All Risks cover is essentially an optional benefit for those that want it added to a House insurance policy. All Risks cover provides cover on personal effects that are regularly out of the home, this way it insures against loss, theft or accidental damage on possession outside the home.
All Risk Covers comes in two forms
Specified and Unspecified Risks.
As the word entails, this type of cover is where you select the items to be insured on an All Risks basis. Normally jewellery, engagement rings and electrical devices such as laptops and smart phones are insured with this type of policy. However in order to receive insurance for each item, a written valuation must be submitted for each item you specify. This insures that you will receive the valuation cost for the specific item should something unfortunate happen.
Unspecified Risks is the opposite. It is broader with regards to personal effects that are worn or brought outside your home for example glasses or handbags which are not normally insurable under specified risk cover. Normally a level of cover is taken out (this is subject to a minimum depending on the insurer) and is normally taken out to cover all items as unspecified risk. If you do choose unspecified risk, make sure you are aware of what items are covered by it, as some items are exempt and not covered on unspecified risk cover, this varies from insurance company, so make sure you ask.
So which is best for you.
Both types of cover are very good and either are perfectly good options. However if you have high value items such as jewellery or laptops, we would suggest you insure them under All Risk Specified, as this would insure that you received the full value of the item should something unfortunate happen. Now there is an additional cost for Specified cover, but with Specified cover, you have the peace of mind that you are covered should something unfortunate happen to your items.
However if you want Unspecified All Risk Cover, we should that you contact us (1890-746-759) as what is covered under this type of All Risk Cover varies from company to company and talking over the phone about what items you regularly take with you outside your home will help us and you find the best company to suit your needs.