Home Contents Insurance
Contents Insurance covers the loss or damage of your belongings; your furniture, curtains, carpets, kitchen and electrical equipment, your clothes, jewellery, paintings, the list is endless.
This type of house insurance is not compulsory but it can prove invaluable if your property is damaged or stolen. People frequently underestimate the value of their contents. In fact 1 in 5 of us has no contents insurance at all.
Why is that? Is it because it’s another expense we could do without? Perhaps we don’t think we will ever need it or just don’t believe we have anything of any value.
Take a look around you.Walk from room to room. Look in your cupboards and drawers. How much do you think it would cost to replace everything? Could you afford it?
It may sound dramatic but fires, floods and thefts do happen. So if you can’t afford to replace everything, it might be worth seeing just how much contents insurance costs. After all you never know what’s around the corner.
Over50choices can help you compare contents insurance quotes from up to 70 insurance companies so you can be sure to get the best deal at the right price. Just click the ‘get a quote’ button, answer a few questions and we’ll do the rest. It’s as easy as that! And don't forget some companies will offer cheaper rates for your contents insurance if you are over 50.
How much Contents Insurance do I need?
This takes careful consideration as you don’t want to be under insured. You need to include everything.
Make a list and work through one room at a time. Include anything you would take with you if you moved, including the carpets and curtains. Make sure you also include things outside like your garden furniture, lawn mower, bikes and anything else you keep in the garage or garden shed.
There are usually two forms of contents insurance cover available:
- New for old cover – your contents are replaced as new regardless of age or any wear and tear
- Indemnity cover – this is the cheaper option but takes into account the age of the item and wear and tear. The payout therefore would be lower.
Most contents insurance plans are written on a new for old basis but payment for some items may be reduced due to wear and tear. It is therefore well worth taking 5 minutes to read the policy schedule.
Depending on the insurer, you either specify the amount of contents insurance cover you would like (based on the estimated value of your belongings) or opt for a fixed amount of cover (usually around £50,000).
Check also how much the insurer will pay for loss or damage to a single item. It may be around £1,500 to £2,000. If you have any items that are worth more such as a piece of jewellery, you may want to increase the amount paid per item or name the piece of jewellery as a separate item on your cover. This will cost a little more but means you will be fully insured.
Additional Contents Insurance Cover
As with buildings insurance, there are optional extras you may want to consider adding to your contents insurance for additional protection:
- Accidental damage – Covers you for accidents that result in damage to your contents. For example your dog knocks the TV off its stand and it smashes or you damage your curtains
- Personal belongings away from home – You will be covered for loss or damage to your belongings, money and credit cards whilst away from home
If you are green fingered, some companies also offer garden insurance which provides additional protection for your garden, so this may be something to look out for.