Being covered by home insurance offers invaluable peace of mind, and new for old contents insurance is an important part of the mix.

What is new for old cover?

In a nutshell, new for old cover means that any insured item that’s damaged or stolen will be replaced with a brand-new product of equivalent value.

So if you’ve had a burglary, for example, and your TV is stolen, it doesn’t matter whether you’ve had it for three years or three days – your insurance provider will give you the money to buy a like-for-like, brand-new item.

What exceptions could there be?

Clothing, bed linen and curtains are usually exceptions to the new for old rule as they’re less durable and have a limited life span. Any payout you receive for these items may be reduced to allow for wear and tear.

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Are there ways to reduce my insurance premium?

Yes, you can build up a no claims discount (NCD), which may help to reduce the price of your premium.

Or, you could opt to pay a higher voluntary excess if you make a claim. Home insurance excess is made up of compulsory and voluntary excess: compulsory is set by your insurance provider but you can choose how much voluntary you pay. If you decide to increase your voluntary excess it could cut the cost of your premium, but make sure you can afford to pay this higher amount on top of the compulsory excess.

Take a look at our guide How to save money on your home insurance for more top tips.

I’ve had the same insurance policy for years, is it really worth changing?

Absolutely! You should look at your home insurance on a regular basis. You might be paying over the odds for your buildings and contents insurance, or you might find yourself underinsured, which means any payout you receive from your insurance provider might not cover your loss.

How can I find an affordable new for old insurance cover?

Just start a quote and we’ll provide you with competitive rates from our many providers. We’ve saved 50% of our customers up to £78.02 on their home insurance, so why not start comparing today and grab yourself a great deal?**


**Based on Online independent research by Consumer Intelligence during February 2018 50% of customers could save up to 40.08% on their home insurance premium