Contents' Insurance

paulo123_2

Hi =]

I rent from a private landlord and want to take out contents' cover (not home insurance). The flat when I moved in was unfurnished apart from white appliances, cooker, carpets, and curtains. By the way, it's a one-bedroomed first floor flat and I reckon the total contents value is under £10,000.

First question; on some forms you are given the option to be covered for "personal possessions" but I don't understand that - aren't all possessions personal, unless you are using the property for business purposes?

Next, do I include in the calculations the items that were already present in the flat? Or is that the landlord's responsibility because I don't own them?

And finally can anyone recommend the best value for money. Apparently DirectLine are 50% off contents insurance at the mo - anything to beat that?

Oh one more thing... I'd like accidental damage cover too but that seems to double the quote prices in some cases - is it worth it?

Icmeler

Hiya
Personal possessions are usually things that you can take out of the house i.e. mobile phone laptop etc contents in general is anything that is in the flat that belongs to you. Some insurance companies describe jewellry as personal possession or valubles. I would ask the insurance company re the white appliances as they do not belong to you so should be covered by the landlords policy it depends if your landlord has made you responsible for them under the terms of you lease/tenancy. I would get accidental cover especially if you own expensive items eg TV, CD player.

dacouch

You may find these guides from the Financial Services Authority Helpful

http://www.moneymadeclear.fsa.gov.uk/products/insurance/types/possessions/contents_insurance.html

http://www.moneysavingexpert.com/insurance/home-insurance

tlc1802

Hi

I have contents insurance which had my engagement ring as a specified article insured for £2982. I lost the ring & the insurance have agreed to payment out but they have issued a card to use at a jewellers chain - I cannot replace the ring like for like with the money it was insured for at this chain as the value has now gone up - they valued a replacement at £4500.

I can get a ring at an independent jewellers (from whom the original ring was purchased) for £2900 like for like. The insurance are now saying if I have a cash settlement they may need to reduce the £2892 payout by 30% as this is the discount they could get at the high street chain - this would not give me enought to replace the ring at the independent never mind the chain...

Does anyone know if they can do this? If so, what's the point of insuring specified items?

lisyloo

I have contents insurance which had my engagement ring as a specified article insured for £2982.

It sounds to me like you are uninsured.
In the mainstream shops the replacement value is £4500, so you should have increased the value. I know you can get it cheaper by shopping around but I think you need to put down the mainstream shop price and not the MSE shopping around price.
Shopping around is great, but insurance does not work on that basis.

If so, what's the point of insuring specified items?

It works fine if you insure the items at the widely available normal retail price.

shellsuit

paulo123 wrote: »

Hi =]

I rent from a private landlord and want to take out contents' cover (not home insurance). The flat when I moved in was unfurnished apart from white appliances, cooker, carpets, and curtains. By the way, it's a one-bedroomed first floor flat and I reckon the total contents value is under £10,000.

First question; on some forms you are given the option to be covered for "personal possessions" but I don't understand that - aren't all possessions personal, unless you are using the property for business purposes?

Next, do I include in the calculations the items that were already present in the flat? Or is that the landlord's responsibility because I don't own them?

And finally can anyone recommend the best value for money. Apparently DirectLine are 50% off contents insurance at the mo - anything to beat that?

Oh one more thing... I'd like accidental damage cover too but that seems to double the quote prices in some cases - is it worth it?

Accidental damage is well worth the extra, especially if you rent!

I rent and I've been here for almost 11 years. 3 years ago I was decorating, knocked a small tin of gloss over, didn't realise and when I come back it had gone on the carpet.

Because it was accidental damage, I was covered for a new carpet (which was £600 as it is a through room).

Our contents insurance is only £12 a month and includes accidental damage - £12 a month/£3 a week is well worth it for peace of mind. (I live in a 3 bed semi and I think we have 50K of cover)

Can't think off the top of my head now though who I'm insured with - doh!

dogbot

OP, re insuring the landlord’s property. Look at your letting contract and see if you are legally responsible for the items. It will be likely that you are but in any event you are renting and so almost inevitably risk some responsibility for their property, so look for a policy that includes in it's definition of contents "landlords fixtures and fittings" and a section of cover called "tenants liability".

Please also be sure to calculate the full value of all the contents to new replacement value. The above poster’s example of the problem with their ring shows exactly what will happen if you need to make a claim. If you under insure you pay less for the cover, because you are only insuring part of what you own. If you need to make a claim the insurer will apply average.

Remember to allow for a reasonable amount of new purchases during the insurance year, and notify the insurer of any increase in the sum insured after a big purchase like a new TV or something. To help with organisation, calculating your sum insured and to help in the event of a claim you could Keep records of your property on a spreadsheet (and some photos) and store them on a secure webmail account so you don't loose them.

(p.s. clothes and bedding will usually be covered but a deduction made for wear rather than full new for old value).

Accidental damage cover ensures you are covered for a much wider scope of losses than with a standard policy and this is why it costs so much more. If you are young or/are in certain occupations, then these factors could service to drive the accidental damage premium up.


If you are a careful individual, don't have much property of much value and won't be having parties and such in your property then you might feel you can do without it. I would agree with the above post; if you are renting it take a big weight off your mind and your deposit.