Contents insurance covers the cost of repairing or replacing your home contents if they’re damaged, destroyed or stolen. ‘Contents’ are defined as anything you’d take with you when you move – such as furniture, clothing, jewellery, appliances and entertainment equipment. In other words, your household belongings.
According to Compare the Market data, the average monthly cost of contents insurance is £5.58**. While contents insurance isn’t a legal requirement, it’s a small price to pay for peace of mind. You can buy buildings and contents as two separate policies, or you can combine them into a single policy. If you’re looking to save money on your home insurance, a combined policy could work out cheaper.
**50% of people could achieve a quote of £5.58 per month for their home insurance based on the monthly cost when paying for the policy in one annual payment, excluding any interest charged on instalment payments. Based on Compare the Market data in May 2019