Personal Possessions Insurance

Protecting Your Valuables Outside Your Home: A Guide to Personal Possessions Insurance

When you arrange your building contents insurance, you have peace of mind that your belongings are protected inside your property. But what about when you take them out and about?

We all have items that are valuable to us, whether in a monetary or sentimental sense. It could be a laptop for work, a special piece of jewellery, or the smartphone you rely on every day. If these items were lost, stolen, or damaged outside your home, replacing them could be difficult and expensive.

This is where Personal Possessions Insurance can help.

Filling the Gap in Your Home Insurance

It’s a common misunderstanding that standard contents insurance automatically covers your belongings when you take them away from your property. In reality, this ‘away from home’ cover is not usually included as standard.

While your possessions are typically covered against theft or damage within your home by your contents policy, the same protection doesn’t automatically apply once you step outside. Personal Possessions Insurance is designed to fill this gap, giving you protection for your valuables wherever you are.

This cover is usually available as an optional add-on to your contents insurance policy.

What Does ‘Personal Possessions’ Cover?

Personal possessions are portable items that you normally wear, use, or carry with you outside your home. Policies can cover a wide range of items, including:

• Gadgets: Mobile phones, tablets, laptops, and smartwatches.
• Jewellery and Watches: Rings, necklaces, and other personal items.
• Cameras and Equipment: Digital cameras, lenses, and video cameras.
• Bags, Wallets, and Purses: Including the cash within them (up to a set limit).
• Keys: For your home and car.
• Sporting Equipment: Such as golf clubs or rackets.
• Musical Instruments.

Check the Limits and Exclusions Carefully

To ensure you have the right level of protection, it is vital to understand the details of the cover. All insurance policies have limitations and exclusions you need to be aware of.

• Check the Single Item Limit: Most policies have a maximum amount they will pay for any single item, often around £1,500 – £2,000. If you have an item worth more than this, such as an expensive watch or bicycle, you may need to list it separately to ensure it is fully covered.
• Calculate Your Total Cover: You will need to select an overall cover limit. Think about the total value of all the items you might take out of the house at one time and choose a limit that reflects this.
• Understand Common Exclusions: Personal possessions cover won’t protect you from everything. Common exclusions include damage from general wear and tear, items used for business purposes, and theft from an unattended vehicle unless the items were hidden in a locked boot or glovebox. Bicycles also frequently need to be secured with an approved lock to an immovable object to be covered against theft.

Is Personal Possessions Insurance Right for You?

If you frequently take valuable items out of your home, this insurance can be a sensible choice. It provides reassurance that your most treasured possessions are protected against loss, theft, or accidental damage, no matter where you are in the world.

Are your most valued personal possessions covered? It’s important that you know what your insurance does and doesn’t include.

For more information and to discuss your home insurance needs, please contact our dedicated adviser at Yes Mortgage Services Limited.

Phone: 0800 612 5596

Email: info@yes-ms.co.uk

This blog post is for informational purposes only and does not constitute financial advice. All insurance policies contain conditions and exclusions. Please read the policy documents carefully to ensure the cover meets your specific needs.