With all my wordly goods…

Home insurance? It’s just a formality right? Something we all know we should have, but never really bother to check.

That is of course until you come to make a claim.

House in Hands - Home Insurance

What happens when you then discover your policy doesn’t cover the value of your precious possessions?

You may look at your furniture and other contents in your house and think “who on earth would want to steal those?”, but the reality is, it’s not just about those pesky burglars your insurance will also cover you in case of a flood or a fire.

So it’s vital that when you take out or renew your policy you come up with a realistic valuation of all your worldly goods.

Research has shown that 25 per cent of people who actually have home insurance have seriously under-estimated how much their home contents are worth and even more shockingly, one in five people don’t have any home contents insurance at all.

According to the figures, the “average” British household what’s one of those?? contains:

  • £4,000 worth of furniture
  • £3,000 worth of electrical items
  • £2,000 worth of white goods
  • £1,800 worth of jewellery

And (amazingly!) almost £1,000 worth of curtains!

On top of that, there’s likely to be another £1,200 worth of items in the garage and garden too.

The trouble is, it’s far too easy to turn a blind eye to the true value of your home’s contents and by under-estimating the level you need to set your insurance at, you’ll be putting your belongings at serious risk.

Make sure you read the small print carefully particularly when it comes to the limit on what your insurer will pay out for a single item. Is it really enough to cover that Rolex watch you inherited from your Great Aunt Ethel?

Identify any really valuable items you may have in your home, and consider naming them specifically in your cover, and think about what happens when you take an item out of the home environment is it still covered?

Remember too that you need to allow enough cover to replace the items as new, not what you paid for them all those years ago you may have paid out in pounds, shillings and pence, but decimalization is now a harsh reality so make sure your figures add up!

Dave Williams  uk.linkedin.com/in/davewilliams2

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