Home Insurance - Am I paying too much?

TELLIT01

DullGreyGuy said:

TELLIT01 said:

My insurers don't put a figure on the value of the property at all.  Many people, possibly most, underestimate the value of contents.  Just as an example, and possibly showing my age, I have about 300 CDs.  They would typically have cost about £10 each, so those alone add up to around £3k.

So it's a blanket/bedroom rated policy. 

Whilst they may not put a limit on general contents or rebuild even "unlimited" policies do tend to have inner limits on valuables, single articles/sets, contents in the garden etc. 

I meant that the building value on the policy is 'Unlimited' or similar wording.  I wasn't referring to contents value in that part of the reply.

DullGreyGuy

TELLIT01 said:

DullGreyGuy said:

TELLIT01 said:

My insurers don't put a figure on the value of the property at all.  Many people, possibly most, underestimate the value of contents.  Just as an example, and possibly showing my age, I have about 300 CDs.  They would typically have cost about £10 each, so those alone add up to around £3k.

So it's a blanket/bedroom rated policy. 

Whilst they may not put a limit on general contents or rebuild even "unlimited" policies do tend to have inner limits on valuables, single articles/sets, contents in the garden etc. 

I meant that the building value on the policy is 'Unlimited' or similar wording.  I wasn't referring to contents value in that part of the reply.

Blanket exist on both... Ours is unlimited rebuild and unlimited general contents but £15k single article/set limit, £50,000 valuables inner limits. 

DullGreyGuy

homeless9 said:
It makes me wonder what people have in their houses if £10,000 is deemed low.... designer clothes? expensive bikes? Rolex watches, expensive jewellery, suitcases of cash, special breed of Corgi that also could perish in a fire?

Some will have those things but for the majority of people its much more volume of lower value items that just add up, death by a thousand cuts.

Just go round each room and document the count of everything you have, it can be fairly broad like how many tshirt/shirts/polos etc there are etc and then assign an average non-sale price for each category... so if you buy from M&S its probably about £15 for shirts/polos etc. It adds up exceptionally quickly. 

For a lot of people there is probably a large amount of their contents they dont ever use, I know I've t-shirts in my drawer that either are a bit small now or were bought for me and I never liked them but they are there and so have to be counted. Similarly the juicer, ice cream maker and other kitchen gadgets that live at the back of cupboards.

Maybe you live alone with a monastic style of life, have 1 knife and fork and just wash them after each meal, there are always outliers. I know with my mother many years ago she was declaring £20,000 of contents and after adding up just her jewellery it was way more than that alone... no single item worth that much, certainly no rolexes,  but more 30 years of my father giving her presents for birthdays, Xmas, Valentines day, Anniversaries etc and the fact that gold is worth much more today than it was in the 70s when he was gifting them