I've concluded that this is all a bit of a racket. I was with LV for quite a while during which they cranked-up the premiums year-on-year. The breaking point came when I decided to double-check that my Naim system was fully covered. That necessitated a call to LV which was painful. The agent I spoke to was clueless, seemingly unable to understand that, apart from speakers, a system was made of individual parts which could be bought separately. Having put me on hold a few times, I then I hit a brick wall with an insistence that LV could only insure the system if I had a burglar alarm fitted. My protestations as to why that was impractical in my household at that time fell on deaf ears so I told them I was not renewed. The lady didn't seem the least bit bothered, even though I had been with them for many years.
From previous threads on this topic I had heard that Hiscox was good so I contacted them. They were. Very understanding about the hi-fi, covered it without insisting on an alarm, and comfortably beat the LV quote. That was a couple of years or so ago. However at this year's renewal there was a very large increase in premium which Hiscox explained away by saying the government was insisting on the insurance industry contributing to a flood fund or something. Being time-poor I didn't have a lot of time to shop around but tried two: M&S and John Lewis. Both were even dearer than the Hiscox renewal premium so I grumpily stayed with them, promising myself to spend more time at the next renewal to properly test the market.
Rather like energy, broadband, mobile, TV contracts, and car insurance, this all seems geared to entice the new customer and screw them if they stay loyal, hoping they won't spend the time shopping around. I suppose some will argue this is capitalism working effectively. I just regard it as unethical because the people who really get penalised are those who are least able to play this game eg the old, infirm, lacking IT skills, or the confidence to challenge and haggle. Anyway, I should stop ranting.