Types of All Risk insurance:
The primary all risk cover for contents in the home is an extra that you will have to add to the policy to include. An example of this type of cover is accidental all risk where a cigerate or paint spills or burns a carpet. The cost to include this type of cover is relatively inexpensive.
The second all risk cover is for the building and this is where for example your drive way was not built for the weight of a car. A cracked title in this case would be covered under all risk. If all risk was not included on the policy this example would not be covered by a standard policy. The price to include this all risk to build cover is usually 15% extra on the annual premium. We rarely recommend incluing this unless the construciton on the property ios relatively recent. The thinking behind this is if a property is over 5 years old, any bad construction will already have caused issues.
The final type of all risk cover that can be included on a home insurance policy is the most common type. That being All risk cover for valuable items. These items are usually rings, especially engagement ring, watches and other jewellery items. This type of cover is excellent as it covers lost or theft World Wide. You may be asking why does not everyone insure their valuable items with All Risk cover? The simple answer is cost.
How much does all risk insurance cost to insure valuable items?
As a simple rule the cost of all risk on items is approximartely 32 euros per 1000 euros. This may not seem like a lot if you were to insure a low value item. However when items are over 10,000 euros the cost does become high.
Another point to take into consideration is the types of insurance companies that cover all risk items with a high value will be more expensive for building and contents to start with.
Contact us for more info