Home Contents Insurance: Valuing your Possessions

Contents Insurance

Finding the right home contents insurance policy is an important consideration for homeowners as many understandably feel a sentimental attachment to their possessions, particularly those that carry memories of family and friends, past and present. After all, your home is your castle, and inside this castle lies the fruits of your hard-earned labor, from the practical day-to-day necessities to the more meaningful and valuable treasures. Many of us feel daunted at the thought of having to place a monetary value on all of our possessions, but the reality of modern living is that the sheer number of accidents and eventualities that threaten our homes – whether it be damage or theft, for example – means that taking a practical and tactical approach to insuring our belongings is a necessary measure.

One of the greatest challenges facing homeowners wishing to insure their possessions is getting an accurate and sound calculation of the value of the contents of their homes. It’s no surprise that such a task is the cause of many a headache – not only is it easy to underestimate things that were bought a long time ago, but many of our most precious valuables were given to us as gifts, and so estimating their cost is a project in itself.

Getting an accurate estimate of the value of everything you own can be made easier if you break it down into manageable steps. A systematic room-by-room approach to working out how much your valuables are worth might be your best bet if you have a lot of possessions to go through. Alternatively, start with your most valuable items – jewelry, electrical equipment etc. and work your way down until you arrive at a realistic figure.

When it comes to choosing home contents insurance, make sure to find a policy that matches your needs. If you have taken good care of your home and possessions over the years, try to seek out companies that reward this. For example, there are specific companies that offer home cover for the over 50s, with a number of optional add-on features to help you to enjoy peace of mind whatever your requirements.

Many people don’t realize the full benefit of comprehensive buildings and contents insurance and subsequently fail to make claims that could save them a fortune. Different companies offer different terms, but in some cases you can claim like-for-like replacements, repairs and even claim for property lost, damaged or stolen outside the home. Read the fine print, and make sure you choose a policy that gives you the best value for your premiums.

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