New for old

leesumm

Just curious as to what "age" is there on a new for old contents policy. How old must the item be before company says too old to cover

Sandtree

None

Most Home Contents policies are on a new for old basis other than for certain items like clothes. If the same item is still made then its fairly straightforward in terms of the replacement/value. If the specific item isn't made but something similar is (think a 6 year old TV) then they will try and do a best match on features but a top of the range TV from 6 years ago is going to match to a middle of the range TV these days.

If there is no real comparable item made today then most insurers' terms say something like the fact they will pay for an inflation linked price of the last known price of the/a comparable item. 

Clearly where this all falls apart and we get into different territory is antiques where a replacement for a 17th C wine glass isn't a modern day wine glass.

Warranties, because they cover breakdown, do tend to have a max age for cover.

LordNelson_2

Could someone clarify 'New for Old' policy? Or does it vary depending on provider.
If we have a 1930 sideboard, we would like to replace it with another 1930s sideboard fro auction or charity shop rather the IKEA!

[Deleted User]

If it's a special item like that then you should declare it like you would with antiques and jewelry.

Newly_retired

My policy does not require me to declare an item specifically unless it is worth over £2000.
Most of our items are irreplaceable eg books now out of print, "collectibles items of sentimental value from our parents.  We have specified a lump sum for " collections".

TELLIT01

Even if you don't have to declare items, you would need to prove you had them in the event of a claim.  Photograph 'irreplaceable' items and specific antique furniture.

mgfvvc

For home insurance I recommend a "photographic inventory".
Every so often, go around the house and photograph the contents of every room, including jewelley and contents of drawers. Store this on Google Photos or similar offsite storage. In the event of a major fire you can use the photos to remind you what you should be claiming for, and as proof that you did actually own this stuff.
Also record valuables on immobilise.com

[Deleted User]

LordNelson_2 said:

Could someone clarify 'New for Old' policy? Or does it vary depending on provider.
If we have a 1930 sideboard, we would like to replace it with another 1930s sideboard fro auction or charity shop rather the IKEA!

Varies by insurer - it can range from "you had a tv, here is a tv", through "this basic tv now is as good as your expensive one was", up to "you had a top-of-the-range 1990 model, so here is a top-of-the-range 2022 model" 

DullGreyGuy

LordNelson_2 said:

Could someone clarify 'New for Old' policy? Or does it vary depending on provider.
If we have a 1930 sideboard, we would like to replace it with another 1930s sideboard fro auction or charity shop rather the IKEA!

The concept of "new for old" is that generally something that is new costs more than something that is old. If you have a 4 year old microwave its probably worth well under half what a brand new microwave with the same capabilities are.  Its therefore a benefit to you to have them give you a new microwave (or possibly a gift card with the value of a new microwave from Currys on it) than for them to say they can see them selling secondhand on eBay for £20 so here's a cheque for that.

There are cases where old is either more expensive than new or where new simply isnt an appropriate replacement. Most policy books will state what will happen in these cases, often its settling at the last known new selling price for the item but more likely for something like a 1930's sideboard then its desktop research on eBay and an offer based on its value pre-loss and a negotiation with you.