New To Home Insurance

Diamond78

Hi There,
Im hoping someone can give me some advice on how and where to get home insurance as I have never got it before.

I am living in private rented accomadation so I am not sure what type of insurance I need to get. Im confused with content and building insurance.

How do I value what I have in total and can anyone recommend a good company that doesnt charge a fortune.

Many thanks

dogbot

First, can I suggest not writing in such a bold font, it makes it a bit hard to read.

I am living in private rented accomadation so I am not sure what type of insurance I need to get. Im confused with content and building insurance.

You need contents insurance. You have no insurable interest in the buildings because you do not own them. Most contents policies will include cover to tenants liability up to a certain % of the sum insured.

How do I value what I have in total

You go around your house with a spreadsheet or paper and make a list of everything you own, with their value then add up the values!

For items of clothing and bed linens and usualy towels, these are insured for their replacement value LESS A DEDUCTION FOR WEAR AND TEAR. In otherwords probably about 50% of their new replacement value.

For all other items, you need to value them for the cost of replacing them with an equivolent specification new item.

You should keep this list up to date fairly regularly and take our insurance for a little over the value to take account of new items you might buy during the year of insurance.

Keep receipts of electrical and other valuable items. Take digital photos of dvd's books and cd's on shelves or racks and other things to proove what you own. Keep them online in a webmail account for safe keeping.

If you have any items worth more than £1000 or £1,500 (depending on the policy) you will need to specify these on the policy as "specified items".

You can choose standard cover or full accidental damage cover. You can select optional personal posessions cover to cover a certain value of items and any specified items up to a preset amount. You will be given the option of various sums insured.


As for which company - follow the MSE guide to find a few good prices, but make sure all the limits and cover is what you need/want.

CLS26

Thanks Dogbot. I am in the same situation and your advice is very useful!

Diamond78

dogbot wrote: »

First, can I suggest not writing in such a bold font, it makes it a bit hard to read.



You need contents insurance. You have no insurable interest in the buildings because you do not own them. Most contents policies will include cover to tenants liability up to a certain % of the sum insured.


You go around your house with a spreadsheet or paper and make a list of everything you own, with their value then add up the values!

For items of clothing and bed linens and usualy towels, these are insured for their replacement value LESS A DEDUCTION FOR WEAR AND TEAR. In otherwords probably about 50% of their new replacement value.

For all other items, you need to value them for the cost of replacing them with an equivolent specification new item.

You should keep this list up to date fairly regularly and take our insurance for a little over the value to take account of new items you might buy during the year of insurance.

Keep receipts of electrical and other valuable items. Take digital photos of dvd's books and cd's on shelves or racks and other things to proove what you own. Keep them online in a webmail account for safe keeping.

If you have any items worth more than £1000 or £1,500 (depending on the policy) you will need to specify these on the policy as "specified items".

You can choose standard cover or full accidental damage cover. You can select optional personal posessions cover to cover a certain value of items and any specified items up to a preset amount. You will be given the option of various sums insured.


As for which company - follow the MSE guide to find a few good prices, but make sure all the limits and cover is what you need/want.

Sorry I wrote like that. That is how I have written for the past 2 years and no one has ever said anything. In future I will not write in such bold.

Thank you for your useful tip.

Can I also ask another question which you may be able to answer for me.
As stated before, I have never got insurance out before. Due to domestic violence, I have moved several times and also had a lot of stuff damaged by my ex partner. So many times I had to leave a lot of stuff behind and go into a safe house. Some of my items receipts were left behind, so I have no proof of purchase. Will it still be ok to take pictures of these items as proof. I have also purchased electrical stuff from catalogues and I no longer have the statements. I still shop with the catalogue so can they contact the catalogue company If I do not have a statement?
As for clothes ect, should i keep receipts from now on?
Sorry to be a pain and ask all these questions and thanks once again.

RobertoMoir

Diamond78 wrote: »

Sorry I wrote like that. That is how I have written for the past 2 years and no one has ever said anything. In future I will not write in such bold.

Thank you for your useful tip.

Can I also ask another question which you may be able to answer for me.
As stated before, I have never got insurance out before. Due to domestic violence, I have moved several times and also had a lot of stuff damaged by my ex partner. So many times I had to leave a lot of stuff behind and go into a safe house. Some of my items receipts were left behind, so I have no proof of purchase. Will it still be ok to take pictures of these items as proof. I have also purchased electrical stuff from catalogues and I no longer have the statements. I still shop with the catalogue so can they contact the catalogue company If I do not have a statement?
As for clothes ect, should i keep receipts from now on?
Sorry to be a pain and ask all these questions and thanks once again.

For electrical goods where you don't have a receipt, perhaps making a note of the model number and serial number of the product and storing that with the photo might be helpful?

Diamond78

Thank you very much for your reply RobertoMoir, I will do that.
Cheers

dogbot

Excellent point from Roberto there. I would add that this is probably the best way since it is probably a good idea not to have to rely upon the catalogue company being willing to release records etc, especialy to the insurer. Photos will also help.

Hope that you have a good, and safe, time in your new home.