5 Easy Steps to Ensure Your Home Contents Insurance Cover Is Adequate.

Would you be fully covered in the event of a claim?

Many of us renew our home contents insurance year on year without reviewing whether the level of cover is adequate.  It’s important that the value of cover for contents is accurate – should you have a claim and the level of cover not be adequate then insurers will not be in a position to settle the full loss.  Alternatively if your cover is higher than you need you may be paying too much for your premiums.

A frequent oversight is in relation to the maximum cover for a single item.  For example, you may have cover with a maximum single item value of £1,200 but have a piece of jewellery which is in fact worth £2,500.  In the event of a claim, insurers would only pay out the £1,200 for the item. Inform insurers of any specific item which exceeds this sum and request that it is covered as a specified item on your policy.

Don’t get caught out…follow the 5 steps below to calculate the value of your contents to ensure that the level of cover is correct.

  1. Go through each room in your house and made an inventory of all your possessions.
  2. Don’t forget to include the sheds, garages and attic!
  3. List the approximate cost of each item – if you are not sure look the value up on the internet or in catalogues.
  4. Get in to the habit of keeping receipts for significant items purchased and taking photographs of those of value. Should you have to make a claim it will make it both easier for insurers to validate the claim and to value the items.
  5. Inform insurers if you purchase an item which exceeds the single item value.

Finally….do get into the habit of actually reviewing the level of cover for your contents at your policy renewal!  Lower premiums may not necessarily provide adequate protection.