What is the usual limit for replacing locks after the loss or theft of keys in a household policy?

In household insurance policies, the usual limit for replacing locks following the loss or theft of keys is typically established to balance the potential risk and costs involved for both the insurer and policyholders. A limit of £500 reflects a reasonable expense that can be incurred when replacing locks, which may vary depending on the number of locks and the type of security systems in place.

This figure is generally seen as sufficient to cover common scenarios that homeowners might face when they lose their keys, providing adequate financial support while also keeping premiums manageable. It aligns with common practices in the industry, where insurers aim to offer policy features that ensure security without exposing themselves to excessive claims.

Limits below this threshold might not adequately cover the costs for more complex locking systems or a larger number of locks, while excessively high limits might lead to higher premiums and unnecessary claims risk for the insurer. Thus, the choice of £500 is a well-considered standard in household policies.