HomeSummary
Many of us will be surprised at the value of the possessions in our homes. It's important to ensure they're fully insured. This article explains why.
Home and Contents Insurance. Make sure your Contents are not under-insured.
Author: Michael Challiner
If you don't ensure that the value of
- Tips On How To Arrange Cheaper Home Contents And Buildings Insurance
- Some sure fire ways of reducing the cost of home insurance.
- Landlords Insurance
- A must read for landlords !
- Why You Need House Insurance
- A basic introduction to Home and Content Insurance
- Home and Contents Insurance. Are your premiums constantly rising?
- This article explains why premiums for Home and Contents seem to be constantly rising and what you can do about it.
- Contents insurance – check your cover
- It's easy to arrange your home and contents insurance and then forget about it. Make sure that you're up to date with the cost of replacing your belongings.
- Home and Contents Insurance. Poor maintenance can invalidate your cover.
- If a claim on your home and contents insurance is due to poor maintenance, it could be refused. This article includes a ten-point Home Maintenance Check.
It's all too easy to become under insured. New electrical goods are a thief's best dream and the value in these items can soon mount up. Those mobile phones, iPods, televisions and lap laptops are always at the top of most thieves "must have" list. Then there's all your ( mortgage quotations ) other purchases you've made during the year. So when you look back at what you've bought and what the value of your insurance cover is, you'll see it's all too easy to become under insured.
If you make a claim and the insurance company concludes that you're under-insured, the payout on your claim will be reduced. So if you have insured your contents for £20,000 and the insurer estimates that it would cost £30,000 to replace them, then any claim you make could be reduced by at least 50%.
But not all insurers are so tough. Norwich Union Direct pays ( life insurance ) out up to the limit of the cover and then any shortfall is just hard cheese. More Than says that underinsured claims are reduced by up to 20%.
Most insurers have a minimum of at least £15,000 when it comes to Contents ( best mortgages ) Insurance but that's rarely enough. Bear in mind that the contents value of a typical family home now stands at just over £45,000.
So why not take a quick check of the value of your contents. And don't forget to add in your CD collection, many do! Norwich Union values CD's at £10 each so a collection of ( insurance ) 500 will account for £5,000 of cover just by themselves! And then there's the garden furniture and the things in your garden shed - they're particularly vulnerable! Even the plants in your garden need to be included!