Contents Insurance Check Your Cover

Contents Insurance Check Your Cover



Contents Insurance – Check Your Cover
You've probably got contents insurance for your belongings but are you​ aware just how easy it​ is​ to​ fall behind in​ calculating the​ value of​ them?
What do you​ imagine the​ average contents of​ a​ family home are worth - £25,​000 or​ £30,​000? in​ fact this figure,​ for a​ typical home,​ is​ estimated to​ be over £45,​000 .​
Apart from your moveable items of​ carpets,​ furniture,​ curtains,​ it's probable that electrical goods purchased over the​ last few years explain the​ sudden rise .​
It's not unusual to​ have three or​ four mobile phones,​ a​ couple of​ computers,​ possibly also a​ laptop .​
Then there are the​ TV's .​
Apart form the​ large family wide screen digital HD ready,​ singing and dancing set,​ there's probably a​ another one in​ the​ kitchen and two or​ three others in​ the​ bedrooms,​ not to​ mention DVD and video recorders .​
Probably the​ children have iPods,​ gameboys and whatever else is​ in​ at​ present .​
Don't forget your CD collection – Norwich Union values these at​ £10 each and DVD's.
Apart from the​ risk of​ damage,​ all the​ above items are very appealing to​ the​ thief,​ being easy to​ handle and finding a​ ready market .​
Don't forget the​ garden,​ the​ mowers and garden machinery,​ contents of​ the​ shed and garage,​ garden furniture and even your tubs and hanging baskets .​
The value of​ plants can add up too!
Should you​ need to​ make a​ claim,​ it's important that you're not under insured .​
If the​ insurance company judges that you​ don't have adequate insurance,​ the​ claim will not be fully paid .​
This means that if​ you​ have insured your contents for,​ say,​ £20,​000 and your insurance company considers there would be a​ value of​ £30,​000 to​ replace them,​ then there would be a​ shortfall of​ £10,​000.
Insurers handle things in​ different ways .​
For example Norwich Union Direct,​ one of​ the​ major insurers,​ will pay out up to​ the​ amount for which you're covered .​
It's left up to​ you​ to​ fund the​ difference .​
More Than tells us that their policy on​ underinsured claims is​ to​ reduce them by up to​ 20% .​
In fact More
Than are taking action to​ ensure that clients are more up to​ date with their cover and so have recently increased the​ this for all their clients,​ by 25%.
These increases will apply on​ the​ clients' next renewal dates .​
No doubt more insurance companies will look at​ following suit soon.
Whilst you're thinking of​ re-assessment,​ maybe it's time to​ check the​ current figures on​ your buildings insurance .​
As well as​ the​ house,​ garage and outbuildings,​ you​ may have fixed items such as​ lighting,​ hot tubs and permanent garden features .​
These are covered by your buildings insurance,​ not your contents .​
Your insurer will normally work out a​ quotation based on​ the​ number of​ bedrooms,​ etc.,​ and your postcode .​
The insurable figure will be the​ cost demolition and clearing of​ the​ site and re-building your home on​ the​ present site,​ of​ course.
To help you​ re-consider the​ value of​ your belongings and for additional advice there's a​ handy checklist for home owners on​ the​ Association of​ British Insurers,​ www.abi.org.uk
There are a​ large number of​ insurance companies handling both contents and building insurance and,​ as​ always,​ it​ pays to​ shop around.




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