Suggestions on value of "average Joe's" contents?

maryotuam

My home contents is due for renewal. I don't have any jewellry or expensive items, just the usual furniture,computer and average bits a modern 3 bedroomed house might have. I don't want to run the risk of being underinsured but also don't want to pay for a higher sum than is necessary.

Totalling up the cost of replacing every single item is a daunting task. Anyone able to suggest a ball park figure for an "average Joe's" contents?

crossleydd42

You could avoid the problem and go for a policy which has an automatic 'sum insured' of, say, £50,000. Many policies do it this way. Otherwise, you could put an average three-bedroomed' house's contents at around £20,000. watch for individual limits of £1,000 which could cover computers etc.

maryotuam

I've decided to go for £30,000 at OH'S request, athough I think he is over estimating the value of our chattels. I noticed Halifax have no limit on contents insured so I'm wondering if that solves the problem of being under insured or if there is some twist I havn't worked out.

headcovers

I saw an advert yesterday on TV for Morethan that claimed an automatic £60,000 coverage.

Might be worth a look.

tanith

I just got a new policy with Payment Shield , they give £40.000 cover for contents automatically and I believe it was £300,000 rebuild cover for the buildings too............ its was also much cheaper than my Mortgage Provider cover..........

regularsaver1

unlimited cover would avoid this, and the Law of Averages when making a claim if you was underinsured

Woby_Tide

crossleydd42 wrote:

You could avoid the problem and go for a policy which has an automatic 'sum insured' of, say, £50,000. Many policies do it this way. Otherwise, you could put an average three-bedroomed' house's contents at around £20,000. watch for individual limits of £1,000 which could cover computers etc.

I used the link from Martins home insurance article to Hiscox contents insurance calculator, even reducing the amounts given as defaults by the time you add up how much it costs to furnish a house without any personal possesions I'd say you are past £20k(i.e. kitchen/bathroom fittings take up a fair percentage along with carpets/decorating and curtains/lights) Clothes and electronic stuff then soon add up

nadnad

think about if your house burnt to the ground (touch wood it doesn't) how much would it cost to replace every item - a fair bit i'd say. Most people are vastly underinsured - as for £20k for a three bed house - i would say far far too little. Take the average living room - 3 piece suite maybe £2000, maybe a little table £150, tv £500, dvd £300, curtains maybe another £250, cds/dvds, lamps, bits and pieces - i'd say you're up on £3500 easily. then the average kitchen - a good dinner service, cutlery, pots pans, appliances - your cooker, washing machne, tumble drier, dishwasher, fridge - another £3500 no probs - theres £7k in two rooms - probably not including everything - the if you start thinking about beds, wardrobes, computers, cd players, other tv's, game systems, games, all your clothes, curtains, bed linen - £20k would be gone in the blink of an eye. I'm insured for £70k and i'm startin to wonder is that enough.

exil

Yes. On the other hand if there was a fire, I wouldn't bother to replace a lot of
the stuff - it's just accumulated over the years (clothes, books, kid's toys/games, shoes, bits of furniture). I also wouldn't necessarily buy new. I certainly don't have any single item worth more than 1k. The computer cost more than that, but could now be replaced by a brand new one for about 500.

Woby_Tide

the thing is, if your house has just burnt down a lot of the moneysaving ethic will go out of the window. I won't want to wait until I have £2000 worth of clubcard deals to buy an MFI kitchen, in most likelihood most people will want a functioning furnished house ASAP.

If you just breakdown whatever you have in each room in your house that you would most likely replace, then use Argos or someone as a rough guesstimate for a high street price to get something relatively quickly and see how it starts adding up.

(It's also a bit of a drastic measure to burn the house down to remove any clutter you've accumulated, sell it on Ebay or give it away to charity and reap the benefits of it now rather than writing off stuff as charcoal you no longer want)

adchesney

Just on this subject...

Has anyone here actually sat down a drafted a catalogue of their contents with serial numbers or taken photos with descriptions?

I have heard some stories about loss adjusters substancially reducing a cliam due to the lack of proof, let alone a valid receipt!

Any thoughts

ANDREW