Contents Insurance Check Your Cover
Below is a MRR and PLR article in category Finance -> subcategory Insurance.
Contents Insurance: Check Your Cover
Summary
While you likely have contents insurance for your belongings, it’s surprisingly easy to underestimate their value over time.Understanding the Value of Your Home's Contents
What do you think the average contents of a family home are worth? Many might guess around £25,000 to £30,000, but in reality, it’s over £45,000. Beyond furniture, carpets, and curtains, the surge mainly comes from electronic goods acquired in recent years. It's common to have several mobile phones, computers, and possibly a laptop. Consider the TVs as well?"a large family widescreen in the living room, plus others in the kitchen and bedrooms, along with DVD and video players. Children might have devices like iPods and game consoles too. Don't overlook your CD and DVD collections; insurers like Norwich Union estimate CDs at £10 each.Your garden also holds value with mowers, tools, furniture, and even plants?"all easy targets for thieves due to their portability and market demand.
The Importance of Adequate Insurance
If you need to file a claim, being underinsured can be costly. Suppose your contents are insured for £20,000, but the replacement cost is £30,000; you’d face a £10,000 shortfall. Different insurers handle this in various ways. For instance, Norwich Union Direct pays up to your coverage limit, leaving you to cover any shortfall. More Than might reduce underinsured claims by up to 20%. They’ve even increased coverage for clients by 25% to help prevent underinsurance.Steps You Can Take
Consider re-evaluating your buildings insurance, too. This includes your house, garage, and outbuildings, as well as fixed assets like lighting and permanent garden features. The insurance figure should cover demolition, site clearance, and rebuilding costs.For guidance, the Association of British Insurers offers a helpful checklist at www.abi.org.uk. Remember, with numerous insurance companies available, shopping around is always beneficial.
By regularly assessing your belongings and ensuring your cover reflects their true value, you can protect your home and assets effectively.
You can find the original non-AI version of this article here: Contents Insurance Check Your Cover.
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