The Importance Of Accurate Contents Insurance Evaluations
The average Brit doesn’t know it - but will own £40,000 worth of stuff, whether it be kitchen equipment, DVDs, jewellery, underwear - it all adds up. If you sit down and go through them, your things may amount to more than you thought.
Insurance companies don’t expect you to itemize everything in your house but, by giving an accurate estimate your items should be covered in the event of a fire, theft or flood. In 2006 a Legal & General survey suggested that the average homeowner underestimates the value of their home contents by a half.
Even a simple list of items can quickly build to a sizeable sum. A CD collection containing just 20 CDs would probably have set you back around £240. A laptop could be anything from £200 up. 15 brand new DVDs could have cost as much as £300. Small things certainly do add up.
Then there are occasional items that you wouldn’t think about from one day to the next, but you’d miss if they were gone. A nice set of luggage for example could cost anything from £40-£150. How about camping equipment? A tent can cost anything from around £50. Then high quality sleeping bags could be another £100 on top of that.
Other costly, but easily forgotten items could include textbooks, sports equipment, shoes, clothing, as well as garden items like sun-loungers.
Some insurance policies even cover food, so if you’re likely to have a large collection of wine or a freezer full of expensive meat (especially around Christmas time) it’s worth checking if this is covered.
So with all these expensive items lurking all over you house, where can you begin when totting up a total? Keeping hold of receipts and guarantees for bigger purchases is a good place to start. Then it’s simply a case of working your way around your home, taking note of everything from gadgets and electricals to paintings and rugs.
Also don’t forget to include items you’ve owned for a long time or received as gifts. In these cases it can be tricky to work out what they might be worth. Try shopping around online to see what a similar item may fetch now, as this is the amount you’d have to pay for a replacement.
By adding up the items in this article alone - you could be looking at a few thousand pounds without breaking a sweat.
Remember, if you’re underinsured it’s unlikely your insurer will cover you for the full value of items that are damaged or stolen. As such it’s worth taking time to evaluate your contents. Still can’t face the task? Why not see it as the perfect opportunity to purge some of those unwanted old items you’d forgotten you even owned!
Greenbee offers a range of insurance services selected by the John Lewis Partnership. These include: home insurance, car, travel, pet, wedding, event, life and building and contents insurance products. Customers can visit www.greenbee.com for further information.
Greenbee PR
Josie Anderson
greenbeepr@googlemail.com
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