New for old contents insurance

Home insurance gives you invaluable peace of mind, and new for old contents cover is an important part of the mix.

Insurance expert

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Last Updated 28 OCTOBER 2022

What is new for old contents insurance?

New for old contents insurance is a type of cover that replaces damaged, lost or stolen items with brand-new products of the same value. This means you won’t lose out financially if your items have depreciated in value.

For example, if your TV is stolen, your insurance provider will pay for a new, like-for-like item whether you’ve had the TV for three years or three days.

How new for old insurance works

It’s useful to know how like-for-like replacement works in practice within new for old cover. Say you bought an iPhone 11 when it was a top-of-the-range model. New for old cover will replace it with an iPhone 11 or similar, not the latest iPhone model. If Apple is no longer selling iPhone 11s, you’ll be given the closest available equivalent.

Insurance providers handle new for old in different ways, so check the small print before buying the policy, so you know what cover you’ll receive.

What does new for old insurance cover?

New for old insurance will cover:

Household appliances including your fridge, freezer or washing machine
Valuables and personal effects such as jewellery
Tech and electronics – new for old insurance is useful for gadgets that depreciate quickly
Rugs and carpets – useful if you have a moth infestation or spillage
Home furnishings such as sofas, dining tables and beds.

What doesn’t new for old insurance cover?

Clothing, bed linen and curtains are usually exceptions to the rule when it comes to new for old insurance. This is because they tend to be less durable and have a limited life span. Any pay-out you receive will likely be reduced to allow for wear and tear.

What should I look out for when buying a new for old policy?

Don’t confuse new for old policies with indemnity policies (also known as ‘wear and tear’ policies). These take depreciation into account, so will replace your belongings at their current (ie second-hand) value.

In other words, if you claim for a TV you bought three years ago, your insurance provider will pay for a three-year-old TV, not a brand-new one.

How do I know if I’m getting a new for old policy or one that includes wear and tear?

Most insurance policies are based on new for old cover, but there are exceptions. When we send you quotes to choose from, we’ll show you which policies settle claims based on new for old cover. You can also choose to only see policies that offer new for old.

It’s also worth understanding whether your policy covers accidental damage. See our guide to accidental damage insurance.

Can I get new for old car insurance?

If your car is less than a year old, you should be eligible for new for old car insurance, which means you’ll receive a brand-new replacement if your car is written off or stolen. Without a new for old car policy, your insurance provider will base any pay-out on your car’s current value.

Will my contents insurance policy give me new for old cover as standard?

Most insurance policies offer new for old cover as standard, but all policies are different so you’ll need to read the small print to be sure.

How can I find affordable new for old insurance cover?

New for old policies can be more expensive, so it’s always worth shopping around. If you start a quote with us, we’ll send you competitive rates from a range of insurance providers. We’ll also clearly show you which policies include new for old cover.