Contents Insurance

manrow

I am sure that there are not many people who actually can add up the precise value of their house contents; in which case how do we estimate the value of them for insurance purposes?

Practical solutions please.

mattymoo

Break it down, room by room.
Sit in room (or use photos) and record all the major items* you see and then use multiples like £10 per DVD, £20 per game (to reflect some are new, some budget) and so on.

Prices are pretty static / declining on some items, e.g. computers, TV's and gadgets.

I only tend to do this once every 5 years or so.

*Use the Argos catalogue / JLP website depending on what sort of buyer you are to establish current prices.

*MF*

There are also policies where there is "unlimited cover" as opposed to a "sum insured" for contents - with inner limits for things like freezer contents - couldn't tell you all who do so, but Halifax are one such.


Nope - I have no connection with them nor am I recommending, don't insure with them.

Oscar_The_Grouch

I have a spreadsheet that I used to give out to people that gives a breakdown, room by room, of the major things to look for. It has space for you to put in the sums and then simply adds everything up as you go along. If you want me to send it to you, pm me with your e-mail address and I will ping it off to you.

It may take me a couple of days to find it, as I think it's on my other pc!!

manrow

Have sent you a pm, Oscar!

payless

*MF* wrote: »

There are also policies where there is "unlimited cover" as opposed to a "sum insured" for contents - with inner limits for things like freezer contents - couldn't tell you all who do so, but Halifax are one such.


Nope - I have no connection with them nor am I recommending, don't insure with them.

although be careful as these type of policies often have limits for certain classes ( ie "valuables" ) so aren't really "unlimited"

Its only a rough guide , but most companies offer a baisc "off shelf" policy with £35k-£45K contents cover that is deemed Ok for many.

Some will have premium policies - say £60K, for those that are abit above average - above this is usually either classed as "High Net Worth" or self selected sum assured ( thats where your spreadshet comes in)

Again lower range ( if you think say £20K is enough) is sold on sum assured basis but usually any amount above £20K is close to the "off shelf" £40Kish anyway

Carmex_Fan

Do you need receipts, or is photographic evidence enough?

Oscar_The_Grouch

Hi Carmex.

Receipts are best. I always keep receipts for valuable purchases, but it's always useful to have photos too.

I always suggest taking photos around your house using a digital camera. This acts as good evidence of how you had your house laid out and gives evidence of the items that were there at the time. It only really works for TV's, sofas, paintings, beds, curtains and the like, but every little helps.

The best thing to do with the photos too is run off 2 copies on discs. Keep one of the discs yourself and send the other one to your parents/brother/best friend for them to keep; if your house burns down and you lose everything, at least you still have a copy of the photos of your home as some form of evidence of what was in there.

Now, for small, valuable items (watches, jewellery, cameras and the like), you have a bigger problem; photos just will not do it. For the watches and jewellery, get them valued and keep a photocopy (or scanned copy) with each of the 2 photo discs you have made. This way you have an independent jeweller who can vouch for the items.

The thing to do is keep up to date evidence of what you own. A receipt that is 5 years old only proves that you owned the item 5 years ago. A receipt that is 5 years old and a photo from last month (or 6 months ago) is much better!!

Don't take it too far, however, as taking photos of your knife draw would probably seem a bit OTT!!

Oscar_The_Grouch

One other point - photos alone do not prove ownership unless you have something to back them up - hence the valuation for the watches and receipts for the larger items.

Carmex_Fan

Gosh, there was me thinking it was as simple as just getting a policy! Need to sort one out for me ASAP.

PeteMc

I've just had to complete a pretty comprehensive insurance form for an international removal. On a new for old basis the value of my contents came to £57k with very little furniture. Adding on the cost of other furniture/appliances etc. purchased at the new home I estimated that 80k should cover everything. It was a struggle trying to get contents on that amount.

Just see how much it would cost to replace perhaps one "sector" of your belongings e.g. DVD's/CD's and you may be surprised.