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Are your Home Contents Valued Correctly?
When taking out a home insurance policy, buyers are required to report on their home contents value in order to secure the most appropriate cover. However, recent reports have revealed that Brits are significantly underestimating the value of their home contents, thus jeopardising a full payout on claims.
A recent survey revealed that while the average homeowner estimates their home possessions to be worth over about £15,000, the actual value exceeds £45,000. A breakdown of a household’s value showed that the contents of a living room alone tend to be valued at around £10,500; so when you consider all the contents in your home – from mobile phones and computers to televisions, furniture and countless other personal items – it makes sense as to how the overall value of your home contents can really add up.
It has also been revealed that insurance to cover the loss of property from the home could be more than £20,000 below the level it should be. However, if you should need to make a claim on your home insurance policy, it’s vital that you’re not under-insured. If your insurance company judges that you don’t have adequate insurance for your home contents or that the value of your home contents were miscalculated, you’ll likely receive only a partial payout.
It is important that homeowners take the time to properly review their home contents, and ensure that the home insurance policy they have in place is appropriate to their needs. As such, it is possible to calculate the value of the contents in your home; and while such methods can only provide an estimate on the value of your home’s contents, it can significantly tighten the breadth of inaccuracy currently tainting many consumers’ home insurance plans.
During the re-assessment of your home contents, it’s a good idea to also check the figures on your buildings insurance, as buildings insurance and home contents insurance offer cover for different things.
If you’re unsure as to how you can manually assess the value of your belongings, you can always speak to an insurance representative directly. While they might not be able to tell you the worth of your home belongings, a specialist can help you hone your knowledge on how to make such assessments yourself. Ultimately, you don’t want to find yourself in a tough insurance situation due to an underestimated valuation – so it pays to obtain accurate figures on your home contents.
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