New for old contents insurance

New for old contents insurance

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

Chris King From the Home team
3
minute read
posted

Are there any exceptions?

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

Are there any exceptions?

What should I look out for?


Don't confuse new for old policies with indemnity policies, also known as 'wear and tear' policies. The latter take use and damage into account, so will replace items at their current second-hand value taking into account depreciation.

That means if you claim for a washing machine that was three years old, your insurance provider will pay for a three-year-old washing machine, not a brand-new one.

You should also read the small print to make sure you know exactly what is and isn't included.

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

Pretty much any new policy you purchase will be based on new for old cover, but there are still some exceptions. When reviewing your quotes with Compare the Market, we'll show you which policies settle claims based on new for old cover; you can also choose to only show policies that offer new for old.

It's also worth understanding what cover you get under your policy for accidental damage if that is appropriate. See our guide to accidental damage insurance.

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

How can I find affordable new for old insurance cover?


Just start a quote and we'll provide you with competitive rates from our many providers, showing you which policies include new for old cover.

We've saved 50% of our customers up to £81.21 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 May 2018. 50% of consumers could achieve this saving on their Buildings and Contents insurance with Compare the Market.