Understanding the benefits of All Risks Cover on your insurance policy
All Risks Cover is an optional benefit that can be added to a House Insurance policy. It provides cover on personal effects that are regularly taken out of the home. Like any contents kept inside, this benefit insures against loss, theft or accidental damage on possessions outside the home. In general, there are two types of All Risks Cover depending on what you want to insure which are:
- Specified Risks
- Unspecified Risks
1. Specified Risks
As the word ‘specified’ would suggest, this is where you select specific items you wish to have insured on an All Risks basis. Common examples of what is insured as a specified risk would be valuable jewellery, engagement or wedding rings, and electrical devices such as smart phones and laptops.
A written valuation must be submitted for any item insured as a Specified Risk. This ensures that you receive the amount as stated on the valuation document should a claim on that specific item have to be made.
2. Unspecified Risks
Unspecified Risks gives a broader coverage of personal effects that are worn or carried outside the house (glasses, handbags, clothing etc.) but are not insured under Specified Risk cover. A level of cover (subject to a minimum depending on the insurer) is normally taken out to cover all items that are covered as unspecified risk.
However, not all effects are covered on Unspecified Risks as there are exemptions which vary from insurance company to company.
So, what is the best advice when taking out all risks insurance?
If you have any high-value items such as rings and laptops, we suggest you insure them as specified items. This makes sure that you have the right cover for them should you lose them or get them damaged whilst out and about. While there is an additional cost for specified cover, you can be assured that you are covered should anything happen to your specified items outside the home.
If you are looking for Unspecified Risk cover, we recommend you call us up. As what it covered under this type of All Risks Cover differs among all the House Insurance companies, talking to you over the phone about what items you regularly take out of the home will help us to find you the best company for your needs.