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How to avoid under-insuring your home

It’s estimated that around £266 billion worth of assets in UK homes are under-insured or not insured at all. So what is under-insurance and why does it matter? 

Chris King From the Home team
minute read

Avoiding being under-insured

It’s tempting to lower your insurance premium by underestimating the value of your belongings, but don’t.  
The average home has contents worth some £35,000 – more than the average UK salary of £27,000. That sounds like a lot but it’s easy to forget items like carpets, curtains, light fittings, bedlinen and towels. Not to mention things like your kitchen equipment, books, DVDs and clothing. But these all add up. Just think about how much it would cost to replace every item you own. 

Avoiding being under-insured

What else should I look out for in home insurance? 

Check your policy to see what ‘contents’ means in the eyes of your insurance provider. Does it include portable items like your laptop, for example? And does it provide cover for any contents in a shed? And if it does, are there any limits you need to be aware of?
Your policy should reflect what it would cost to replace your belongings at today’s value, not what they cost you five years ago. So really assess your belongings before you take out your policy, and then Compare the Market for competitive home insurance quotes.

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