Valuables insurance for students
You also want to insure valuable possessions against possible damage, both indoors and outdoors. A home insurance policy only provides cover for possessions that are located at home and to a maximum amount.
Do you want your valuable possessions to be insured without a limit? And do you want these assets to be insured if you take them outside of your home? Then you can choose to take out valuables insurance. Below you can find more information about the valuables insurance.
What does valuables refer to?
Valuables are assets that have an added value. Valuables are often divided into groups.
Examples of different groups are:
- Electronic equipment (such as a video camera, digital camera, iPod or an iPad)
- Musical instruments
- Jewelry (such as necklaces, rings and watches)
- Collections (such as stamps or coins)
- Art objects and antiques
Do you want your valuables (such as a iPad, laptop and smartphone) to be covered outdoors? Take a look at our selection of outdoor insurance policies for students on the top 5 outdoor insurance policies page.
What does a valuables insurance policy cover?
The following occasions are usually covered:
- Theft of valuables
- Damage to valuables
- Loss of valuables
- Missing of valuables
However, exceptions exist where the insurance company does not pay compensation. These exceptions are listed below:
- Wear of the valuables by daily use
- Damage to the valuables caused by a defect (in this case damage can usually be recovered from the producer)
- Catastrophe risk (such as natural disasters or a war)
- Damage to valuables caused by yourself
What is reimbursed by the insurer?
The insurer can reimburse in various ways:
- Reparations: First of all, the valuable asset is checked to find out if it can be repaired. If this is the case, the repair costs will be reimbursed by the insurer.
- Three ways of reimbursement: if the valuable asset can not be fixed anymore, the insurer has three ways in which it can compensate in case of damage or loss to valuables.
The ways of reimbursement are:
1. New belongings
The value of recently acquired valuables are based on the purchase price. The insurer will use this price to calculate the amount you will be reimbursed.
2. Older belongings
Belongings that have been in your possession for a longer period of time will be appraised by an expert. This valuation leads to a valuation amount and this amount is then the amount that is insured.
3. Expert appraised amount
An appraiser from the insurance company can also calculate the value of your valuable asset after damage. This damage will then be reimbursed by the insurer.
Terms and conditions
Always read the conditions of a home contents insurance carefully. These conditions state the amount to which your valuable assets are co-insured. If this amount is sufficient for you, you do not need to take out valuables insurance. However, if the amount is too little, it could be wise to take out the valuables insurance.
Depreciation of the original price
Utensils lose values over time. We call this process a depreciation percentage. For example, a product of a few years old can only have 50% of the new value. The insurer often only provides compensation for the current value of a product and not for the new value.
No compensation for scratches and dents
If the belongings that you have insured are utensils, damage such as a dent or a scratch is not covered by the insurance. This damage is only covered if the damage is accompanied by other impairment, resulting in the object losing value because it can no longer be used. For example, a scratch or a dent on a guitar or a camera.
It is possible that you have valuables that belong together, such as earrings. If you lose one of the two, the value of the remaining assets often falls automatically. This is because this is no longer complete. You can then receive an additional reimbursement from the insurer to cover this loss.