A simples guide

Contents Insurance - Who Needs It?

Home contents insurance covers your possessions against theft or damage, inside the home and in some cases when you take them out with you. Some of your things are simply irreplaceable, but for everything else it will give you peace of mind to know that you’re covered should the worst happen.

Contents insurance policies can be complex though, and the level of cover can differ on important things like jewellery, electrical goods and more. Some insurers have a cap on the value of a single item, which means you’ll need to specify the value of items if you have valuable jewellery or even expensive equipment.

You need to look at these things, as well as the overall cost of the premium, if you want to get the right policy. The best way to do that is to start a quote and compare the best home contents insurance on the market right now. 

Who needs contents insurance?

Nobody will force you to have a home contents insurance policy if you own your home or rent. In that sense, nobody needs contents insurance. But it is always a good idea to make sure your possessions are covered against damage or theft.

You can also take extra cover if you rent your home to cover you against accidental damage to your landlord’s fixtures and fittings. Some private landlords actually may insist upon some sort of provision and it could give you peace of mind in any case. You’ll just need to make sure you check if you’re covered for this on your policy. 

Jewellery box

How much is home contents insurance?

The price of your individual policy will depend on a number of factors, such as the value of your possessions and the safety of your neighbourhood. The average price though, is £109**, which covers an average home contents valuation of £45,000 so it may be helpful to use this as a benchmark.

What you should consider with the policy?

You may want to look out for insurance companies that offer a ‘new for old’ policy, which means you will be able to replace most things that are damaged or stolen with an item of equivalent value. If you don’t have this provision then you could find that you’re offered the second hand value of your items instead, which may not cover the cost of new items.

You may also want a policy that gives you some level of cover outside your home. Electrical items like tablet computers and even smartphones are both expensive and attractive to thieves. So you may want to have cover when you’re on the move.

If you own or rent your home, then it makes good sense to cover your possessions with a home contents insurance policy. You need to make sure you have the right policy though, and that you have a level of cover both in and out of your home that suits you and lets you sleep easy at night. Start a quote now and see how little a contents insurance policy could be.

**Information sourced in April 2016 via https://www.moneyadviceservice.org.uk/en/articles/do-you-need-contents-insurance#do-you-need-contents-insurance

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