Haris Ashley
Personal possessions insurance is typically an optional add-on to your contents insurance policy, covering items you take outside your home. It's worth considering if you regularly carry valuable items such as jewellery, smartphones, laptops, cameras, and bicycles, as these items are often excluded from standard home insurance policies. Personal possessions insurance can provide peace of mind by covering your belongings against loss, theft, or damage when you're out and about or on holiday. However, it's important to note that not all items are covered, and there may be exclusions for unattended possessions, items on public display, business equipment, and damage due to electrical or mechanical faults. When deciding if personal possessions insurance is worth it, you should consider the value of your belongings, the level of coverage needed, and any potential overlaps with your existing policies.
| Characteristics | Values |
|---|---|
| Type of insurance | Optional extra to your home contents insurance |
| Coverage | Covers items worth between £500 and £2,500 against theft or damage when they're away from home |
| Items covered | Mobile phones, cameras, jewellery, watches, laptops, sports equipment, cash, credit cards, clothes, gadgets, electronics, bicycles, musical instruments, collectibles, works of art, etc. |
| Items not covered | Unattended possessions, items on public display, business equipment, electrical or mechanical breakdown, wear and tear, camping gear, sporting equipment, bicycles, etc. |
| Cost | The cost of the premium can be reduced by choosing a higher excess level |
| Other considerations | Avoid accidentally doubling up, check if your travel insurance covers your personal possessions, check the single-item limit on the policy, etc. |
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What You'll Learn
Personal possessions insurance covers items lost, stolen or damaged outside the home
Personal possessions insurance is typically an optional extra that you can add to your contents insurance policy. It covers your belongings when you take them outside your home, providing protection against loss, theft or damage. This includes items you wear, such as jewellery, and items you carry, like laptops and bags.
The level of cover you need depends on the value of the belongings you regularly take out of the house. To determine this, you should add up the value of the items you wish to include in your policy. For example, if you regularly leave home with a £1,000 ring, a £200 bag, a £500 phone and a £300 coat, you would need cover for at least £2,000.
It's important to note that personal possessions insurance doesn't cover every item you take outside your home. Common exclusions include damage to sporting equipment when it's being used, items left unattended in public places, and possessions on public display in a vehicle, even if it's locked. Additionally, some items may need to be listed separately, as they are often excluded from standard personal possessions cover. These include bicycles, expensive sports equipment, and gadgets or electronic devices.
Personal possessions insurance provides peace of mind that your belongings are protected when you're out and about. It ensures that you can claim for repair or replacement if something is lost, stolen or damaged outside your home. However, it's important to carefully consider the right policy for your needs, as the specifics of what is covered can vary between insurance companies.
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It's usually an add-on to home contents insurance
Personal possessions insurance is typically an optional add-on to your home contents insurance, for an additional cost. It covers your belongings when you take them out and about or on holiday, providing a higher level of cover for certain valuable items in the event of loss, theft or damage.
The main difference between contents insurance and personal possessions cover is that the latter covers items that you take outside the home. Contents insurance, on the other hand, is for items that are damaged, lost or stolen from inside the house. If you regularly go out with valuable items, such as a laptop, phone, jewellery or wallet, you may want to add personal possessions cover to your home insurance.
When taking out personal possessions insurance, it is important to be aware of what is and isn't covered. For example, some policies exclude items that are left unattended in public places, items on public display in a vehicle, business equipment, electrical or mechanical breakdown, and damage caused by wear and tear. It is also worth noting that not all personal possessions policies cover gadgets and electronic devices, and some items, such as bicycles, may need to be added separately to a home insurance policy.
To work out how much personal possessions insurance you need, you should add up the value of the items you want to protect. You may find it helpful to ask yourself questions such as: "How much would it cost to replace or repair this item?" and "If the item could not be replaced, what would its value be?". It is also important to remember that the more valuable your possessions, the higher your insurance premiums will be.
In summary, personal possessions insurance is usually an add-on to home contents insurance and can provide valuable peace of mind for your belongings when you are out and about or on holiday. However, it is important to carefully consider the policy details and the value of your possessions to ensure you have the right level of cover.
