what is the average amount of money that people cover their contents for? i have a 3 bed house with the usual amount of electrical paraphenalia, how much cover should i have? is there a site where you can work out how much everything would cost to replace?
thanks
2007-11-15 09:13:01 · 9 answers · asked by Mrs Chicagosgirl!! 5 in Business & Finance ➔ Insurance
The best way to work out how much to insure your house contents for is to go through every room & work out roughly how much it would cost to replace absolutely everything.
2007-11-15 09:17:26 · answer #1 · answered by monkeyface 7 · 2⤊ 0⤋
The simple answer is: no-one can tell you!
Only you know how much the contents in your home are worth. To work that out you will have to go through each room and estimate the cost of replacing everything (inc carpets) as new (remember jewellery in the bedroom!)
Many policies now do fixed sums insured of £35,000 or £40,000 which can help reduce the risk of underinsurance and there are one or two that have no limit. If in doubt I would look for one of these policies.
2007-11-15 21:54:20 · answer #2 · answered by welcome news 6 · 0⤊ 0⤋
It also helps to take photos of everything in your rooms for insurance (verifies that you actually had the thing being insured). After you have written down the purchase price or estimated value of your items, show the list to your insurance agent, he will be better at figuring the amount you should be covered for. Make sure he writes you up for replacement value and not the depreciated value especially on your home.
2007-11-15 09:22:14 · answer #3 · answered by suzb49 6 · 0⤊ 0⤋
If you go to an insurance agent about this, be sure you ask for "REPLACEMENT" coverage. Otherwise you may end up with a policy that pays only a depreciated value of your items based on their age. And you could end up with only 25, 35, or 40 percent of the replacement costs after submitting a claim. Happened to me.
2007-11-15 09:24:21 · answer #4 · answered by Derail 7 · 0⤊ 0⤋
Work out cost of replacement and insure for that> Be carefully the insurance company may require a declaration or note of items over a certain value and do not forget your bikes
2007-11-16 06:43:06 · answer #5 · answered by Scouse 7 · 0⤊ 0⤋
Most standard policies eg Legal & General will cover a standard amount (Buildings up to £500k, contents up to £50k) which is usually enough for most people. This gets round the need to individually itemise every content and is usually cheaper. There normally is a limit for any one specific items (£3,000), so if you had for example a diamond ring, you need to advise them of this separately.
2007-11-15 09:24:14 · answer #6 · answered by Lord Charlemount 3 · 0⤊ 0⤋
List everything, knives, forks, spoons, crockery, duvets and covers, pillows, absolutely everything that you would lose in an explosion! Don't forget your own clothes and shoes, a lot of people are under insured. Don't just look at the bigger obvious items
2007-11-17 07:22:16 · answer #7 · answered by groovymaude 6 · 0⤊ 0⤋
maximum folk get contents coverage for peace of strategies. you may get hide for unintended harm so in case you drop your computing gadget or stain your carpet you may get replacements. in case you upload up the alternative fee of all products on your place you would be shocked how lots it is composed of - then think of of having to substitute all of it after a hearth or burgluary? as with every coverage, that's something you purchase yet desire you will in no way opt for.
2016-09-29 07:45:01 · answer #8 · answered by graybill 4 · 0⤊ 0⤋
I have a policy with Liverpool victoria which automatically covers my contents at £250,000 as standard.
2007-11-15 09:20:59 · answer #9 · answered by Dee L 5 · 0⤊ 0⤋