offer coverage when you’re just getting a quote.

What is a Specified Item?

“Contents valued at less than this limit will be automatically covered, though if you have more expensive items such as jewellery, works of art or electronic equipment that are worth more than this single item limit, you may need to pay an extra premium to cover them.“

The Association of British Insurers

Of course, owning high-value items may make you more susceptible to risks like theft, so insurers must be made aware of such possessions. If it’s not listed, it won’t be covered.

How Do I Find Out If I Have a Specified Item?

An insurer will want to see a recent valuation rather than just taking your word for it. To make sure your valuable items are properly covered, you’ll need a valid appraisal dated within the last three years. If you own an expensive watch, having it professionally valued within this timeframe is essential for coverage.

Sometimes, your watch might be below the coverage threshold, which means it doesn’t need to be listed, giving you some peace of mind.

Examples of Specified Items

We’ve mentioned a couple of examples already, but here is a list of common types you may have:

• Engagement rings and other jewellery
• Designer watches
• Fine art, collectables and medals
• High-spec laptops, equipment or cameras
• Musical instruments, especially vintage instruments

If it’s valuable, portable, or sentimental, it’s worth checking if it needs to be specified.

How to Add a Specified Item to Your Policy

When you’re purchasing a policy, it’s a good idea to chat with your adviser about what your insurance covers. Make sure you’re both clear on what might qualify as a specified item, so you can decide together if it needs to be listed on your policy.

If your policy is already in place, you can give us a call to make changes or speak directly with your adviser. Be sure to include a description of the item and its value, which can be determined by a trusted third party like a jeweller or watchmaker.

Your insurer may also ask for some photographic proof and related documents to keep everything clear and covered.

Final Tips: Keeping Your Specified Items Covered

It’s always a good idea to let your insurer know about any new valuable items you purchase, so they don’t exceed your single-item limit. Remember, if you have a specific item that goes over the threshold, your coverage might be affected, and you might need to look for insurance with a higher limit.

It’s also helpful to regularly update your valuations to keep everything accurate. Be sure to keep your receipts and take clear photos of your valuables, storing these safely both online and in physical form.

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