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When it comes to contents insurance it is important that you make sure you have the right cover in place. You could be a victim of Theft, Flood damage or even fire. You may need to replace some of your belongings if not all of them.
Contents insurance is designed to protect your belongings. What you have to think about with contents insurance is how much is all your property worth? The figure could lead to tens of thousands.
So you ask what property is protected by contents insurance? This could include things like:
- Electricals – Laptops, TVs, Games Consoles, DVD Players, Sounds Systems, Cameras and other items alike.
- Kitchenware – Cutlery, Kettles, Microwaves, Ovens, Pots, and Pans, etc.
- Furniture – Sofas, Beds, Wardrobes, Tables, Chest of draws.
- Soft Furnishings – Curtains, Bedding, Cushions, Rugs.
- Leisure – Books, CDs, Vinyls, DVDs, Video Console Games.
- Jewellery and Clothes
- Children’s Toys, Antiques and other.
There is such a long list but once adding this all up the last thing you want is years of purchases destroyed or stolen items not being replaced.
So how does it work?
First you have to decide if you want a total indemnity policy or a new for old policy, we will explain the difference:
Indemnity insurance – is a policy that takes into account wear and tear on items you have bought and claim for. So if say you claim for some curtains that are 7 years old, any payout you get will be reduced slightly with wear and tear took into account.
New for old – Will pay out the full amount for a new replacement. These policies tend to have higher premiums.
Do I have to have contents insurance?
No contents insurance is not compulsory.
What is the average value of contents in the UK per home.
Following Data from Lloyds the average UK home has around £53,000 worth of contents.
So how much cover will I need?
You ideally want to make sure you cover yourself slightly over the total value you calculate so you’re not left short.
Can I get any Extra Cover for my contents?
Some insurers may offer extra add-ons for your contents such as
- Accidental Damage cover- If you drop your laptop or Drop your phone in the toilet
- Legal Expenses – Encase your home is broken into and you need to take the thief to court.
Its very important you read the insurers contents policies carefully as there may be clauses regarding things like If your dog chewed your laptop the policy won’t cover for this etc.