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Reviewed by William Cooper
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When it comes to insurance, choosing the right setup is essential and can have a huge impact your coverage, costs, and convenience.
If you own high value jewellery, watches or pieces of art, there are two main options available: Standalone Insurance and High Value Home Insurance.
In this guide, we’ll explore the pros and cons of each and help you decide which option best suits your needs.
What is Standalone Insurance?
Standalone insurance refers to individual policies for the different types of risks you may face. For example, an individual watch or jewellery item, a single piece of art or even a collection.
Advantages of Standalone Insurance
- More customisable: Ideal for those looking for tailored protection for specific risks.
- More flexibility: Allows customers to choose the most suitable policies for each individual need.
- More control: Policyholders can easily upgrade or switch a single policy without affecting the rest of them.
- More discretion: Policyholders have more discretion for valuable items on a separate policy.
- Claims: If policyholders make a claim on a standalone policy for a high value item, it won’t impact their other premiums.
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Disadvantages of Standalone Insurance
- Higher premiums: Separate policies may Not be the most cost-effective arrangement in the long term.
- Administrative burden: Managing multiple policies and renewal dates can be very time-consuming.
- Coverage gaps: Without careful coordination, you may face overlapping cover or missing protection.
What is High Value Home Insurance?
High Value Home Insurance is a combined policy that brings together cover for your property and your most valuable possessions. It is designed for homes and items that go beyond the limits of standard insurance policies. For example, designer jewellery, luxury watches, fine art, antiques or rare collectibles.
Advantages of High Value Home Insurance
- Cost savings: Bundling policies often leads to lower premiums overall.
- More convenient: Policyholders can relax knowing they have one renewal date, one trusted broker and one point of contact.
- Streamlined claims process: Claims handling can be faster and more efficient.
- More generous terms: Policyholders may have increased limits for particular areas of cover.
Disadvantages of High Value Home Insurance
- Limited flexibility: Policyholders may not be able to customise their bundled policies to the same degree.
- Complex switching: If/when the time comes that you want to move providers, you’ll need to change your entire insurance portfolio.
- Claims: A single claim could influence the cost of your entire policy at renewal.
Key factors to consider
When comparing insurance options, you should ask yourself the following questions to help identify the best one for you:
- Budget: Are you prioritising cost savings or comprehensive coverage?
- Risk level: Do you have specialised assets or business risks?
- Convenience: Do you prefer simplicity or detailed oversight?
- Reputation: Is your insurance provider known for handling bundled policies effectively?
Which insurance setup is right for you?
There’s no universal answer. If you have complex or high value assets, standalone insurance may offer the precision you need. If you’re looking for ease and affordability, High Value Home Insurance could be the better fit.
Making the right insurance choice
Choosing between Standalone and High Value Home Insurance depends on your personal needs. By understanding the pros and cons of each setup, you can make an informed decision that ensures reliable protection and financial efficiency.
At Stanhope, we offer free, no-obligation consultations for any customers looking to explore the different options available to them. We will provide you with all the information you require and clear comparisons, so you can make an informed decision that works for you.
Speak to a member of the team at Stanhope to explore the best insurance setup for your needs.
Already have a Standalone policy with Stanhope?
We appreciate the trust you’ve placed in us to protect your valuable item(s) through a standalone policy. Since you already enjoy the expertise and care we bring to protecting your items, why not give us an opportunity with your home?
Really friendly service, took time to explain the specialist insurance I needed in a way non-experts would understand and followed up without being pushy. I would both use again without hesitation and recommend to others equally without hesitation.
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Written by Matthew Ashton
I started working in the insurance industry in 2004. Four years later, I left to focus on theological studies, working as a youth worker and then as a ministry director in Seattle, USA. When returning to the UK, I had an opportunity to work for the late Andrew Marchington. I joined his firm as a sales advisor when it had around ten staff members. Within three years, I was Head of Ops with a staff team of over 30 people. After a chance encounter in 2019 with Rachel Living and Will Cooper, I co-started Stanhope to build a high-value home, luxury watch, and jewellery broker synonymous with trust. I love being with Donna, my wife, and four kids when not working, cramming in the odd row, or run when I can. I am fortunate to love what I do and consider it a blessing to grow the Stanhope brand.