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Single item insurance: A comprehensive guide

Mark Bristow avatar
Mark Bristow
- 3 min read
Single item insurance: A comprehensive guide

If you own an item that’s worth a great deal of money, such as a treasured piece of high-end jewellery or a prized musical instrument, it’s important to know you’ll be covered if your item is lost or damaged. Single item insurance for high-value items can provide peace of mind in this situation. 

What is single item insurance?

Unlike traditional contents insurance, which covers a broad range of household items up to a certain limit, single item insurance focuses on providing tailored coverage for individual items that have significant financial or sentimental value. This could include jewellery, art, high-end electronics, or musical instruments, ensuring that these prized possessions are adequately protected.

What does single item insurance cover?

Single item insurance policies offer comprehensive coverage for the insured item or items, including protection against theft, accidental damage, and sometimes even loss. This means if your insured item is stolen from your home, damaged in an accident, or in some cases lost during your travels, the policy can provide financial compensation to repair or replace the item.

The exact scope of coverage can vary between insurance providers, but most policies are designed to offer peace of mind when it comes to the safety of your most valued belongings. 

What does single item insurance not cover?

While single item insurance can offer extensive coverage for your item, there are certain key exclusions to be aware of. 

Common exclusions include:

  • wear and tear;
  • damage due to negligence, and;
  • items lost under mysterious circumstances without any evidence of theft or accidental loss. 

Additionally, some policies may not cover items that are left unattended in a public place, or damage due to natural disasters, depending on the insurer’s terms and conditions.

What is the difference between single item insurance and portable contents insurance?

Single item insurance and portable contents insurance both provide coverage for valuable items, but there are key differences. 

Portable contents insurance is typically an extension of a home insurance policy, covering items you take outside your home like laptops, cameras, and smartphones. It offers broader coverage for multiple items but with lower limits per item and potentially more exclusions.

By contrast, single item insurance is focused on individual, high-value items, offering more tailored and comprehensive coverage. It's ideal for items whose value exceeds the typical limits of portable contents insurance, ensuring that these items are fully protected both inside and outside the home.

Does single item insurance cover you outside your home?

One potential advantage of single item insurance is that it typically covers you for loss or damage outside your home. These policies are designed to offer protection for your insured items no matter where you are, whether you're travelling abroad or carrying the item with you in daily life. It’s important to review the policy details, as coverage limits and conditions may vary when the insured item is outside the home.

Single item insurance offers a way to insure your high-value possessions against a range of risks, and can provide valuable peace of mind. If you are considering taking out this type of cover to insure a high-value item, it’s important to understand the policy, including its inclusions and exclusions, and the circumstances where you can or cannot make a claim, to ensure you have cover that’s appropriate for you. 

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Product database updated 16 Jun, 2024

This article was reviewed by CEO Paul Marshall before it was published as part of RateCity's Fact Check process.

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product data updated on

Product data updated on 16 Jun 2024