Under-insurance of Home Contents

Typically, an individual only realises that are under-insured when they have to make a claim, by which time it is unfortunately too late. A recent YouGov survey indicated 65% of high net worth home owners were confident they knew the value of their home and contents, yet other research suggests that 80% of people in the UK are under-insured.

Contents can include but it not limited to clothing, food, drink, bedding, carpets, curtains, furniture, electronic equipment, tools and garden implements.

It is good practice to recalculate the value of your contents at least every 3-5 years and by going through your home on a room by room basis. Remember, you need to value your contents on their new replacement cost.

Additionally, you should also ensure the values of any particularly valuable items, such as Antiques, Fine Art, Gold, Silver and Jewellery, are accurate and reflect the replacement cost or current market value, whichever is the greater.    

Please contact us if any amendments need to be made to your policy or if you need any advice.