When you’re taking out a contents insurance policy, it’s important to give a correct estimate for your contents to make sure you have enough cover if you ever need to make a claim.
Sometimes, we can underestimate how much the valuables in our home are really worth, but they can add up quicker than you think.
Read on to find out how much contents insurance you really need.
What’s the difference between buildings and contents insurance?
Buildings insurance is essential if you want to protect your home. Often, it’s a condition of getting a mortgage offer too.
It covers the structure of your home (the bricks and mortar), as well as fittings such as your fitted kitchen and bathroom.
Contents insurance, while not compulsory, is essential if you want to protect everything in the property that you own such as your tech, furniture, and clothes.
How do I work out the value of my contents?
To calculate your contents’ value, you need to add up the value of all the items you own. Don’t forget to add anything stored in your attic and garage.
We’ve created a contents calculator to help you work it all out.
Go from room to room and enter everything into the calculator – the total amount should be enough to cover everything in your home.
High risk items that are worth over £2,000 need to be specified on your policy.
How often should I update my contents insurance policy?
While many people update their cover annually, it’s important to remember to add any new items you’ve got throughout the year.
This is especially important if you’ve got any new high value items, like laptops or jewellery.
Head of Admiral Home Insurance, Noel Summerfield, said: “The value of most items can be searched on the internet, but antiques or jewellery should be valued by a professional before being added to your policy.”
“Make sure your contents policy is updated when you buy any high risk items (worth over £2,000), such as jewellery or a new television, so you know they’re covered.”
How much is contents insurance?
It’s very difficult to give an average figure for contents insurance.
The amount you spend on your contents cover will always vary as it depends on a range of factors, including:
- the value of your contents
- where you live
- what level of cover you want
Covering your high-risk items outside of the home
If you want to protect your high-risk items when you take them out of your home (for instance, laptop, jewellery or a camera worth over £2,000), you’ll need to choose 'cover away from your home'.
To find out more about protecting your belongings outside of your home, read our personal possessions guide.
Contents insurance for landlords
If you’re a landlord renting out a furnished flat, you’ll need landlord contents insurance.
This will cover any furniture in the flat you’re renting out to your tenant and will protect them from loss or damage.
