How much contents insurance cover do I need?
To make sure you have the right amount of cover, you’ll need to give your insurance provider an estimate of how much your possessions are worth. And that means a total value of all your possessions, not just the more valuable items.
The best way to estimate the value of your home contents is to move from room to room in your house, listing everything you’d consider a possession. For example:
- Tech gadgets
- Clothes and shoes
- Garden furniture
You don’t need to include any fixtures and fittings – the walls, windows and roofs of your property, or fitted wardrobes, the kitchen and bathroom suites – as these are covered under a buildings insurance policy. But remember to include curtains and carpets, as these are typically covered by your contents insurance.
Once you’ve made your list, you’ll need to calculate the value of each item you’ve listed, then add up the total. Try to be as accurate as possible when you work out the total value. If you overestimate, then you could end up taking out more insurance than you need (and paying a higher premium). If you underestimate, you could find yourself underinsured. That could mean any payout you receive should you make a claim might not cover the full amount of your loss.
You’ll find more detailed information on valuing your home contents in our guide How to estimate the value of your home contents.