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Some items are excluded from personal possessions insurance
Personal possessions insurance covers your belongings against loss, damage, or theft when you take them outside your home. However, not everything you take out of your home will be covered by personal possessions insurance. Some items are excluded from personal possessions insurance policies, and these exclusions vary across insurers. Here are some common exclusions:
Unattended possessions
Items left unattended in public places are typically excluded from personal possessions insurance. For example, if you leave your mobile phone unattended on a table in a cafe or pub, it would not be covered if it were stolen. Similarly, if you leave sports or camping equipment unattended and it is stolen or damaged, it would not be covered.
Items on public display in a vehicle
Items left on public display in your vehicle, even if it is locked, are often excluded from personal possessions insurance. For example, if you leave a sat-nav on your car dashboard and it is stolen, your insurance will not cover it. To be covered, you should keep such items out of sight, such as in the glove compartment or boot.
Business equipment
Business equipment and items used for business purposes are typically excluded from personal possessions insurance. This could include a professional camera, a builder's tools, a company card, cash, or a work phone. Personal possessions insurance is intended for personal items, and business items may require a separate policy.
Electrical or mechanical breakdown
Most personal possessions insurance policies do not cover electrical or mechanical breakdowns. If your possessions are damaged due to an electrical or mechanical fault, you will not be able to claim for repairs or replacements under this type of insurance.
Wear and tear
Personal possessions insurance does not typically cover damage caused by wear and tear, general use, or environmental factors such as weather conditions, vermin, or insects. This exclusion applies even if the item is essential to your daily life.
It is important to carefully review the terms and conditions of any insurance policy before purchasing it to understand the specific inclusions and exclusions. Additionally, some items may require separate or additional coverage, such as bicycles, expensive sports equipment, and gadgets.
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You may already have cover through other policies
Before purchasing personal possessions insurance, it's important to check whether you already have cover through other policies. Personal possessions insurance is typically an optional extra that you can add to your contents insurance policy, although some policies do include it as standard. Therefore, it's worth checking the details of your contents insurance policy to see if personal possessions cover is included.
Additionally, if you have a packaged current account, credit card, or travel insurance policy that offers extra benefits, you may already have some level of cover for your personal possessions. Travel insurance, in particular, often provides cover for personal possessions while you are on holiday, so it's important to check the details of your travel insurance policy before purchasing additional personal possessions insurance.
Furthermore, if your home insurance policy offers separate cover for specific items, such as gadgets, bikes, or sports equipment, these items may be excluded from personal possessions cover. Therefore, it's crucial to carefully review the terms and conditions of your existing policies to understand what is and isn't covered.
By taking the time to review your existing policies and understanding their coverage, you can avoid accidentally doubling up on insurance coverage and ensure that you have the appropriate level of protection for your personal possessions.
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The cost of insurance depends on the value of your items
The cost of personal possessions insurance depends on the value of your items. The higher the value of your possessions, the higher your insurance premiums will be.
Personal possessions insurance is typically an optional extra that you can add to your contents insurance policy. Some policies cover all sorts of belongings, including jewellery, clothes, gadgets, electronics, and sports equipment. However, some items may need to be listed separately, such as bicycles, expensive sports equipment, and items worth more than a certain amount (usually over £1,000 or £2,000, depending on the policy and the item).
When calculating the cost of insurance, you need to add up the value of the items you wish to include in your personal possessions cover. For example, if you regularly leave home with a £500 watch and a £500 mobile phone, you will need cover for at least £1,000. You should also check the single-item limit on the policy, which is the maximum amount your insurer will pay out for an individual item. For instance, if the single-item limit is £1,000 and your engagement ring is worth £1,500, the most you would be able to claim is £1,000.
It is important to note that personal possessions insurance does not cover everything you take out of your home. Common exclusions include unattended possessions, items on public display, business equipment, electrical or mechanical breakdown, and damage caused by wear and tear. Additionally, if your contents insurance provider offers separate add-ons, such as bike insurance or gadget insurance, those items may be excluded from your personal possessions cover.
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Frequently asked questions
Personal possessions insurance covers your belongings when you take them out and about or on holiday. It is often an add-on to standard contents insurance, which is designed to protect your contents at home.
Personal possessions insurance covers your personal belongings against loss, damage, or theft when you take them outside your home. The items covered can differ from policy to policy, and you will sometimes need to specify what you want to protect. Some policies cover all sorts of belongings, including jewellery, clothes, gadgets, electronics, and sports equipment.
The cost of personal possessions insurance depends on the value of the items you wish to cover. You will need to add up the value of the items you wish to include in your policy. The more valuable your possessions, the higher your insurance premiums will be.
