Insurance values?

J

Jay12329

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My home insurance is up, and due to my last provider putting the price up by 100% i've got to change company. Leaving behind my 5k single item limit.
So i've got to declare anything valued at over £1500.

How do I decide on the value of my camera kit? I've got a 1dmk3, cost me 2k new. Do i quote the 2k, or the 3.5k to replace it with a mk4?
Same for my 5d, the 1300 i paid or the 1600 to replace it with a Mk2?
And my siggy 300 f2.8, the 1200 it cost of 2200 wex will charge me for a new un (I was shocked at how much these have gone up!)

This also effects the level outside the home cover I'll need. I had unlimited before!

Ta

J
 
Is it new for old - as dont insurance companies replace what you have or to an equivalant model :shrug:

Why not contact them & get it from the horses mouth as so to speak... At least that way you'll know for sure..
 
If you lost the lot, what would you need to replace it?

You can't go back in time to the price you paid, so it has to be the replacement cost today.
 
if its new for old I use the price canon quote or something fairly dear on cpb as I got stuck on a lens because their supplier was dearer than the amount insured - I had to buy elsewhere with my money and claim back
 
Can't help with values, but every year I change my insurance company. Nat West this year will beat any renewal quote by £25, Barclays the other year did a price match & £50 cash back. E2 sure allow you to get a quote on-line (buildings & contents), pare down the cost with minimum cover, & others will often beat it. ie re-build value £100k (E sure) Barclays do blanket rebuild cost £500k or 1 mil (cant remember) but matched the cheaper quote. Also various deals allow you to pay monthly (sometimes charged a lot for this). If you're mortgaged you need to let that company know, but rarely is the mortgage company cheapest for cover. Some do buy buildings - contents free. Comparison sites give you a good start, but get buildings and contents for the best deals.
 
Base it on the cost of the equivalent model of the item.

I recently had to claim for my old sigma 400mm F5.6, my insurers where brilliant, they took one look and didn't accept that a sigma zoom was an equivalent replacement, they decided it had to be a 400mm prime.. thus they replaced based on the cost of a canon 400mm F5.6 as no other suitable make or model exists.
This should show how important it is to state EXACTLY what the item is and make sure its true replacement value is covered.
 
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