Compare Home And Contents Insurance Policies
compare home and contents insurance policies
Keeping Covered On Contents Insurance
I welcomed then a recent survey published by LV= (the insurer formerly known as Liverpool Victoria) that women estimate the value of their wardrobes at an average £1,840, versus a true figure of £7,000. Clothes account for £5,000 of this sum with accessories adding on another £2,000, said the research. (In my own personal experience, I would be inclined to double it.)
In all seriousness though, the research drives home the valid point that a lot of householders would find themselves seriously underinsured if they ever needed to make a claim on their contents insurance – just their wardrobe would show an estimated shortfall of 70%, says LV=.
It’s easily done of course. When totting up the value of their contents, people tend to just think about expensive jewellery, electronics and items of furniture such as sofas and dining tables. They forget the everyday items that also burn a hole in the wallet such as winter coats and boots – especially as the cover refers to what they would cost to replace which means buying them new again.
In this case, it’s a good idea to review your contents policy at least once a year to ensure the cover you have in place is adequate should the worst happen and your belongings are damaged by a fire or flood.
Although you might think the rebuild value of your home can’t change much, if you’ve made improvements since you moved in such as an extension, conservatory, loft conversion – or even just installed double glazing or central heating – you may find you are underinsured on that too.
While you are at it, why compare insurance quotes to see if your existing home insurance deal is the most competitive? Insurers are tripping over themselves to win custom in this difficult market. And this means they are offering some worthwhile perks such as deep discounts for buying online or for taking home and contents policies out together.
Let’s be honest, home and contents insurance is nothing you want to think about more than you have to – and that comes from someone who works as a personal finance journalist! But my job has also taught me that the only way to forget about these dull but vital aspects of modern life is to have the best deal in place that will pay out quickly and in full should you ever need it to. And thankfully that part takes all of 10 minutes…
The Changing Shape of Light Where America stands: New ways are being developed to Light Our World, from the Bendable Organic
