How to Provide Accurate Valuations for Contents Insurance Cover
What is Contents Insurance?
Contents insurance is insurance for the contents of your home or office. These contents are usually the things that you take with you when you move such as your personal belongings, appliances, furnishings and furniture. The insurance cover will include protection against flood, vandalism, fire and theft.
Why is Contents Insurance Important?
Contents insurance is important because the contents of your home most probably took you some time to accumulate and you’ve dumped a lot of money in them. In the event of a disaster, it is important that you at least be able to get your money back for them.
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Valuation of Your Possessions
Before you can search for contents insurance quotes, you will need to provide the buildings and contents insurance company or price comparison service, with certain details. One of the most important pieces of information you will be asked for is an accurate valuation of the possessions you want to cover with your insurance policy.
Here’s what you need to know to accurately estimate the value of your contents:
Make a Full List
Set aside some time to go through each of the rooms of your home, making a list of all the possessions you own. Avoid noting down any external items, as you only need to include these if you’re searching for buildings insurance quotes.
You need to note down makes and model numbers, as well as other details such as when you bought the item. If you have any receipts for items you bought, gather them together all in one place.
You need to include the following on your list:
• Clothing, shoes and accessories
• Jewellery, valuable ornaments, paintings and heirlooms
• Furniture
• Kitchen equipment
• Books, DVDs, CDs and records
• White goods (i.e. washing machine, dryer etc.)
• Electrical equipment – including computers, laptops, games consoles, TVs, gadgets, mp3 players, stereos, DVD players etc.
• Pushbikes
• Prams and pushchairs
People often overlook things like camping equipment, luggage, musical instruments, sports and exercise equipment, bed linen, mirrors, clocks and even freezer contents. You mustn’t forget to include these items if you have them.
You need to estimate, using receipts, guarantees and a bit of internet research, how much each item is worth at today’s prices. Look for how much it would be to replace each item new if something happened to it, and these are the values you need to provide when getting home insurance quotes.
