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When it comes to taking out contents insurance for your home you will be asked by your insurer to provide an estimate of how much your house contents and possessions come to. The value you provide can not only effect the premium you pay but also plays an integral part in what you would be paid out in compensation should your contents be stolen or destroyed. For this reason, you should not simply ‘pluck a value out of thin air’ but take a systematic look at what you own, how much items cost and which high value items you own.
Below we have put together a guide to help you value your items and ensure everything is covered on your policy.
Itemise your possessions – Take stock of every item within your house / flat including electrical goods, clothing and furniture. All receipts for electrical or high value items should be kept in a safe place in case you’re required to show proof of purchase in event of a claim.
Extending your cover – If you find, when creating an inventory of your possessions, that you have a lot of high value items in your garden or shed it might be worth extending your policy to include your outdoor space. Some policies may include this as standard or alternatively have the optional extension of garden cover.
High value items – For large value items or unique pieces of jewelry it is advisable to take a photograph of the item in case of theft. This will assist in providing proof of ownership / purchase to the insurer and possible recovery of this item.
Check your policy terms and conditions– In short, read the small print and make sure you understand what is and what isn’t covered under your policy. Is there a single item limit? And is this enough to cover any high value items you may own?
Additionally if you work from home, is your home office equipment covered under your home policy. Some insurers offer home office cover as a policy extension so make sure you check this if you work from home.
Any policy exclusions? – Carefully read through the policy exclusions to make certain you are adequately covered in the event of a claim. Certain items may be excluded from cover in the small print and you would not want to find this out only at claim stage!
At policy renewal stage it is worth revising your content value if you have purchased or replaced any items in the last 12-months. The cost of replacing items increases over time and you would not want to be left short in event of a claim.
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