Homeowners insuring valuable items within their home insurance policies are facing a sharp 24% cost increase over the past year, with the average premium now at £302, according to Compare the Market.
This rise reflects a broader trend of inflation impacting the value and replacement cost of high-value items, which typically include jewelry, antiques, and fine art.
Helen Phipps, a home insurance expert at Compare the Market, advised policyholders to carefully assess the value of their expensive possessions. “With the single item limit often set around £1,500 by insurers, it’s crucial for policyholders to ensure that their high-value items are fully covered, especially as inflation may have increased their worth,” she said.
Moreover, the data reveals that general home insurance policy costs have also risen by £46 between December 2022 and November 2023.
In response to the climbing costs, there has been a 55% increase in customers seeking policies that include high-value item coverage over the past 12 months.
Phipps encourages households to utilise price comparison tools to find the most suitable and cost-effective home insurance options, potentially saving up to £176.
With the average value of expensive items listed in policies now at £3,919, there is a heightened focus on ensuring adequate coverage for popular high-value items such as jewelry, watches, laptops, computer equipment, and musical instruments.
