How to calculate the right amount of contents insurance?
It is important to make sure that you correctly insure all the contents within your home as you will not be able to make a claim for something that is more expensive than what you initially valued it for. It is also important not to over-price any of your contents as this will increase the premium that you pay on the cover.
You should take the time and compile a list of everything that you wish to be covered with an assessment of its replacement cost on a new for old basis and add a percentage for inflation.
Should you have any high value items like items of jewelry or works of art, ensure
that you have these properly valued, even if it might cost you to do so. In the event of a claim having an insurance valuation will ensure that you can replace the item on a like for like basis, rather than an approximation.
Insurance companies normally wish to be informed about items valued in excess of £1000 and will specify them on your policy. The general rule of thumb is if they haven't been informed you won't have the cover.
If you are able to take photos of the items and can store them electronically it will add to your case in the event of an insurance claim.
Unspecified articles away from the home
If you want to cover items away from the home under your insurance policy this is normally allowed for an extra premium. The risk to the insurance company is higher as other factors come into play when items are removed from the home. Insurance cover can be provided worldwide, but is normally limited to 30 days at a time.
This option is different to your travel insurance cover and should not be seen as a replacement.
If you'd like to know more about contents insurance then contact us today or get an online quotation
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