Theft of personal possessions away from the home is a common occurrence these days, especially in London and other big cities. Mobile phones are being grabbed in broad daylight by thieves on mopeds whilst people are using them. Wallets are being stolen by pickpockets. An ‘accidental’ brush by a passerby in a busy area can mean a professional pickpocket has targeted you and before you know it, your wallet has gone. The chances of retrieval are low and retribution for the criminals is almost impossible.

Data from the Office for National Statistics shows that in 2024, London saw some of the highest increases in theft from the person. Areas most affected included Waltham Forest with an increase of 118%, Camden and Lewisham rose more than 60%, whilst Wandsworth, Lambeth, Harrow and Brent each rose by more than 50%. Outside of London, North Wales and East Riding of Yorkshire reported increases in personal theft of more than 50% each.1

You can, however, obtain the correct level of insurance which will protect you should you fall victim to personal theft, through mugging, phone snatching, bag theft or pickpocketing.

 

Personal possessions cover for when you’re away from home

There are ways that your valuables can be insured when you’re out and about. Possessions are usually insured under your Contents Insurance (part of your Home Insurance policy).

Some Home Insurance policies will automatically cover your personal possessions away from home, but there will be a maximum limit for any one item, with anything valued in excess of this having to be specifically notified to the insurer and recorded on your documents. This limit can vary depending on the product and could be in the region of a few thousand pounds under a traditional policy, or potentially as high as £25k, possibly more, under a specialist high value home insurance policy.

However, with most standard home insurance policies it is an optional extra that you, the policy holder has to opt into. The insurer will usually ask whether you want personal possessions cover, and if so, what limit you want to set and how much cover away from home you require.

There may, however, be certain insurance exclusions and limits included in your policy that could lead to your claim for theft outside the home being declined or a reduced pay out being issued. Talking to your insurance broker regarding your out-of-home cover and what it specifically insures you for is strongly advised to avoid any issues should you need to make a claim.

 

 

Time to review your cover for high value items?

In 2024, the worldwide theft of luxury watches amounted to £150 million worth, with around £60 million worth stolen in the UK alone.2 Data shows that Britain is a popular target for watch thieves with many of the timepieces moved quickly abroad, lessening the chances of recovering the stolen goods.

If you wear a luxury timepiece or expensive jewellery, you may need to review your policy because your limits of cover might not be sufficient.

 

 

With high-end timepieces increasing in value year on year, and many lines being discontinued, there is high demand for certain makes and models such as Rolex, Patek Philippe, Breguet, Jaeger-LeCoultre, and Omega. With demand outstripping supply, the market for stolen watches continues to grow. Increasingly violent criminals steal from wearers in public spaces and often follow victims from expensive, high-end venues such as restaurants, theatres and shopping areas before taking the opportunity to rob them.

If you have arranged high-net-worth Home Insurance through Lloyd & Whyte Private Client service, there are two key limits to talk to us about:

  1. The single item limit – this is the maximum amount the insurer will pay for any one item.
  2. The total cover for all high-risk items in the house.

If your watch or jewellery has exceeded the single item limit, it will need to be specified on your policy at its specific replacement value with an up-to-date valuation to support this figure.

Discontinued watches, gifts of jewellery, heirlooms, and expensive gadgets can be difficult and sometimes impossible to replace; but you can at least be insured for their theft or loss.

If you would like to discuss comprehensive coverage for protecting valuables in public talk to our team of insurance experts today.