If you can’t afford to replace your possessions should they be lost, stolen or damaged then contents insurance is a must for you.
Contents insurance doesn’t have to cost the earth, however finding the right policy can be time consuming.
How much contents cover do I need?
How much content cover you need will depend on the value of your possessions.
It is estimated that one in five households could be under insured because they do not know the true value of their possessions.
How much should I insure my contents for?
As the policy payout is based on the sum insured, it is very important to put a right value on the contents.
Some people find it useful to make an inventory of all the possessions, if you decide to do this then make sure you include items in the loft, garage, garden and any outbuildings.
Are there any catches to contents insurance?
It’s also advisable to check the policy limits, because some insurance companies have a limit on the amount they will pay out for high value items such as jewellery and artwork. If your possessions are worth more than the maximum payout then you may need to negotiate with the insurance company.
To ensure you get the best possible quote make sure you shop around as premiums for like for like policies can vary greatly. Combining building and contents insurance can also keep the cost down.