A typical home contents insurance policy will protect your possessions against loss or damage due to theft, fire, storms, water leaks and subsidence. Cover will vary from policy to policy, so always check the details.
Accidental damage, for example red wine spilt on a sofa or an iron mark on a carpet, isn’t typically included in contents insurance, but may be available as an optional add-on. Many insurance providers will also let you include additional cover options onto your policy to include for legal expenses and home emergency assistance.
Many insurance providers now offer a new for old policy, where items that are lost or damaged will be replaced based on their current market value. This can mean the TV you bought three years ago for £1,000 is now only worth £300, due to advances in technology. The replacement item would be the same spec as the original one. On the flip side, items of jewellery, gold or collections can increase in value over time. It’s worth keeping track of the current market value of these items because if they exceed the limit set out by your policy, you may have to add them individually and some insurance providers require you to have a valuation certificate for expensive items