Valuing your contents for home insurance purposes is important as underinsurance in the event of a claim can leave you out of pocket. Read in our Friday Feature about some common valuables that are often forgotten about when calculating a home insurance policy value.
The views expressed in this article are specifically those of All Med Pro Insurance
Calculating the value of your home contents
It is impossible to conduct a full stock-check of your personal belonging and that of the people living under your roof.
However, getting the value as close as possible to an accurate amount is going to minimise your risk in the event you need to claim.
Jewellery, electronics and other valuables are at the forefront of most people’s minds. On the other hand though, more day-to-day items can in fact add up to more, when taking into account the cost of replacement.
Here are 5 commonly forgotten areas that you need to give importance to for your home insurance:
(1) Furniture
Furniture is one of the highest value items in a household. Imagine if you had to replace all your sofas, beds, wardrobes as well as things like kitchen cupboards and bathroom units. Spend a few minutes adding up the total now, you will be surprised that it will add up to probably tens of thousands of pounds.
If you have antique furniture then this clearly adds extra value too.
(2) Clothes and accessories
Clothing is another area common for underinsurance. Designer items can add on extra value but even just totting up your clothes, shoes, bags and accessories can total quite a sum in the end.
As a broad estimate, insurance companies suggest the average person has £10k of clothing value at any given time.
(3) Carpets and soft furnishings
Carpets, rugs, lamps, curtains and other soft furnishings can be considerable value when you compile a list. Because we look at these items day in and day out, we often forget the value they hold.
Luxury cutlery, tableware, kitchen utensils and kitchen gadgets can be factored in too.
(4) Sports and music equipment
If you have a home gym, the machines are expensive and to replace them would certainly leave a bitter taste. Skiing equipment and bikes are other sports equipment that should be carefully added to the list.
Musical instruments need to be part of your home contents calculation too.
(5) Collections
If you are a collector of stamps, artwork, coins, model railways, or whatever floats your boat, seek a valuation for these are part of your home insurance. Some are worth more than you think, so in the event of a loss, at least you will have some compensation this way.
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Insuring your computers, laptops and electrical items
Our gadgets are usually top of the list when it comes to insurance. These days it is hard to function without the laptop for a few days than it is the cooker, or washing machine!
Make sure you carefully add the value for:
- computers
- laptops
- printers
- scanners
- speakers
- cameras
- phones
- games consoles
- electronic music equipment
Because we now exchange our technological items so frequently, it is important to find out about the excess on your insurance policy too. Sometimes the cost to replace the item is better than claiming on your insurance, and risking a rise in the premium.
Speak to an insurance broker about the best way forward.
It is also wise to remember that home insurance pays out when incidences happen in the home, for example a flood, fire or burglary. Some also pay out for accidental damage of certain items.
If you are travelling ensure you also have sufficient travel insurance for the devices you take with you, or an alternative policy for say just your mobile phone.
Dental & Medical Financial Services work alongside many healthcare specialists to give you access to the best advice.
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