Standard contents insurance policies explicitly exclude several categories of loss, including normal wear and tear, gradual deterioration, damage caused by domestic pets, mechanical or electrical breakdown without a specific power surge endorsement, and intentional damage caused by the policyholder. Furthermore, standard policies enforce strict sub-limits for cash, bullion, or high-end jewellery unless those specific valuable items are explicitly declared and scheduled as "specified items" on your policy schedule with professional valuations.
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