Contents Insurance How Do I Know If I Have Enough Cover



Contents Insurance How Do I Know If I Have Enough Cover

Contents Insurance – How Do I​ Know If I​ Have Enough Cover?
Buying insurance can be a​ tricky subject,​ over insure and you​ risk paying too much in​ premiums,​ while under insuring can also be a​ disaster should the​ worst come to​ the​ worst .​
So how do you​ know what is​ just right?
Obviously the​ most important tip when it​ comes to​ deciding on​ the​ amount of​ cover you​ need is​ to​ take your time and go through your home valuing your belongings .​
Along with this you​ can follow the​ tips outlined below to​ give you​ some idea of​ how much you​ might need.
Never go rushing and guessing the​ value of​ your possessions,​ you​ could be surprised how far out of​ range you​ are by making a​ guess .​
Take a​ notepad and walk around your home writing down the​ cost of​ everything .​
And by ‘everything’ I​ really mean everything,​ from CD’s to​ clothing to​ furnishing to​ your pet cat’s wicker basket!
Once this is​ done,​ you​ can make an​ educated decision as​ to​ how much contents insurance you​ need.
Also,​ do bear in​ mind that if​ you​ buy additional items you​ should always take these into account when it​ comes to​ renewing your home insurance .​
As an​ example,​ even just buying two CD’s and a​ DVD every month can soon mount up to​ well over an​ extra £350 a​ year – a​ value that should be included in​ your contents.
Make sure that you​ understand what the​ insurer means when they use the​ term valuable .​
If your policy states that you​ won’t be covered for items worth more than £1,​000 and you​ haven’t declared a​ possession that is​ over that amount,​ then it​ simply won’t be covered.
If your policy is​ new for old then this means that you​ will get the​ cost of​ replacing items with new ones .​
You should always take into account the​ rise in​ cost of​ items every few years’.
Many policies you​ take out will include items such as​ patio furniture and garden equipment so always ensure that if​ these are covered by your policy,​ then include them in​ your evaluation.
Take into account any items which may be difficult to​ put a​ value to​ .​
For example,​ you​ might have a​ large collection of​ books or​ CD`s which you​ need to​ cover .​
If this is​ the​ case,​ then make sure these are noted and that a​ price has been agreed upon by the​ insurance company.
If you​ work from home the​ majority of​ policies will cover such items as​ computers or​ fax machines,​ so include these in​ your estimate if​ they are covered by your policy .​
You should also enquire as​ to​ the​ limit of​ such equipment as​ most policies will have a​ limit for items such as​ these.

Contents Insurance How Do I Know If I Have Enough Cover





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